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What it Means to be Debt Free and Getting There

2-10-2012

Being in debt has become the norm in our society versus being out of debt. From carrying college loans, to car loans, home loans, to personal loans to credit card debt it's easy to get buried in debt. Being debt free means that you do not owe anybody or institution anything. It is a very freeing feeling and one that you want to keep forever. So how is it done.

1. Stable income. You need to be able to earn a stable income in which you earn at least a minimum amount.

2. Set a budget. Your income needs to be larger than your budget.

3. Make smart choices. Once you are meeting your needs then you need to make smart choices that help you rather than hurt you. Itemize what is a must have and what is a think you must have.

Here are a couple scenarios below and the answers to your questions.

  • Question: What is a 50% once in a life time vacation considered? Answer: Think you must have
  • Question: What is cable television? Answer: Think you must have
  • Question: What is health insurance? Answer: Must have
  • Question: What is food? Answer: Must have
  • Question: What is eating out for food? Answer: Think you must have
  • Question: What is health club membership? Answer: Think you must have
  • Question: What is internet? Answer: This one is tricky because it could be either depending on what you use the internet for.
  • Question: What are utilities like electricity and gas? Answer: Think you must have. Simply shut off the breaker to the heater and use blankets instead for heat. Shut down fireplaces with the gas to save a little.
  • Question: What is purchasing soft drinks, coffee or energy drinks? Answer: Think you must have. Use another way to get the blood pumping.
  • Question: What about purchasing clothes? Answer: Think you must have. If you need something specific for work try Goodwill or purchasing it second hand before spending your hard earned money at a retail store.
  • Question: What about buying a pet? Answer: Think you must have. They are expensive.
  • The bottom line is once you are meeting your budget you can make some serious reductions in lifestyle so that you can pay down and off all your debts. Simply put the money you would have saved into the principal of whomever you owe money too. Also now that you are making a dramatic change to your lifestyle think about getting a second part time job. Everything you earn from that job will go to pay off the debt. If you keep this up not only will you feel safe and secure but you will have much more money for expenses that really matter such as shelter, food, transportation and retirement.



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