How to stay Debt Free?

Do you live in a perpetual fear of debt? I am sure, that you dread ending on the verge of filing for a bankruptcy or paying all your income to the creditors. So, how do we stay out of debt? The solution is no rocket science and it is achievable. Staying out of the vicious cycle of debt is nothing but a matter of spending money wisely. Some people succeed to get free from the shackles of debt by following some truth reckoning rules. You can win over too. It is a matter of time and best practice to lay a foundation of healthy financial habits.

Simple ways to debt free heaven –

Spend accordingly after ascertaining your income
Don’t over indulge in spending money
Trim down your expenses
Earn more money

How to spend less than you make?

Set aside what you owe and to pay utility bills. If you are unable to resist the temptation of spending that saved fund, then try the following ways:

Open a brand new savings account for your daily expenses – you can name it as an Expense account.
Sum up all your expenses and bills around first of every month. Deposit a certain amount into your new account for your monthly expenses.
Do not carry the ATM card or Checks of your new account for your monthly expenses.
Try not to indulge yourself to spend on luxuries and gauge your expenses; it should not surpass your monthly savings in your new bank account.
Now calculate that how much you able to save after keeping your expense money aside. Deposit much into your old savings account, more the merrier.

How to keep yourself from wasting money?

Money splurged is money gone for good. It is very convenient to waste money, and not feeling a single pang of guilt until the moment is passed. Hence, save yourself from guilty pangs by asking yourself whether you need the commodity or it is just another want of yours. You would realize, most of the times we do not spend because of some necessity but we simply want it and there is a huge difference between a want and necessity. Try the following ways to curb that want and keep your hands off from your wallet – and avoiding any debt help.

Stop window-shopping immediately. It is a devil’s trap to lure you inside the store and you cannot get away from buying the commodity you were eyeing.
Make an honest list of “Reasons why I need this commodity” and challenge those reasons by making another list “Reasons why I shirk from buying this item”. Justify your expenses after analyzing the reasons.
Always buy quality product, for longer utility.
Analyze the mighty mirth of money in practical world before wasting money.

How to grow your Income?

It does not imply that increasing your income demands great effort. Put some extra effort to let that extra income flow in. Try to incorporate the following suggestions for your own good –

Sell your unused stuff
Sell your talents or innate ability that can fetch some cash. Like plumbing, car fixing, software installation, fixing gadgets and freelancing online.

I wish you wisdom and respect for your money, before using these tactics. Always remember that cash is still superior. So discard or keep a safe distance from the credit cards and the vices come along with it.