Tips for debt free living are all you need to lead a happier life. Even I’ve never opted for debts in my entire life.
If you want to live like a free bird, without tension then never get trapped into debts. Debt free living may sound like mission impossible in today’s times. But in reality, it’s not that much difficult.
Well, I feel that debt-free lifestyle is the best one. I’m maintaining this lifestyle for a long time. As somebody who is living a debt free life, now I’m going to share effective tips with you.
21 SURE-SHOT Tips for Debt Free Living that Worked for Me
Debt-free living provides you the opportunity to live your life on your own terms and conditions. Whereas, if you opt for debts then you will lose your sleep until you pay off your debts.
If at all you want to chill out in your life then don’t miss these tips for a debt-free life.
1. Prepare the Best Budget within a few minutes
Budgeting is the key to maintain a debt-free life. But I can understand that budgeting sounds boring and quite difficult for some people. But you can check out free, effective budgeting apps.
No matter how much you earn and spend. Always make a budget so that you don’t overspend your money.
2. Increase your EARNING by having multiple sources of income
In modern days, it’s always good to have multiple sources of income. Whenever you feel like borrowing money or choosing a debt, you can look for earning opportunities instead.
I say figuring out money-making opportunities are the best instead of looking for debt options. And nowadays there are many passive income opportunities. So start earning more.
3. Follow SMART SHOPPING HACKS to avoid spending extra on purchases
Have you ever thought of saving money on your every purchase? No matter whether it’s online shopping or offline shopping you can always save money by following smart shopping hacks.
Saving money is a part of a debt-free life. So always choose to be a smart consumer and save money.
4. Don’t quit your job until you SAVED for the next 6 months expenses
I quitted my regular paying job and launched my own blog FRUGAL BEAT. But this situation does not make me compromise on my debt-free lifestyle. Even after quitting my job, I’m happily enjoying a debt-free living.
I saved more money from my monthly salary before leaving my job. So you should also have at least 6 months of expenses saved with you if you are thinking of quitting your job. You may need some time to look for another good job. So make sure you prepare bear all the expenses during that phase.
5. Install FREE EXPENSE TRACKER apps to be aware of your cash flow
You must know about your cash inflow and cash outflow. If you are struggling to keep a track of your expenses, you can use effective free expense tracker apps.
When you know about your cash flow then only you can manage money well. Even do keep my expense records.
6. Participate in an EXCITING MONEY-SAVING CHALLENGE to save more
There are many interesting ways to inculcate money-saving habits. The most popular and effective way is – 52 week money saving challenge. Such challenges are useful to trick your mind and make saving money interesting.
Choosing money-saving habits means choosing a debt-free living. So take part in such money-saving challenges. You will get amazing results.
7. Use MONEY-SAVING APPS to save extra money every time
I’ve tried and tested 49 best apps for saving money. You can also check out such free apps to save extra money every month.
Some apps offer cashback on every purchase and some offer coupon codes. Even there are the best apps that help you with saving money on all the bills. So make use of such effective apps and enjoy a debt-free living.
8. Save a ton of money on food and drinks
Nowadays life is so easy. You can just grab a phone and order food at a restaurant. If you like eating Pizza then in just 30 mins your order will be delivered.
But have you ever noticed how much money you can save by avoiding eating outside food frequently? It is found that average teenagers spend $80 per month on outside food. So make sure you don’t make your pocket empty frequently like this.
9. Set financial goals in a FUN WAY to SAVE MORE
You don’t need to make a money-saving procedure very boring. Make it a more fun way so that you fall in love with saving money. Make your saving goals simple and realistic.
You can target some weekly money-saving goals. And you can reward yourself every time when you achieve that target. But remember, here I don’t mean that you should party hard by spending all saved money to reward yourself.
10. Read interesting money-related books
Reading money-related books are really helpful. Even I love reading such books. Books will not only help you to understand the importance of money but also you will know how to invest money to grow wealth.
I’ve read the Rich Dad Poor Dad. This book helped me to understand about assets and liabilities. So now I know how to live a debt-free life by avoiding spending money on liabilities.
11. Be part of FREE entertainment instead of paying for entertainment
Entertainment is necessary for life. And enjoying life and being happy is the ultimate goal of everyone’s life. But you don’t need to spend a lot of money to have fun or entertainment.
Never overindulge in spending money on entertainment. This is the sure-shot way toward debts. So seek for free entertainment. A sensible person picks up a long term debt-free living instead, temporary pleasures.
12. Adapt to FRUGAL LIVING to enjoy a debt-free living
Frugal living is all about living life to the fullest but by spending less money. Yes, frugal living is an art of living that leads to a happy debt-free life.
I’m making frugal living my way of living. And being thrifty helps you to get the desired life that you dream for. Frugality is the first step towards financial freedom.
13. Look for the BEST secondhand products
It’s ok to buy secondhand products instead of spending a lot of money on new ones. By doing this you can save extra money.
Living a debt-free life is easy if you take such simple actions. Remember, a penny saved is a penny earnt.
14. Go for DIY hacks, instead of buying new things
DIY life hacks make you more independent in life. Also, you can save a ton of money. So follow DIY (do-it-yourself) hacks and save money.
It may be fixing wiring at home or maybe repairing furniture at home, do it yourself. You can save around $100 every time when you follow DIY hacks.
15. Make your POCKET BIG by making your house small
I’ve realized that in countries like the US, people fall for a big house. But in reality, space does not matter but family members, good relationships are important for a happy life.
So don’t get trapped into peer pressure or don’t worry about social status. No need to have a big house by spending your all money.
16. Avoid burning out your pockets by having more credit cards
The more you add credit cards in your pocket that will burn out your pocket! Yes, when you have credit cards you feel like shopping more. At the end of the month, you won’t even realize how much is your credit score.
So if at all credit cards are unnecessary then you can have only one. But avoid having more than one credit card. For me, a credit card is nothing but debt.
17. Avoid buying a car, instead, USE PUBLIC TRANSPORTATION
Buying a car means spending a lot of money. And even there will be extra expenses like insurance of car, repair, maintenance cost etc. So I feel it is better to use public transportation.
Buying a car actually requires a lot of money. So instead of spending such a huge amount once, you can save that money or even you can invest that money to grow your wealth.
18. Avoid purchases on EMI, go for a full payment
If you want to buy something then the first analysis whether it’s needed or not. Then choose only affordable products. I suggest avoiding purchases on EMI payments.
Only buy those things that you can afford and make immediate full payment. I’ve seen many people broke due to this EMI schemes. So don’t burden yourself in this way financially that you get attracted to debts.
19. Don’t buy costly gadgets due to peer pressure
Avoid buying costly gadgets. You don’t need to plunk down your money on gadgets just because your friends have costly gadgets.
If you go on buying the things by looking at your friends’ lifestyle then soon you will get trapped into debts. You don’t need to buy costly things just to impress or represent a luxurious lifestyle.
20. Sell out your car
If at all anytime you feel like you should borrow money then I suggest selling out your car. Yes, you heard it right. Instead of debt, you can choose alternative things.
You can even sell out other things that you don’t need actually to make money arrangements in your hard times. So try to say “No” to debts as much as possible even on a rainy day.
21. Be prepared for a rainy day
You all know that life is all about uncertainty. Nobody knows when you require emergency funds. And I’ve seen that many people get trapped into debt system during a rainy day.
So make sure, you be prepared for a rainy day. Start to contribute little savings to emergency funds.
Simple Debt Free Living is the Best Life
People who get trapped into debts always struggle so hard to come out of it. So it is always better not to create such situations in life where there are no other options left for you other than debts.
Make a simple living and a debt-free living. This is the funda of a happy life. You don’t need to show off the luxurious life to the world. Instead, lead a happier simple life without any burden of debts.
Is it Better to be Debt Free?
Yes, it is always better to be debt free. If you are debt free then you don’t need to take stress about paying off your debts. And you don’t need to overtime work just to pay off your debts. So such stress-free life is always better.
Debt Free Lifestyle – Maintain this FOREVER
If you are completely debt free then now you have too many options to grow your wealth. Debt free living should not be a short term. It should be a life long goal.
Maintain the debt free lifestyle forever by following these tips for debt free living. Saving money plays an important role in debt free life. So always save money as much as you can.
How does it feel to be debt free?
Debt free living is a comfortable and easy life. You will free life means extra freedom in life. You will not accountable for anyone to pay off your debts.
Your cash inflow will be more and cash outflow will be less. That means you don’t need to pay off your debts when you are living a debt free life.
You have the freedom and street free life. So debt free living is not just good for you but good for your family also. You and your family can lead a happier life without any financial stress.
Be debt free, stay debt free
If currently, you are under debts. Then follow these 21 tips for debt free living. Pay off all your debts quickly. And then inculcate money-saving habits and never opt for debt options in future days.
In my life, I’ve always stayed debt free and trust me, I’m very happy with my this life. This type of lifestyle empowers you.
So start to apply these tips for debt free living. You will lead a better life than your peers. Make this debt free lifestyle your own lifestyle forever.
