The thought of living within your own means in a world where economic times are changing and life is becoming more demanding comes as a financial challenge. Many people continually refine their own hack formula to keep everything running smoothly and maintain a comfortable life.
Living within one’s means is a topic that has had numerous discussions, dissections and interpretations from economists and lifestyle specialists. Eventually, people live within their means as they wish and according to the interpretation that is music to their ears.
Entrepreneur and digital content creator Ivy Wanjiru came out to share what she believes ‘living within one’s means meant. She stated that her inspiration came from American rapper and business executive Jay-Z’s intriguing statement, “If you can’t buy it twice, you can’t afford it.”
Ivy, who is also a host for Just Money Podcast and the founder of The Movers Society, indicated that Jay-Z’s statement hit her differently. She replicated it in the different financial decisions that anyone would face in their lives.
- Here is how Ivy made Jay-Z’s statement make economic sense in all spheres of her financial decisions and needs:
- If you can’t pay for a vacation and still have money after the vacation, don’t go for the vacation.
- If you are moving into a new apartment and can’t afford twice the rent, then you can’t afford that apartment.
- If you can’t afford to maintain the new lifestyle/car that you want, then you can’t buy that lifestyle/car.
- If you can’t afford a loan and a 20% shock to your income, then you can’t afford that loan.
- If you are starting a business and you can’t afford to lose the capital twice, you can’t afford to start that business.
- If you can’t afford two kids, then you can’t afford one.
- If you can’t afford a relocation and have a three-month runway, then you can’t afford the relocation.
- If you are getting married and you can’t afford the wedding and the marriage, you can’t afford the wedding.
Ivy’s critical statements appeared to expound on what it means to say “If you can’t afford it, don’t buy it.”
Another way of putting it is you can’t afford it:
- If you can’t pay for it in full, upfront, without borrowing.
- If purchasing it means you’ll struggle to cover rent, food, utilities, or transportation, then it’s unaffordable.
- If it requires a debt that you can’t pay easily.
- If it exceeds your budget categories (needs, savings, and wants) and doesn’t fit in your ‘wants’ without eating into savings or needs, thereby undermining your saving goals (emergencies, retirement, or upcoming obligations).
- If it causes financial stress and makes you anxious about bills, upcoming expenses, or your bank balance.
Nigerian realtor Sekyen Alessandra Yakubu said living within one’s means is best explained through actions:
- Repeat those clothes you have & bought with your own money as many times as you want.
- Wear your natural hair.
- Rent that one-room apartment.
- Use that old phone.
- Wear your two pairs of shoes repeatedly.
- Buy your thrifts.
- Revamp your wig and wear it again.
- Is there rice at home? Eat it.
“Yes, people will laugh at you and mock you. But does it really matter? What will people say that they have not already said? Living within your means and being content brings you peace of mind. Try your best to avoid getting into debt to keep up with appearances,” Alessandra added.
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However, Financial literacy and business development coach Roy Okonji believes ‘live within your means’ is an incomplete advice and should have captured wealth creation.
“The statement means that as long as you are not borrowing anyone’s money, you are living within your means and your income is sustaining you, but for how long can you continue living within those means, considering the way the economy is today?”
“After some time, your means, subjected to inflation and the rising cost of living, will become weak. Before you know it, you will start borrowing for consumption. The piece that needed to be added to that advice is that your active income is supposed to sustain you and form seed for future multiplication, i.e. retain part of what you earn to create wealth,” Coach Okonji stated.
Some social media users went on to share what ‘living within your own means’ meant for them:
Benson Ariwo: “An adult who does not stand on his own financially is still a child. To be an adult, you must live within your means and pay for your own failures.”
Amber V Rogers: “Living within your means isn’t boring or broke behaviour; it’s grown, peaceful, and intentional! Stop over-committing, over-explaining, and overstretching yourself to impress people who wouldn’t carry you if you collapsed. Now, I move according to my emotional, mental, and spiritual budget. If I can’t afford the stress, the access, or the chaos, I’m not buying it. Call it boundaries, growth, or ‘changed,’ but I call it protecting my peace and minding my means.”
Elaine Benes believes the problem is bigger than we think: “Living below your means made sense when living within your means was actually possible. Now rent alone takes half your paycheck, groceries cost twice what they did a few years ago, and wages haven’t moved. There’s no way below your means when your means don’t cover the basics. It’s not a budget problem.”
Ochi Light: “Living within your means is understanding what you earn and choosing not to spend beyond it. It is not about being poor or denying yourself joy; it is about wisdom, discipline, and peace of mind. When you spend only what you can afford, you avoid unnecessary debt, stress, and regret. A wise person plans, saves, and prioritises needs over wants. Living within your means helps you stay in control of your finances, care for your family better, and prepare for the future. True success is not in showing off, but in living responsibly and contentedly.”
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Muleta Kapatiso: “Another version of living within your means I wish you to take seriously in 2026 is living within your social capital. Sometimes you are expanding your social circle so much that you fail to make any strong social bond, you only have ‘high-five’ kind of relationships, you are known by everyone but genuinely close to none. Build trust and reliability in the circle you already have, make them solid enough to withstand offence and misunderstandings. Don’t go seeking new relations before you master the art of managing the ones you already have and benefit from.”
Aggy Amanakah: “Dear men, there is absolutely no shame in saying, ‘Babe, that is beyond my budget.” Don’t pressure yourself into taking out loans or unnecessary borrowing just to impress or please anyone. Many won’t appreciate the sacrifice, but you’ll carry the stress alone. Live within your means. Peace of mind is better than fake happiness. Financial problems bring stress, and stress can shorten lives. Protect your health, protect your future. A woman who truly loves you will understand your season and grow with you. Wisdom is knowing your limits and standing by them. Men, choose wisdom. Choose peace.”
American actor Edward G. Robinson famously advised, “Live beyond your means; then you’re forced to work hard, you have to succeed,” a quote reflecting his philosophy that ambition, fueled by perceived necessity, drives success.” Despite his success and having a rich art collection, he faced significant financial issues. In the 1950s, he was forced to sell his beloved collection to cover the divorce settlement for his wife, Gladys Lloyd.
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Whichever interpretation speaks to you, living within your means or below your means is a great approach for financial stability and sustainability. They boost investments, building wealth and capital, and eventually lead to financial freedom.
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