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Debt Free Living.....Myth or Realty?

Debt free living, is it possible? Many feel that way. By just following the simple steps below, you can succeed and have real peace of mind!

The common thought is that living free from debt will lead to prosperous living. This would seem to be a true statement.

I don't know of anyone who would prefer to live like a poor person. Would you like to be debt free?

I thought I would take a few moments and talk about the "recipe" involved in this concept.

Wouldn't you like to be this woman with a handful of cash? That's what being debt free is like. You have so much extra cash!

For debt free living, you will need the following ingredients:

debt free living possible
  • a DESIRE for financial freedom;
  • the KNOWLEDGE needed to eliminate as much debt as possible (Most especially credit card debt which usually includes out-of-sight interest rates!);
  • the CREATION of a reasonable family budget; and,
  • the DECISION to live within your means! I recently read an article which stated that, "On average people spend 10% more than they take home." (Is it any wonder that Americans are in financial hot water!)

Once you have a handle on the ingredients, you will need to follow the simple and basic directions below.

Any program of this kind requires a desire and commitment on your part in order to obtain the prosperous living system you desire.

Commit to Get Out of Debt By:

  • less entertainment;
  • less frivolous spending;
  • fewer new cars; or,
  • fewer vacations.

However, remember that once you have your debt paid off, you can SAVE for any of these items. Doing without, is only a temporary condition. However, ALWAYS try to pay with cash so you don't get yourself into the same predicament!

How to be Debt Free

To begin debt free living, determine what are considered necessities and luxuries for your family. Eliminate as many of the luxuries as possible and use this extra money to pay off high interest credit card balances or loans.

This takes serious commitment! I have succeeded at this, but my wife and I had to get tough with ourselves.

If you decide to begin with the elimination of credit card debt, start with the credit card with the lowest balance. Once it is paid off, cut the card(s) in pieces and throw them away. You can always get a replacement card later.

So why cut up the card? This is part of the discipline. They are too easy to use. When they are not available, it is harder to make a spontaneous purchase!

If you feel this is just too overwhelming, you can seek help to get these taken care of.

As mentioned above, in order to create a prosperous living system, you will need to create a family budget. For many people, this may be the hardest thing to accomplish in their goal of living debt free.

There are several budgeting helps available through the internet. (Don't you just love the web!) Free budget calculators can be found on the internet.

Once you have created the family budget, STICK TO IT! Always keep in mind what you have determined are necessities and try to keep the luxuries to a minimum. This may be tiresome at first, but eventually it will become a way of life.

We started with the smaller bills and worked up to the bigger ones. When one smaller bill was paid, we applied that amount to the next bill plus whatever we were paying already on that next debt. Gradually, we paid them all off.

Once we had enough paid off, we took some of the money and put it in a savings account monthly (just like a bill). When we wanted to make a purchase, we borrowed from the savings account and then increased the amount we saved each month to pay it back. We even figured a little interest on what we borrowed so it would grow.

When the monies get large enough, put it in a Bank CD that pays you high interest and then borrow against the CD when you need to make a purchase. You see how this can compound! But you have to start somewhere.

As you see your credit card debt diminish, followed closely by any remaining debt you may have, you will be ecstatic with the results and with the financial freedom you will feel! Debt free living truly is prosperous living and it is possible with discipline and determination!

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