Debt Free Living Reddit | Saving Advice

Living Debt Free Off Grid

Debt Free Living Reddit | Saving Advice – Everyone wishes to get wealth, to be rich and live a comfortable life. No one wants to live a poverty stricken life filled with debts and regrets. We are living in a society that dictates our achievement and potential by how wealthy people are.

We strive hard to work smart, spend and create positive progress in life which will lead us into the ideal path as we fulfill all our targets and objectives in life. We sometimes ask for soft loans from friends, family or Sacco group and at times use for loans from banks.

How many of you are currently fighting 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 which debt free living becomes a priority. This must be the year that you let debt goodbye permanently.

We can speak about how we want living, however, it takes more than simply speak. It requires action. Kicking debt from your life isn’t as hard as you might think. It only takes a good strategy and a great deal of dedication.

Debts can seriously violate your financial progress and cause you to wallow in the swimming of doubts and concealing from your friends or cooperatives which you’re owned. What exactly do you really want to do to start your journey to debt free living? It’s simple, you want to follow these eight steps.

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

As long as you live in the modern world, you’ll have bills to repay. When you receive your accounts, kindly take a daring step and cover enthusiastically. You should be eager to settle that which you are owned.

It is a matter of fact you shouldn’t pay unnecessarily. In the event you pay unnecessarily, you are just dancing to the song that the money is tough to get and you are not pleased with the turnout of items.

Step 2. List out all your debts

Begin by listing out all those debts by their interest rate. The maximum speed is going to be on very top of your list. Why? Since it is the debt costing you the cash every month.

Now you have everything on paper, you now get a visual idea of what is ahead of you. It’s possible to see which debt you are likely to concentrate on the first, next, and so on down the listing.

Step 3. Start establishing an emergency fund

Have you got an emergency fund set up for yourself? Otherwise, it’s time to get a savings account.

Emergencies are certain to happen to most of us. It might be dental function that insurance won’t cover. Maybe your car decided not to start. By having a rainy day fund, these surprise expenses won’t cause a significant blow to your budget.

How much should you have in your emergency fund? Some of us will tell you you need three to six weeks worth of costs. Though this is an excellent long-term aim to have, it isn’t sensible while paying off debt.

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

Step 4. Place Your bills on autopilot

We are all searching for ways to simplify our lives. Automatic payments are one of the ways. Instead of making a payment each month on each bill which you have, you may set it and forget it.

There are numerous benefits to automating your lifetime. Not only are you going to make things much easier for yourself, but you will reduce the probability of having a payment. The very last thing that you need while you are working so tough to pay down debt will be a wasteful fee.

Step 5. Downsize your life — forever or temporarily

The last thing many people want to do is eliminate the things we enjoy. But, there are times when it’s the very best action to take.

Begin with having a look at the financial plan you made earlier. Are there things you might do with, even if it’s only while you’re paying off debt?

What about your cable television? Did you know the average price for DirectTV is almost $101 a month? With options like Sling TV or even Netflix, you may cut the cord and never return.

Have you been spending too much money eating out? The average American will pay $232 a month eating a meal beyond the house. Imagine if you cut in half an hour? The additional $116 monthly may be quite useful for your debt investment program.

Step 6. Move your credit card accounts

Most of you have probably ditched your charge cards at this point. However, you might be surprised to know that a charge card might really be to your advantage.

In case you’ve got many high-interest balances, you can use a balance transfer to move everything to a single card. This will help you pay off your debt with no accruing finance charges along the way.

Step 7. Track your spending

The secret to living a debt free life will be to clearly understand how much you really pay and the amount you save in the same time. You must track your cash flow and at the conclusion of the day you will be able to know and have assurance of all your financial spending.

Step 8. Take a look at your insurance and review it

Financially and debt advisors consistently tell their customers to be keen on their insurance and examine its strategies consistently. You want to appear over your life insurance needs. You have to follow along with test it covers more than 10 times of your earnings. If you have children over ten decades, then the life insurance must also pay on debts incurred from the larger family.


These are definitely the most proven ways which will readily help you get out of the debts. You will need to come up with a plan and understand that bills are there to be depended. No matter which money you borrowed, be ready to pay as per the order of agreement rather than about pilling debts because they will come to affect you later in your life.