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Want to Be Debt Free? Learn to Live Without the Little Things

Do you really want to be debt free? Like the title says, you better learn to live without the little things.

Start by taking a look at what you really need. Make sure not to confuse the wants with the needs. Once you have figured it out only spend money on your needs. Reducing debt is all about spending on the absolute necessities. So to recap, no spending on anything except absolute necessities -- like my mortgage, utilities, car payments, etc...

Now that you've freed up some money, start saving an extra 1/12th of your total required expenses each month. At the end of the year you will have one months worth of bills saved up.

Like most Americans, you probably eat out a lot. I would spend over $300 per month on eating out alone. One way to off set this is to invote friends to "eat-in" at your house. This will save in food and alchol cost. Also, plant a garden. You'll find that eating fresh vegitables will help not only with your pocket book, but also will help on the scales.

Now, make sure you set a more reasonable gift limit for birthdays, anniversaries, and Christmas.
Instead of getting nice Christmas gifts for each other, set a reasonable limit each other like $50.  Eat out less. Go to movies less. Shop wisely. Look for sales, use coupons, use grocery ads to plan meals for the week based upon what is on sale. Adjust thermostat - a little cooler in the winter, a bit warmer in the summer.

During this process make sure you do not incur further debt. Make sure you pay cash or debit card. I recommend not having credit cards, but if you do charge it...pay it off every month.

A great way to earn extra funds to pay off debt or build an emergency fund is to get a temporary part-time job.

The bottom line is live within your means, go without the little things, and get passionate about becoming debt free. It's a definite change of lifestyle, but will be well worth it in the end.

Get debt free!

Title: Want to Be Debt Free? Learn to Live Without the Little Things
Tagged: Want to be Debt Free, Debt Free, Living Debt Free
Description: Do you really want to be debt free? Like the title says, you better learn to live without the little things.