10 Tips for Debt Free Living

							by: Marjorie Salada

Debt Freedomit is something that everybody wants to achieve, but the question is, how you get
there. Reaching debt freedom involves changing the way we think about our money and the way
we manage our money. I am not saying you need to give up all the things that you like, but you
may want to take a good hard look at what is really important in your life.

Is having things now more important than having a future. Fulfilling your dreams in the future
will take some planning in the present. How you handle your money in the present will
determine how much of it you will retain for your future. There are some very basic and simple
changes you can make in your daily life that will help you prepare for a financially sound future.
Here are some simple changes you can make that will you achieve debt freedom:

1. Stop financing your lifestyle with credit cards. If it is not an emergency (the latest shoe style is
not an emergency) or it can not be paid off in full monthly, it should not be charged. Credit cards
are robbing Americans of a sound financial future.

2. Keep a log of your spending. Once you know where your money is going, it will be easier to
see where you can cut back. Put the extra money towards paying down your credit cards.

3. Pack your lunch 3 days (or more) a week. Eating out can be expensive and brown bagging it
will save you money.

4. Instead of going out to the movies, rent a movie and enjoy a family movie night at home.

5. Have a pizza party and make your pizza at home instead of ordering out.

6. Buy in bulk and freeze dinners. This will not only save you money it will save you time.

7. Give handmade gifts and cards.

8. Shop at consignment shops, thrift stores, discount stores and yard sales.

9. Consider discontinuing or downgrading your cell phones and cable TV plans.

10. Pay more than the minimum payment on your credit cards. If you pay only the minimum on a
credit card with a $3000 balance, it will cost you $2780 in interest and will take you 8 years to
pay the balance off. If you pay an extra $50 a month towards your balance, you will save $1800
in interest and have your debt paid off in three years.

Bottom line is before you can live debt free you have to become debt free. Following some of
these tips will help you achieve debt freedom. With a little bit of effort, you will be able find
many ways of saving money. Start by looking at things you spend money on and find ways to
reduce or eliminate these expenses. Every little bit helps.

This article was posted on October 10, 2006