How to Be Debt Free in Life

Let’s admit it – it’s really hard to resist even the slightest temptation of having or wanting something new. In our consumer oriented world today, the smell of a newly bought item that intoxicates our materialistic desire can be our downfall to the world we call “debt.”

Well, if you’ve already fallen into the abyss, worry not – here are some practical pieces of advice to get out of debt, and stay out of debt.

Be Honest and Open to Change

We are already in a very difficult world where you need to work 9 to 5 just to survive. We pay bills needed for our survival. So ask yourself, “What do I need to change my habits, so that I can get out of this debt?”  If you recognize this need, then you’re already in the process of getting out of debt.

Reassess your Lifestyle and adjust accordingly.

Make a journal to track your daily expenses. For sure, you’ll notice one or two things that you can feel guilty about spending – perhaps one Starbucks Grande Frappe can be substituted by making your own iced coffee-in-a-tumbler. Remember, it’s okay to downsize your lifestyle for a bit; there’s no shame in that.

Once you have recognized the things that you can adjust, all you have to do is put them into action. Take note that you have to be diligent and devoted to the objective at hand; being thrifty (not a cheapskate) is the key to getting out of debt.

Track Progress, Pay, and Save


Track, Pay and Save!

Your journal will do the trick to track progress. You can do incremental or gradual payments toward your debt. It’s better to be paying it off slowly but surely, than to pay it all at once, or even borrow more money to pay off the debt you currently have.  It ‘s better to achieve one goal at a time, rather than none at all.

Once you’re out of debt, the next thing you ought to do, is to stay out of debt. By this time, you might have already developed a systematic way of managing your finances.

With you being debt free, you’ll have extra cash to spare. The best thing to do with the extra cash is to open a savings account, deposit the money, and not spend it except for emergencies. Don’t put the card in your wallet!

Once you have saved up and your savings increase, just remember to ask yourself, “is this a want, or a need? What are my alternatives?” Don’t upgrade your lifestyle unless it’s really necessary.




Author: Glen Carroll

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  1. I got myself buried down deep. I gotta blame all the vice and extravagant things that I purchase. Oh well, lesson learned.

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  2. Being debt free in life is the best feeling in the world. Thanks for the pep talk!

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  3. Just distance from some expenses especially the material things. Needs as the priority first vs. wants.

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