Being debt-free is a fantastic financial goal that is within the reach of all of us. However, living debt-free is a lifestyle that means adopting some consistent behaviors that support this goal. We’re excited to share some tips to help you live debt-free.
- Wait to Buy: First and foremost, it’s important to control impulse spending. If you think you need something, sleep on it. You may find a better price if you do your research, or you may decide you don’t need the item after all. For more tips to control impulse spending, check out our article, Impulse Spending and How to Avoid it.
- Turn off Auto-Pay: Don’t let these convenient one-click buy buttons control your finances. Remove the option to make easy purchases. This way you have time to think it through before you click the button.
- Pay as You Go: Don’t let your debt pile up over simple expenses you can afford to pay at the time. Charging your coffee every day can add up very quickly when your credit card bill arrives at the end of the month. Instead, use cash or your debit card for everyday expenses.
- Don’t Carry a Balance: Avoid paying interest and accumulating debt. Instead, pay your balance in full at the end of each month. This will help control your debt and avoid unnecessary spending.
- Automate Your Savings: Take the responsibility of saving off your shoulders and just set it up to happen automatically. You can have part of your paycheck direct deposited into your savings, or you can set up an automatic transfer on payday. Either way, it’s a great way to stay on track.