Meaning of the word "live within your means" in English

What does "live within your means" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

live within your means

US /lɪv wɪðˈɪn jʊər miːnz/
UK /lɪv wɪðˈɪn jɔː miːnz/
"live within your means" picture

Idiom

to spend no more money than you earn

Example:
It's important to live within your means to avoid debt.
After losing his job, he had to learn to live within his means.