Debt Free Living Anna Newell Jones | Basic Steps

Living Debt Free No Mortgage

Debt Free Living Anna Newell Jones | Basic Steps – Everyone would like to get wealth, to be wealthy and live a comfortable life. We are living in a society which dictates our achievement and potential by how wealthy we are.

We strive hard to function smart, spend and create positive progress in lifestyle that can lead us to the ideal path because we meet all our goals and objectives in life. We sometimes ask for soft loans from friends, family or Sacco group and sometimes apply for loans from banks.

How a lot of you are now struggling with debt? Perhaps it’s from student loans or maybe it’s due to credit cards. No matter the reason may be, this needs to be the year that the debt free living becomes a priority. This must be the year that you let debt goodbye once and for all.

We can talk about how we need living, but it takes more than simply talk. It requires action. Kicking debt out of your life is not as hard as you may think. It only takes a good plan and a lot of dedication.

Debts can seriously break your financial progress and also permit you to wallow in the swimming of doubts and hiding from your friends or cooperatives that you are owned. What exactly do you want to do in order to begin your trip to debt free living? It is easy, you will need to follow the following eight steps.

Step 1. Know that you have invoices to repay and pay them enthusiastically

So long as you reside in today’s world, you’ll have bills to repay. When you receive your bills, kindly choose a daring step and pay enthusiastically. You have to be prepared to settle that which you are owned.

It’s an issue of fact you shouldn’t pay unnecessarily. If you cover painfully, you’re just dance to the song that the cash is tough to get and you are not satisfied with the turnout of things.

Step 2. List all your debts

Begin by listing out each one of the debts by their interest rate. The maximum speed will be on very top of your list. Why? Because it is the debt costing you the cash every month.

Now you have everything on paper, you now get a visual concept of what’s before you. You’re able to see that debt you’re going to focus on the first, next, etc down the list.

Step 3. Start establishing an emergency fund

Have you got an emergency fund set up on your own? If not, it’s time to receive a savings account.

Emergencies are bound to happen to most of us. It might be dental function that insurance will not cover. Maybe your car decided not to startout. With a rainy day fund, these surprise expenses won’t cause a significant blow to your financial plan.

So how much should you have in your emergency fund? Some people will tell you which you want three to six weeks worth of costs. Even though this is a great long-term goal to get, it’s not sensible whilst paying off debt.

Instead, start off small putting away money each month until you get $1,000. This is an excellent place to get started.

Step 4. Place Your Accounts on autopilot

Automatic payments are one of these ways. Instead of physically making a payment every month on each bill which you have, you may set it and forget it.

There are lots of advantages to automating your life. Not only are you going to make things much easier for yourself, but you’ll cut down the danger of getting a late payment. The last thing that you need as you are working so hard to repay debt is a wasteful charge.

Step 5. Downsize your own life — forever or temporarily

The last thing many people need to do is eliminate the things we enjoy. But, there are times when it is the ideal thing to do.

Start with having a look at the budget you’ve made earlier. Are there any things you could do with, even if it’s only while you’re paying off debt?

What about your cable television? Did you know the normal price for DirectTV is approximately $101 per month? With alternatives like Sling TV or Netflix, you may cut the cord and never return.

Have you been spending too much money eating out? The average American will spend $232 a month eating a meal outside of their residence. What if you cut this in half? The additional $116 monthly could be very helpful for your debt investment program.

Step 6. Move your credit card accounts

Most of you have likely ditched your charge cards at this point. However, you may be amazed to know that a charge card may really be to your advantage.

If you’ve got several high profile accounts, you can use a balance transfer to transfer everything to a card. Most balance transfer credit cards may include an introductory 0% APR offer. This will allow you to pay down your debt with no accruing finance charges along the way.

Step 7. Track your spending

The key to living a debt free life is to clearly understand how much you spend and the amount you save at exactly the same moment. You have to monitor your cash flow and at the close of the day that you will get to know and have assurance of all your financial spending.

Step 8. Have a look at your own insurance and review it

Financially and debt advisors always tell their clients to be keen in their insurance and review its plans consistently. You want to appear at your life insurance requirements. You want to follow along with check it covers over 10 occasions of your earnings. When you have children less than ten decades, then the life insurance should also cover on debts incurred by the larger family.


These are the most proven ways that will easily assist you get out of the debts. You want to develop a plan and understand that invoices are there to be depended. Whatever money you borrowed, so be ready to pay in accordance with the arrangement of agreement and not about pilling debts since they will return to affect you later in life.