6 Quick Tips to Living Life Debt-Free For Life


It’s easy to rack up large amounts of debt and in a relatively short period of time.

However, it can be difficult to maintain. Unfortunately, once you become overwhelmed with debt the road to recovery isn’t instantaneous. It can take many months before you feel relief.

On the upside, by making a few changes to your spending habits you can live life debt-free.


#1 Borrowing Money

The first step towards living life debt-free is eliminating the need for borrowing money. While you may think this is an impossible feat, it’s not. The more you borrow, the more debt you accumulate. In order to live debt-free, you must end this practice.

To get your finances in order and bring your bills current, you can borrow just the amount you need. If your credit is poor due to repeated late payments, there are bad credit loans available.


#2 Double-Down Your Efforts

The best way to reduce your debt is to double down on your efforts. This is achievable by not accumulating any new debt and paying off your current debt. Take any extra money and apply it to one debt.

You can start with your credit cards. Take the card with the highest interest rate and pay more than the minimum due each month. Or, if you have a car loan with less than a year until it’s paid off, you can put your focus on paying that debt off first.

Once you free up a credit card or other debt, apply that money to the next debt in line.


#3 Live Within Your Means

You work hard for your money and feel that you deserve to have nice things and this is true.

However, if you purchase these items using credit, you’re not only paying two or three times more with interest added, but you’re living above your means.

Instead, if it’s something you really want, save up for it. In the end, you’ll appreciate it and you’ll buy it at cost. In addition, there are so many ways to have fun at home or on your vacation for less without compromise.


#4 Saving Money

Nearly 70 percent of the working population lives paycheck to paycheck and has no savings to fall back on. This means that if you lose your job or suddenly fall ill, you will end up in financial ruins.

It’s important to have at least three months worth of your monthly bills in a savings account just in case. This way if you find yourself out of work you will be able to continue to pay your bills on time.


#5 Find Ways To Spend Less

In addition to a savings account, you should also make it a practice to find ways to save money each day.

For instance, instead of purchasing a hot latte on the way to the office, bring your coffee from home. You can do the same with dining out–limiting it to once a month as a treat.

With regard to food shopping, buy in bulk when possible and use coupons. Bundling services such as the internet, cable and insurance is yet another way to spend less.


#6 Keep Your Credit Score in Good Standing

Your credit score is a very powerful tool that can ultimately allow you to pay less versus someone with bad credit.

You’ll enjoy the lowest interest rates for loans if you want to buy or flip a house, have access to the best insurance companies, and be able to avoid paying deposits for rental properties and utilities. A good credit score can also help you acquire your dream job when in the running between a select few people.

Living life debt-free can become a reality. All it takes is your commitment to reducing your debt, reeling in poor spending habits and not accumulating any new debt.

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