Living Debt Free Except Mortgage | Tips To Survive


Debt Free Living Book

Living Debt Free Except Mortgage | Tips To Survive – Everyone wishes to get riches, to be rich and live a comfortable lifestyle. We live in a society that dictates our achievement and potential by how wealthy people are.

We strive hard to work smart, invest and create positive progress in lifestyle that will lead us to the perfect path because we meet all our goals and objectives in life. We occasionally ask for soft loans from friends, family or Sacco group and at times apply for loans from banks.

How many of you are currently struggling with debt? Maybe it’s from student loans or maybe it’s because of credit cards. No matter the reason might be, this must be the year which the debt free living becomes a priority. This needs to be the year which you just tell debt goodbye permanently.

We can talk about the way we need debt free living, but it takes more than simply speak. It takes action. Kicking debt from your life is not as hard as you might think. It just requires a good plan and a great deal of dedication.

Debts can seriously violate your financial progress and enable you to wallow in the pool of doubts and concealing from friends or cooperatives which you are owned. So what do you really have to do in order to start your trip to debt free living? It’s simple, you need to follow these eight measures.

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

As long as you live in the modern world, you will have bills to settle. When you get your debts, kindly take a bold step and cover enthusiastically. You must be ready to settle what you are owned.

It is an issue of fact you should not pay painfully. In the event you cover painfully, you’re just dance to the song that the money is tough to get and you are not happy with the turnout of items.

Step 2. List out all of your debts

Begin by listing out all those debts by their own interest rate. The highest rate is going to be at the very top of your list. Why? As it’s the debt costing you the most money each month.

Now you have everything on paper, then you get a visual idea of what’s ahead of you. You’re able to see that debt you are going to concentrate on the first, next, etc down the list.

Step 3. Start setting up an emergency fund

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

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

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

Instead, start off small putting away money every month until you get $1,000. This is a good place to start.

Step 4. Place Your bills on autopilot

We are all looking for ways to simplify our lives. Automatic payments are one of these ways. Instead of making a payment each month on every bill that you have, you can set it and forget it.

There are several advantages to automating your life. Not only are you going to make things much easier on your own, but you’ll cut down the possibility of using a payment. The last thing that you need while you are working so tough to repay debt is a wasteful fee.

Step 5. Downsize your life — forever or temporarily

The last thing many people need to do is eliminate the things we like. However, there are times when it is the very best thing to do.

Start with taking a look at the funds 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 tv? Did you know the normal price for DirectTV is almost $101 per month? With alternatives like Sling TV or even Netflix, you might cut the cord and never return.

The average American will spend $232 a month ingesting a meal beyond their home. Imagine if you cut in half an hour? The additional $116 each month may be quite beneficial for your debt investment program.

Step 6. Transfer your credit card balances

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

If you have several high profile accounts, you may use a balance transfer to transfer everything to a single card. Most balance transfer credit cards will come with a introductory 0% APR offer. This will allow you to pay down your debt without accruing finance charges along the way.

Step 7. Track your spending

The key to living a debt free life is to definitely understand how much you really pay and the amount you conserve at the exact same time. You must track your cash flow and at the conclusion of the day that you will get to understand and have confidence of all your financial spending.

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

Financially and debt advisors always tell their customers to be keen in their insurance and examine its plans always. You will need to appear at your life insurance needs. You have to follow it to check it comfortably covers more than 10 times of your earnings. In case you have children less than ten years, then your life insurance should also pay on debts incurred from the larger family.


These are the most proven ways that will readily help you get out of the debts. You need to develop a strategy and also understand that bills are there to be depended. No matter what money you borrowed, be eager to pay according to the order of agreement and not about pilling debts since they’ll come to affect you later in life.