Bangalore: You must be glad that you finally gifted yourself a BMW, something you always wished you had. But do you have sufficient money for the fuel and insurance? Many people are unaware that they are overspending as they either ignore or refuse to accept the fact that their spending habits could cause them troubles. "Live within your means" is the basic rule of personal finance. It's not good to be living in a fancy world, ignoring certain realities that could have a severe impact on your financial status. When you find yourself strapped for cash, ask yourself whether or not you're spending more than you earn. Still not sure if you are living beyond your means? Then read this Savings less than 5 Percent You should keep at least 15 percent of your income as investment for retirement or for other savings. It would be unwise to spend your entire income without contributing to your saving account. You should be in a position to face critical situations, because you cannot ask your friends to fund you in times of emergency. Therefore be very wise of your spending. If you're saving less than 5 percent of your income, it means you have nothing with you after 30 years down the lane.