Learn How To Become Debt Free

Regardless of what form your debt is in, credit card debt or loan debt, it all goes away the same way.   To become debt free you must first trim your spending.  To make your debt go away, you need to spend less than you earn; that’s fairly basic.   How to spend less than you earn is also basic; hard to follow perhaps, but, basic.

Best Part Of Being Frugal

It’s okay to be frugal.  The stigma with being frugal is that folks think you’re cheap; you may be considered cheap, but you will have more money.  When you spend more efficiently you will avoid wasting money on meaningless “stuff”.   The money you save by tightening up your spending can be invested.

Become Debt Free|Be Frugal

Through the use of credit cards it’s very easy to accumulate debt without even realizing it.  Credit cards allow us to spend more than we earn without feeling an immediate financial pinch.  When you eventually feel the pinch, you may be so far into debt that you give up trying to fix it.   Do yourself a big favor, do not let it go that far, just practice a few financial basics and avoid the whole problem.

Your Frugal List | Save Money

Becoming debt free

  • Save money on interest and fees by paying off your credit card accounts every month.   Avoid carrying a balance on your credit cards; you just waste money when you carry balances.
  • Bring lunch to work; make eating out a treat vs a necessity.
  • When you do dine out, find less expensive restaurants.
  • Skip the drinks when you eat out.
  • Make your own coffee at home vs buying those expensive coffee house drinks.
  • Only buy items on your grocery list; never shop without a grocery list.
  • Plan your meals based on whatever is on sale for that week.
  • Avoid impulse shopping.
  • Create a budget, and more importantly, stick to it.
  • Use coupons, you will be surprised how much money you will save.
  • Down size your cable television package, or cut the cable tv altogether.
  • Go to the library for books and dvd’s.
  • Go to thrift shops.
  • Buy a used car vs a brand spanking new one.
  • When asked to pitch in for office gifts, parties, shower gifts, etc ask if you can contribute your share with your time vs money.  Don’t buckle to peer pressure.
  • Passions are terrific, find ways to indulge on those without going into debt.

If you want to keep more of your hard earned money, learn to be more frugal with your spending.