Financial Resource

Being debt free is one of the best feelings in the world! It may not be easy but with discipline and determination, freedom from debt can be achieved.

The easiest way to get into debt is by using credit cards. Since you are operating on credit, you are already in debt. A clever way to avoid this is to try as much as possible to use money when for example purchasing groceries. Paying for small consumables using your credit card is an unnecessary way to amass debt. This way you will also spend less money because you are paying for just what is necessary but with a credit card you may be tempted to spend more, since the reality of how much you are spending is invisible.

Another way to remain debt free is by altering your spending habits. Keep track of how much income you are generating and how much your expenses are. Everyone of us has something we can do without. Discipline yourself to live within your means and tighten your belt whenever necessary.

If you want to buy or invest in something, it is wise to try and save as much as you can, before you go straight to a lending institution or friends for a loan. Maybe you want to start a business and you don’t have all the capital at once. You can try and save about half of the money needed for the business and then borrow the extra amount. This will automatically reduce the number of debts you have and also allow you to plan how to repay the debt. When you are done paying off all debts, a certain way to remain debt free is by avoiding adding on any more debt.

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