Did you know that college students graduate with an average of almost $30,000 in debt? And many graduates have multiples of that amount in student loans. That can be a huge obstacle when trying to build a life for yourself.
Debt can come from anywhere and anything, even from something as simple as a credit card. Are you wondering how you can start living that debt-free life?
Keep reading to learn all about how to enjoy debt-free living.
Use Coupons
When it comes to a spender's guide to debt-free living, you shouldn't underestimate the power of coupons. Whether it's a digital coupon that comes from subscribing to a newsletter or an old-fashioned coupon cut right out of newspaper, the savings can add up to impressive amounts.
There's even a reality show called Extreme Couponing in which people are able to walk away with huge amounts of groceries, for instance, just by using coupons.
Keep Track of Your Money
One of the most important keys to frugal debt-free living is to keep a very close eye on your money. This includes both how much you're earning and how much you're spending.
If you don't keep track, you won't be able to know about the things you might be wasting your money on. It can also be easy to lose track of how much you've spent and then go over the limit.
You'll be glad to know that there are many free finance programs that make it simple to keep track of your money.
Sell Your Structured Settlement
If you've won a legal case, then you might have gotten a structured settlement. It can be frustrating waiting for those payments to come in, especially if it's a lot of money being spread out over a large period of time.
Rather than waiting, you can sell your structured settlement for an instant lump sum of cash. This money can go a long way toward helping you to live debt-free with no mortgage, for instance.
You can even sell your lottery payments if you're lucky enough to have won.
Spend Less Than You Earn
Just like you need to burn more calories than you eat, you need to spend less money than you make so that you can put that leftover money toward your debts.
Every penny that you put toward your debt counts, especially if your debt is accruing interest. The faster you can pay it off and be debt-free, the better.
You might be asking yourself, "Is living debt-free worth it?" It can be a lot of work, but after you've learned all the tips and tricks, it will become second nature to you. That way, you won't have a huge and stressful weight of debt on your shoulders ever again.
Ready to Enjoy Debt-Free Living?
Now that you've learned all about how to enjoy debt-free living, you can feel that weight lift from your shoulders. Say goodbye to debt forever!
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