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Living in Debt? Here’s How to Live Debt Free Regardless of Income

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Living in debt is burdensome, consuming and often feels quite hopeless. However, I think that with hard work, will power, and the attempt to live below your means that anyone can become debt free. (Regardless of what you bring in money wise each month!)

I did not say that debt would fade away from your life quickly. Nevertheless, to continue and accrue debt will only make the goal to live debt free take longer.

I believe, wholeheartedly, that you don’t have to make a lot of money to conquer debt. You simply need a will and passion to make the goal happen while offering up a little “elbow grease” into the process.  While this possibly will take some significant changes in your life, you’ll find that financial freedom, in the end, will be worth it.

Be encouraged today and consider these steps that will help you toward the goal to live debt free.  

living in debt - Splendry

Living in Debt? 

1. Stop using credit cards

If you don’t have the money to pay for something, then you should not make the purchase. There may be some emergencies but they do not include things like dinner out, vacations or new clothes. Credit cards are painful and hard to get out from under.

I urge you to cut them up and not use them. If you do keep one on hand, then be sure to use it for emergencies only and pay it off when the bill comes or as quickly as possible in the months to come.

2.  Negotiate

I suggest that you call and see if you can lower your interest rate on any credit cards. Could you refinance and save money over time on your house?

Perhaps you could call your bill collectors and negotiate a different payment date that would enable you to juggle those monthly bills more easily based you your payday. You have not because you ask not, so it’s worth a shot.

3.  Pay with cash

If you pay with cash, you’ll find it harder to overspend. Plastic is so easy to swipe! I’m a huge budget fan but even if you don’t want to go that route, consider paying with cash which helps you to see exactly what you are spending.

Literally, you watch the money disappear from your wallet. Credit and debit card spending may seem convenient, but it also is “out of sight and out of mind.”

4.  Extra hours at work

If you are serious about paying your debt off, then consider asking for more hours at work. If you are a salaried employee, then try and find a side job that will help supplement your income.  

I think that extra income is a help and the goal should be to take all that you make and put it toward the debt.

5.  Accountability

Find someone that you feel comfortable with to share your goal to live debt free. If you are married, then try and work on this together and keep each other accountable. If you are single, then ask a friend or someone you trust, to help encourage you.

If you tell someone your goal, then it’s “out there” and you’ll find that it’s easier to stick with since they can ask you for an update at any point! Get a system that works for you but I encourage you to “not go this thing alone!”

You can do this

Conquering debt is possible! I believe it is never too late to start paying down debt and making financial changes that will prove to make a big difference over time.

No matter how much you bring in during the month, you should be able to start some of these tips and then add additional steps to your goal as you are able. Truly, you can do this, regardless of your income.

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