Debt Free Living

Only spend what you can afford and if you cant afford it then dont buy it. Save money for a rainy day so that if something breaks or you need something, you have the extra cash to pay for it.

Thats how my parents live. They pay everything with cash and only have one credit card that they pay the balance off of. My Dad pays cash for his cars and doesnt believe in getting a car loan. They save 10% or more of their income every month for emergencies and for retirement.

Some Debt Free Living Tips and Guidelines:

• Dont buy on impulse.
  
• Plan your big purchases and shop around for the best deal.
  
• Have a monthly budget and stick to it.
  
• Dont borrow money that you cant pay back.
  
• Have an emergency fund of at least six months expenses.
  

Does having a certain product make your life better and its useful or do you want it because your friend, neighbor, or relative has one?

Never go on a shopping spree when youre in a bad mood or had a bad day. Dont use shopping to make yourself feel better. When the excitement wears off, youll feel worse because youll be in debt and the bills will arrive in a few weeks.

Its interesting how immigrants and the people that survived The Great Depression has learned how to manage their money and enjoy a debt free living while the younger generation spends and spends without regards to their ability to pay it back. Living debt free doesnt mean you have to deprive yourself, it means being responsible with your money.

Youll feel better, more at ease and not worry about your job and the economy and have more options. Youll also have more money to spend since youre not paying huge interest payments, finance charges, credit card fees, etc. compared to those heavily in debt. Debt free living means more options and being more carefree and less stress.