You’re probably already familiar with this exhortation. Living within your means suggests you have a balanced budget which allows you to meet all household obligations without taking on more debt. Consistently living within your means puts you on a steady path to financial independence.
An even more advantageous situation is one where you live below your means, because that allows you to save even more money which can be used to pay down debt or invest, accelerating your path to financial independence. This book’s budgeting chapter provides guidance on how you can achieve these goals.