How living beyond your means can push you to do better: Finance lessons from a Gen-Z

A very common financial strategy to save more is to live within your means. Simply put, it means to spend only on the things you need and can afford: Spend on things you can afford without going into debt and keep your expenses below your income.

Living within your means teaches you discipline, makes you financially responsible and helps you prioritise your needs over wants to maintain financial stability.

Fair. But what if I tell you, as someone who became financially independent at the age of 19, my biggest lesson was to go the exact opposite way?

Let me walk you through this: In college, whenever I wanted to buy something I couldn’t afford, I used to find a way to earn that amount so I could buy it anyway. Once, I committed to going to a concert with my friends, knowing I wouldn’t be able to afford it.

I took up a freelance job, earned the money, bought the concert tickets and enjoyed my time. While this sounds controversial, by the end of my college years, I had a dozen internships, multiple freelancing projects with reputed companies and a rich portfolio of work.

The fact that I didn’t want to settle for living within my means and didn’t feel like sacrificing experiences and things I set my heart on, helped me grow my income sources and gain valuable work experience. While not all internships were for money, many were to ease my living expenses, and those very internships became doors to a number of opportunities I couldn’t have imagined otherwise.

If you are a Gen-Z, here's how you can live beyond your means, but the smart way.

Finance lessons from a Gen-Z

Buying the latest iPhone, when you already have a well-functioning smartphone, isn’t the wisest decision. However, going on a small trip where all of your friends are going to explore a new destination can be an understandable want. Stretch your abilities for aspirational spending, and not to drive you into debt and impulsive financial decisions.

In today’s digital world, there are ample freelancing opportunities, but only for those who have the skills for it. Increasing your income sources will not only help you to live fully, but it will also open various career opportunities for you in diverse fields.

Personally, writing and reading helped me take up so many roles I could have never dreamt of: From PR to production, and from ghostwriting to creating social media content. Take advantage of the generation you live in by expanding your skillset and work experience.

Remember that when I said live beyond your means, I didn’t mean go into debt. It means to live beyond your current means, to keep pushing yourself to do more. To earn the things you wish you had, and to become financially responsible for your wants, not just for your needs. It’s not about reckless spending, but to raise the bar for yourself and change what your ‘means’ can be.