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Becoming debt-free is a goal for many of us. And let me tell you, there is no feeling like making that final payment on your credit card, car loan or even your mortgage (that event is deserving of a party!).
10 Debt-Free Habits to Adopt
No matter what level of debt you’re tackling, there are 10 simple habits you need to succeed in eliminating your debt.
1. Create a Budget
You simply cannot become debt-free without a budget. If the B-word scares you, try to think of it as a spending plan.
That’s all it really is – a plan for where your money will go so that you meet all your payments and other obligations, including debt repayments.
There are lots of different ways to budget including the 50/30/20 budget where you work out the percentages of income you can spend in each category, the zero-based budget where you make every single dollar work for you and loads more (including my fave – the Backwards Budget).
2. Start a regular savings habit
Saving money is the opposite of getting into debt. When you have savings in the bank you don’t need to increase your debt levels to cover any shortfall.
That’s why savers are much less stressed than people in heavy debt. They know they’re not one faulty washing machine away from the edge.
Start saving a regular amount each time you get paid – even if it’s only $5 – and you’ll start to see the balance grow really quickly.
3. Be prepared to make sacrifices
There’s no way around this. Paying back debt requires you to make some changes to your spending… Read More
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