Debt Free Living Stories | Home Manager

Living Debt Free No Mortgage

Debt Free Living Stories | Home Manager – Everyone wants to get wealth, to be wealthy and live a comfortable life. We live in a society which dictates our success and potential by how wealthy people are.

We strive hard to operate smart, spend and create positive progress in lifestyle that will lead us into the perfect path as we meet 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 now struggling with debt? Maybe it’s from student loans maybe it’s because of credit cards. Whatever the reason might be, this must be the year which debt free living becomes a priority. This must be the year that you tell debt goodbye once and for all.

We can chat about how we want living, however, it takes more than simply talk. It requires action. Kicking debt from your life is not as hard as you might think. It simply requires a good plan and a lot of dedication.

Debts can seriously break your financial progress and allow you to wallow in the swimming of doubts and hiding from your friends or cooperatives which you’re owned. What exactly do you have to do to start your trip to debt free living? It’s simple, you want to follow the following eight measures.

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

So long as you live in the modern world, you will have bills to repay. When you receive your accounts, kindly choose a daring step and pay enthusiastically. You must be prepared to settle everything you are owned.

It is a matter of fact that you shouldn’t pay unnecessarily. If you pay painfully, you’re just dance to the tune that the money is tough to buy and you are not satisfied with the turnout of things.

Step 2. List out all your debts

Begin by listing out each one of the debts by their own rate of interest. The highest rate will be at the very top of your list. Why? As it is the debt costing you the cash every month.

Now you have everything on paper, you have a visual concept of what is before you. It’s possible to see which debt you are going to focus on the first, second, etc down the listing.

Step 3. Start establishing an emergency fund

Have you got an emergency fund set up for yourself? If not, it is time to receive a savings accounts.

Emergencies are certain to happen to most people. It might be dental function that insurance won’t cover. Maybe your car decided not to start. With a rainy day fund, all these surprise expenses will not cause a major setback to your budget.

How much should you have on your emergency fund? Some people will tell you that you want three to six months worth of costs. Although this is an excellent long-term aim to have, it’s not reasonable whilst paying off debt.

Instead, start off little putting away money each month until you have $1,000. This is a good place to begin.

Step 4. Set Your bills on autopilot

Automatic payments are among the ways. Instead of making a payment each month on each bill which you have, you may set it and forget it.

There are several advantages to automating your lifetime. Not only will you make things considerably easier on your own, but you’ll reduce the possibility of using a payment. The very last thing you need while you’re working so tough to repay debt would be a wasteful charge.

Step 5. Downsize your own life — temporarily or permanently

The last thing many of us want to do is eliminate the things we like. But, there are instances when it is the best thing to do.

Start by having a look at the funds you made earlier. Are there any things you could do without, even if it’s only while you are 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 cable and never go back.

Are you spending too much money eating out? The average American will pay $232 per month ingesting a meal beyond their dwelling. Imagine if you cut in half? The additional $116 monthly could be very beneficial for your debt investment plan.

Step 6. Transfer your credit card balances

Many of you have likely ditched your credit cards at this point. But you might be surprised to know that a credit card might actually be to your benefit.

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

Step 7. Track your spending

The key to living a debt free existence is to clearly know how much you spend and how much you conserve in the same time. You must track your cash flow and in the close of the day you will be able to know and have confidence of all your financial spending.

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

Financially and debt advisors consistently tell their customers to be keen in their insurance and examine its plans consistently. You want to appear over your life insurance needs. You want to follow along with check it covers more than 10 occasions of your earnings. If you have children less than ten decades, then the life insurance should also pay on debts incurred by the bigger family.


These are definitely the most proven ways which will easily help you get out of debts. You need to develop a strategy and also understand that invoices are there to be depended. No matter which money you borrowed, so be prepared to pay in accordance with the order of agreement rather than about pilling debts since they will come to affect you later in life.