3 Steps to Debt Free Living
If you really want to achieve the dream of debt free living, you need to stick to some basic requirements. First, live on a cash basis. If you have $100.00 in your bank account and a $60.00 bill to pay, pay your bill and live on $40.00. Don’t be tempted to spend another $40.00 on a credit card thinking you can just pay it back the following month. Second, look at your real expenses and set a reasonable budget. Look at your paycheck and subtract all of your monthly payments. Reserve some money for savings and then divide the rest of the money into days or weeks and you’ll see what you should really be living on. Finally, make sure you have some money working for you. This could be small deposits into an IRA, 401K or a money market account, but no matter what, make sure you have a nest egg garnering high interest and preparing you for your retirement.
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[Source: Loans and Mortgages Blog]
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