Living Debt Free

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Also, it will allow you to save more and invest. You know that it is a good idea to live debt free.

However, getting rid of your debt is easier said than done. One of the best ways to get motivated is to really look at your future with and without debt. Get detailed and dig into the numbers. It is motivating to see what your current and future finances look like if you eliminate your debt sooner. Can you retire earlier? How much more money you will have without the debt? The NewRetirement Retirement Planner allows you to try different scenarios.

You can immediately see exactly how your finances are impacted if you: increase your debt payments, transfer everything to a low-interest credit card or use a home equity loan. Research suggests that visualizing your future in great detail is a great way to make better decisions now.

The debt free lifestyle could be setting you up for pain

See what is possible without debt! When I first began getting out of debt, I found that I had more money going out than I had coming in each month. One of the big keys to surviving my mistakes was to correct them. I eliminated big expenses like selling my Mercedes Benz. I paid off debt eliminating my credit card bills and eventually my student loans. Each expense was chipped away at until it was eliminated. So instead I began reducing expenses on smaller items. I cut the cord and went with Internet only, reducing my bill in half each month.

There are a number of ways to reduce expenses from switching providers, negotiating with your current provider, or simply reduce your consumption. Chances are you will barely notice the difference.

Living a Debt-Free Lifestyle: An Expert Roundup

You eliminated some big expenses, reduced or negotiated some others: great job. One of the things I had to learn was to actually spend money. I realized after becoming debt free that I had money to spend.

How This Couple Used EveryDollar to Pay Off Debt

I personally love spending time with my wife, traveling, and making health and fitness a priority. I intentionally spend more money on those items. If there is something that I can buy or do to make my wife happy, I will spend more money almost every time. We really enjoy spending time together traveling while checking out new restaurants and coffee shops after a day of an adventure or exploring the city.

My health and fitness are equally important in my values. It means I spend more money on organic meats and vegetables at the grocery store or local farmers market. It also means spending extra money on a gym membership: I go to my local CrossFit gym and I pay an extra price for group fitness, coaching, and the accountability it provides.

To live a debt-free lifestyle is to spend money responsibly and be a conscious spender. With so many products that come out of the market that will tempt you, you need to understand what your priorities are, what expenses are most important, and where the money you make should go, among others.

Ask yourself if you need or just want to buy things you have your eyes on. Understanding your spending habits, knowing your limits, and living within a certain boundary i. Being responsible with money and being conscious with it will help you achieve a debt-free lifestyle without having to sacrifice a lot of things. So my wife and I decided to inventory our clothing. My wife had 42 pairs of shoes and over items of clothing and I was close behind her with over 20 pairs of shoes. We made a bet with each other to see if we could go one year without buying clothes, jackets, shoes, and even electronics.

Personal Finance Topics

We have saved money, and even more importantly, we have saved so much time that we would have spent shopping. The most surprising thing, however, is that it was not as difficult as we expected to stop shopping. Debt often arises when you spend more than you earn. If you want to rid yourself of debt, you can either try to earn more or spend less, using the extra cash flow to begin paying off what you owe. While neither option is easy, you probably have the most control over what you spend money on. Start by tracking all your expenses for several months, and review every dollar going out the door.

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The American economy is built on consumer spending but resist the urge to follow the herd. Moderation and contentment can go a long way for people desiring a debt-free lifestyle. For many, getting out of debt seems like an insurmountable obstacle. However, through hard work, frugality and some good old-fashioned hard work, the debt-free lifestyle is far from impossible. Of course, the specific steps to getting out of and staying out of debt depends on your specific circumstances, but the following steps are a good starting point for anyone serious about putting an ax in their debt for good!

To stay motivated, write down WHY you want to live a debt-free lifestyle.

Confession: Why I Gave up on My Debt-Free Dream

Save your note and revisit it when you need a little motivation. Save for emergencies and big purchases and invest for your future!

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If you deprive yourself of too many of the things you enjoy along the way, you will undoubtedly fail. I highly recommend setting some money aside to keep up with some of your hobbies or small luxuries that make you happy. I take credit card debt really seriously. So what I do is treat credit cards just as if they were debit cards. So credit card companies allow you to do this instantaneously, whereas others require a few days to process.

Either way, having the discipline to treat credit cards as debit cards is a surefire way to avoid credit card debt, while raking in the benefits of a credit card i. The first and biggest step is to determine your priorities. Instead, the best way to figure out where to cut back is to look at your spending and decide what expenses provide you the most value monetarily or otherwise and are the most important for you to maintain. Paying off high-interest debt is the first step to living a debt-free lifestyle.

Cut up those credit cards and pay down your debt ASAP. Also, know that not all debt is bad. For example, a mortgage is a healthy kind of amortizing debt, so each month you earn a little more equity.

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    5 Steps to Debt Free Living -

    Not all debt is bad; however, less debt is better debt. Increasing income helps decrease debt. Doing things that others pay for, like cleaning your own home, mowing your own lawn and changing your own oil saves money. Anytime you are sitting on the couch, drinking a beer, or smoking a cigarette, that is time you could spend saving money by doing something. I mowed grass for 25 clients in my spare time to make some extra money in my 40s. I kept my full-time job, and worked a lot on weekends and after work. You are never too old to get a side gig, and never too good to do manual labor.

    No one ever makes a million dollars. When you buy something that is fairly large, think about how much money that item would be in 20 years. The table or retire a month early: you should be asking yourself those questions.