Living a debt free life allows you more time to do the things you like
Debt free life pathway towards freedom. Debts are one of the financial challenges that a person might face in his life. There are no escaping debts, especially when you are caught in a situation when you really need to get one. But you can do something to live a debt free life.
Debt Free Life Pathway Towards Freedom – Clearing out your debts
- Live within your means. Don’t buy anything that is not necessary. Make sure that you only spend the amount within your salary. And if there are excess, add it to your savings.
- Create a budget. Create a budget and stick with it. Many people are good in creating a budget but they struggle in sticking with it. To make sure that you spend within your budget, create a list of the things you ‘just need’ and scrap out the things that are not. Before going out for shopping, list down only the necessities and get away from those that fall out of it.
- Don’t procrastinate. Settle your debts immediately. What makes people dig their own hole in debts is that they fail to settle their debts in time. As a result, this creates another set of interest on top of their premium debts, thus making it harder to pay the next time. Once you get your bill, pay it on time. Do not delay.
- Pay in excess. It is also advised to pay some more when paying your debts like in credit cards. Once you have enough funds from those excess payments, it will be able to cover the interest of your debt or your monthly subscription fees.
Debt Free Life Pathway Towards Freedom – What debt free life means?
It is possible to live a debt free life. Many people have been in a deeper hole than you are today but they managed to get out of it. What did they do? They did the tips provided above. A debt free life is more worth living. Here are some points to prove:
- You’re stress free. Thinking about your debs and how you’re going to pay for it will put a lot of stress in you. As a result, stress may cause you illnesses such as heart problems, hypertension, sleeplessness, and organ failures.
- You feel good about yourself. People who have unmanageable debts are oftentimes stressed and suffer from low self-esteem. Once you have settled your debts, you will be able to look forward and be more confident about yourself.
- You can do the things you wanted before. You can go out of town or spend weekend in a vacation if you don’t have any debt to think about. You will be able to enjoy your retirement without thinking that there are still payables you need to settle.
- You are more focused. When you are debt free, you can focus on more important things such as your family and your loved ones. You can spend more time with them without thinking of the next days to come when you need to work more to pay for your debts.
Having money trouble see Taking Ownership or Spiral into Debt!