Yusra3
VIP Contributor
The key to living debt-free is knowing that you can do this.
It’s not easy. It takes a lot of hard work and dedication, and sometimes, it means making sacrifices. But if you want to live your life free of the burden of debt, then here are 5 tips that will help you get started:
1. Set a goal for yourself and stick with it! Don’t just say, “I want to be debt-free by the time I get married.” Instead, set a specific date for when you want to be completely free from debt. Do not let yourself become so caught up in the process that everything else in your life gets pushed aside!
2. Make a plan! Gather all your information together (including any loans or credit cards you might have), sit down with your family members or friends who can help out too, and make a plan for how much money will be needed each month to pay off those debts. Then sit down once again with this list of expenses and figure out which ones can be cut back or eliminated entirely so there is enough left over each month when bills come.
3. Make sure your debt is affordable. You should not be paying more than 30% of your income on debt, and it's okay if you get a little behind in payments here and there. But don't let yourself get into a situation where you're paying 80% of your income on debt, because that's just too much!
4. Be honest with yourself about how much you can afford to pay each month toward your debts. You can always wait until next month or next year to start making payments, but don't put off dealing with it until then. you'll never get ahead of the problem if you do!
5. Think about what you can do differently going forward so that this situation doesn't happen again. For example, maybe there are certain things you can cut back on or stop buying so that the amount owed gets lower over time? Or maybe it would help if you had a budget? A monthly budget might make sense for some people because they have an idea what they're spending each month based on their income level and other factors like savings goals etc..
It’s not easy. It takes a lot of hard work and dedication, and sometimes, it means making sacrifices. But if you want to live your life free of the burden of debt, then here are 5 tips that will help you get started:
1. Set a goal for yourself and stick with it! Don’t just say, “I want to be debt-free by the time I get married.” Instead, set a specific date for when you want to be completely free from debt. Do not let yourself become so caught up in the process that everything else in your life gets pushed aside!
2. Make a plan! Gather all your information together (including any loans or credit cards you might have), sit down with your family members or friends who can help out too, and make a plan for how much money will be needed each month to pay off those debts. Then sit down once again with this list of expenses and figure out which ones can be cut back or eliminated entirely so there is enough left over each month when bills come.
3. Make sure your debt is affordable. You should not be paying more than 30% of your income on debt, and it's okay if you get a little behind in payments here and there. But don't let yourself get into a situation where you're paying 80% of your income on debt, because that's just too much!
4. Be honest with yourself about how much you can afford to pay each month toward your debts. You can always wait until next month or next year to start making payments, but don't put off dealing with it until then. you'll never get ahead of the problem if you do!
5. Think about what you can do differently going forward so that this situation doesn't happen again. For example, maybe there are certain things you can cut back on or stop buying so that the amount owed gets lower over time? Or maybe it would help if you had a budget? A monthly budget might make sense for some people because they have an idea what they're spending each month based on their income level and other factors like savings goals etc..
