Learn to live with half your income:
Living with half your salary does not have to generate frustration, inconvenience, and much less debt.
On the contrary, people with a high degree of financial intelligence resort to this practice more often than you imagine.
You must know some basic principles of the psychology of money, including the powerful culture of saving, to be successful.
Today you will know ten practical and simple recommendations with which you could start living with half of your income:
1. Spend on a budget
Personal budgets represent a critical success factor. This is because they allow you to set financial limits and goals in the short, medium, and long term.
They work as a kind of economic guide, and therefore, they indicate how you should manage your money, and what your financial behaviors are.
Be sure to define your fixed expenses (such as those related to the purchase of food or the payment of basic services, rent, or mortgage of your home).
As well as the possible unforeseen expenses that could be presented to you in the month, and of course, your income or money inflows.
If you do not have a detailed and punctual budget, it will be very easy for you to fall into excesses and develop bad financial habits, such as:
- Spend more money than you produce.
- Make unnecessary expenses.
- Incur debt.
The idea is that you adjust all the parameters of your budget to half of your salary so that your accounts maintain an accurate relationship with your income.
For example, if you generate $1,000 per month, your budget should be set to $500.
Believe it or not, this financial planning tool will help you visualize your real and necessary expenses throughout the year, and will make you discard those that only silently impoverish you.
2. Save consistently and smartly
There are people who do not understand how saving works, and therefore, they consider that saving a little money a month is enough to protect their finances.
The truth is that saving must have a structure and a meaning. That is, you must aim for specific goals and you also need to stick to a plan.
That is, you cannot improvise when it comes to saving, because this will keep you away from your financial independence.
Experts say that you must rely on various saving methods, rules, or strategies that are capable of offering you real and measurable results.
Currently, there are dozens of them, such as the 50/30/20 method, the 24-hour rule, or the practice of not making any kind of expenses for seven days.
Each one of them attends to a specific philosophy, but in general terms, they pursue a common goal: that you exercise greater control over your finances and that you are more conscious of the use of your money.
The importance of saving strategically:
Saving consistently and intelligently is the key to success. According to a BBC report, it is recommended that your savings be equivalent to an annual salary.
This means that if you earn $50,000 a year, your minimum savings limit should be equal to that amount.
Now, do you understand why messy “saving” is neither wise nor ideal? Although theoretically, it will help you spend a little less, it will hardly bring you closer to financial freedom in the long run.
If you want to live on half your salary, you need to familiarize yourself with the culture of saving imminently.
3. Work on your financial intelligence
Believe it or not, if you don’t work on boosting your financial intelligence, it will be very difficult for you to learn to live on half your salary.
It is important that you understand the psychological game of money and shopping, and based on that you retrain your brain and your mind so that you do not fall into excesses.
One of the most difficult tasks you must perform is to assume savings as a fixed expense.
If you assume it as a commitment that you must honor monthly, as would be the case with the payment of your medical insurance, or your mortgage loan, your mind could play in favor of your financial future.
You need to change your mindset. If you succeed, you will understand that it is completely possible and convenient to live with half your income and that this should not result in deficiencies of any kind.
According to Forbes, when you change your mindset about money, it also brings about important transformations, such as the enjoyment of new financial habits.
Among other things, you will not see saving as something optional, but as a fair and necessary obligation so that sooner rather than later you can live the life of your dreams.
4. Do not generate false expectations
If you really want to start living on half your salary and enjoy the whole process, you need to make your financial expectations realistic.
For example, if your monthly salary is $300, and you are planning to live on $150, it would be illogical for you to plan a trip to London based on that budget.
However, you can allocate a percentage of that money to other more modest forms of fun, enjoyment, and entertainment.
Suppose you decide to allocate $30 dollars to your entertainment. The idea is that you carry out activities within that range, such as going to the movies, eating ice cream, going for a walk, or going to the theater.
If you make sure you do what you like with that money, it is very likely that you will adapt to this new way of life, and above all, that you will find it favorable and pleasant.
The most important thing is that you are realistic and that you do not lose focus on the final goal: to build your wealth and have financial strength throughout your life.
5. Use your credit cards wisely
You’d probably be surprised how many people use their credit cards indiscriminately. That is, without understanding that the money spent is not theirs.
It is impossible to live on half your salary if you are part of that group of individuals who do without cash but frequently use these financial instruments.
Do you wonder why? It’s simple: credits are nothing more than loans that you must repay with interest.
And while they may seem like great lifesavers, credit cards can quickly and completely destabilize your accounts.
Does it make sense to pay two or three times more for an object on credit, because of interest?
Asking yourself these kinds of questions will not only save you from unnecessary spending but will also strengthen your financial intelligence.
6. Say no to the poverty mentality
The mentality of poverty is one of the most damaging limiting beliefs for man, and it consists of focusing on what you do not yet have, or that cannot be achieved financially.
Generally, these individuals have a deep fear of failure and refuse to think prosperous or financially abundant thoughts.
Living in that constant state of negativity and financial worry, they find it impossible to plan or control their expenses and income.
At the same time, they do not conceive the idea of living with half their salary, because instead of seeing it as a clear decision of maturity and intelligence, they assume it is a calamity.
7. Avoid any expenses
Ant spending slowly and silently impoverishes you. That is, they attack your finances without you realizing it.
Subscription payments you never take advantage of, club memberships you don’t attend, bank fees, and constant fast food shopping could be some of them.
Do a quick calculation. Let’s say you earn $400 a month and want to live on half your salary, which would be $200.
Do you think it would be possible to achieve this by keeping your gym membership? The one you only attend once a month and which represents 40% of half of your income? Probably not!
Take responsibility for your expenses, take control and start balancing your accounts consciously and effectively.
8. Optimize your purchases
Nervous, impulsive, or last-minute purchases have the power to throw your budget off balance (no matter how disciplined you try to be).
Consequently, you should optimize them beforehand. This involves planning the day, or season, that you will shop, as well as setting a sensible spending limit.
Once again, you must adjust your consumption pattern to the income you live with per month and your real needs.
Buying a boat is not essential to living, especially if you live far from the sea. That’s what it’s all about, being aware and not buying for the mere fact of spending money.
So, if you want to support yourself with half of your salary, it is obvious that your purchases will have to be adjusted to that amount.
So you will have to be a more educated and responsible consumer if you want to maintain this habit in the long term.
9. Stay out of debt
People who try to live on half their salary, and do not define a good strategy, can end up drowning in debt.
They are simply more likely to trade one problem for another, arguing that having less freedom to spend forces them to borrow. 
This is not only an irresponsible and unethical act, but it shows that they are not prepared to take their finances to the next level.
Consequently, they need to educate themselves on financial matters as soon as possible, in order not to continue making these mistakes in the future.
The good thing is that you can take advantage of all the free resources that are available on the web to nurture your intellect and take charge of your financial planning.
10. Join a savings club
If you think you’re the only one who wants to live on half your salary, you’re wrong. In fact, there are many savings clubs in which this goal is pursued and which you can join without problems.
And in case you don’t have access to any of them so easily, then don’t think twice and create one for yourself.
This could be made up of some members of your family, or certain friends or relatives who also have a hard time managing their money efficiently.
This support network can propel you to success and keep you motivated for longer. At least until you are convinced that you don’t need to spend every penny you earn each month to live comfortably, pleasantly, and stable.
Living with half the salary is feasible:
If you put these financial tricks or tips into practice, you could start living with half your salary without having to incur shortages, defaults, or debts.
You just need a little focus, motivation, and discipline to execute the first changes: those that manifest in your own mind.
In addition, it is crucial that you educate yourself financially and learn to make better decisions regarding money; This way you will make it work for you and not against you.
