Question:

What are some steps to maintaining debt free living?

3 Steps to Debt Free Living

The keys to debt free living may seem obvious to some, but to many others, they are hard to live by. If you have gotten out of debt and are trying to remain out of debt for good, here are three steps to debt free living that can keep you on track.

  1. Live on the Money in Your Pocket – Walk into a store with a credit card and you may not have any problems spending more than you should. Walk into that same store with $100 in cash and see how easy it is to spend that money. There is something about cash that makes it harder to part with when compared to sliding that plastic barcode into the slot. Debt free living is easy if you never spend more than you have. Using cash only is a great way to do it.
  2. Analyze Expenses and Spend Accordingly – Some people are aghast to realize how much they spend on soda in a given month. Small expenses build up and up and you will usually never take notice of them. Be sure to do a thorough analysis of how you spend your money and where you can make cuts. Debt free living involves living on as little as you need. Sometimes, cuts that seem so small that you ignore them, can save you far more than you imagined in the long term.
  3. Make Your Money Work For You – The funny thing about money is that it can actually work. Unlike other lazy pieces of paper, money can make more money if it is put to work in the right places.

Building wealth is essential to debt free living so that there are always cash reserves to depend on rather than loans or other debts. Speak with an investment specialist to see how your money could be working more for you and you will enjoy debt free living in the future.

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