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7 tips for a debt-free life

by , 27 August 2014

If you think that being debt-free is an impossible target to reach, think again. Anyone can learn how to save more money, keep a budget, and live within their means.

Living on a budget requires discipline, but it's worth the effort. At the end of the month, when you spend less than you earn, have paid up all your debts, and have also managed to save a decent amount, you will be much happier than before.

Here are seven quick and simple tips for a debt-free life.
 
1. Spend less than you earn
 
This is a no-brainer, right? You should always strive to spend less than you earn, otherwise you will bury yourself in debt.
 
2. Stay away from credit card debt
 
Credit cards shouldn’t be used for daily purchases or for buying everything your heart desires but you can’t afford with cash. It’s better to pay using cash, to avoid interest rates and overspending.
 
3. Simplify your life
 
One easy way to get rid of debt is by simplifying your life. Wanting less and choosing to live with less will teach you to value the best things in life, which are free.
 
4. Pay yourself first
 
Put money into your savings account right after receiving your paycheck.
 
5. Have an emergency account
 
If your car breaks down, you need to undergo a costly surgery, or if anything unexpected happens, you can always reach into your emergency account without getting into debt.
 
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6. Look for discounts
 
Don’t go shopping just for the sake of it or because you are bored. You end up spending much more than you anticipated if you go shopping without a plan.
 
7. Avoid temptation
 
Temptations are everywhere – they encourage you to spend much more than you should or can afford. Try staying away from places you know you end up spending money, such as shopping malls, restaurants, etc.



7 tips for a debt-free life
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