Living Debt Free – Simple Tactics For Getting Out Of Debt
Throughout the world, consumer debt is at an all time high and is continually on the increase
, and it has become part of many individual's every day life. There are a number of people who are dreaming of the very day they will become free from debt, yet they are confused about where they should begin. This article is loaded with a number of different solutions that can help you in your fight to become free of debt and lead a debt free lifestyle.
1. Change your thinking. You will need to change your mindset and the way you perceive spending your money. If you visit a designer store and want to purchase something, then you should go home and think about whether you really do need the items you are thinking about buying - you will need to resist impulse buying and commit to maintaining a debt free lifestyle.
2. Make a Budget. Allocate your income and expenditure so that you know how much money you are making, and what you need to spend money on.
3. Plastic is for emergencies. You should only use a credit card for those occassions then you have a true emergancy and if you can be sure to pay it at the end of the month. You should leave any cards you have at home as it will be a real temptation to spend if you don't.
4. Eliminate current debts. If you currently have any debts then you should consider paying them off before anything else. You should also consider reducing your expenditure on buying extras, such as clothes and goodies, and pay off more than the minimum amount on the debts. If you choose to pay a higher rate than the minimum payable on the debt then you will become debt free faster.
5. Choose one, chuck the rest. Limit the number of credit cards you have to one or two. Pick the one's with a lower interest rate.
6. Prevent impulse buying. By leaving your credit cards at home you will prevent most of the impulse buying that individuals get. Also, it you are looking to buy something that is large in value then you should talk through the decision with a family member or friend to help you make a final decision.
7. Get rid of things you do not need, and turn them into Money Have a Garage Sale to sell unwanted items, or sell them on eBay
8. Live within your means. If you want a lifestyle that is debt free lifestyle then you will need to spend no more a month than you earn. Utilizing a credit card as a tool is acceptable if you want to buy things and then pay them off, but you should not consider it to be part of your income that you can spend.
9. Set long-term Goals. You need to look long-term if you want to be debt free, as debt-free means living within your means whilst having investments to increase your income.
If you are looking to get a debt free lifestyle then you will need to keep track of and know what your finances are, and you will also need to resist the temptation to spend more than you have. You should also ensure, as time passes, that you are reducing the amount of overall debts that you have, even if this process is very slow.
Living Debt Free Simple Tactics For Getting Out Of Debt
By: Caleb Byron
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