The term”debt-freë” is arguably one of the most common underrated phrases in life. This is because, whereas each one of us knows that being in debt is not healthy, Only a handful of us know what a debt-free life means. We all want it, but in one way or another, that dream is certainly challenging converting it to reality. It is not impossible, although it takes some detriment and effort.
Here are four tips that could help you live debt-free .They include:
Control your expenditure.
As the saying goes, “We purchase things we don’t need with money we don’t have to excite people we don’t like. Put it more modestly. You undoubtedly don’t require a thing if you have to purchase it on loan. Act your wage!
Be careful about what you spend on your Education.
Due to the present-day changing times, we need to have a conversation about our education and its certificates therein. And don’t get me wrong, It's very much okay to enlighten yourself, learn a lot and acquire knowledge in the various aspects of your choice. but again, we cannot be strangers to the fact that, in this present world, we know too well that a degree does not equal a job anymore but debt does. Going to college is not but the system it’s built on it is. A recent survey established that 59% of college graduates did not need a college degree to do their job.
As a first-time car owner, never go for a brand-new car.
It makes a lot of sense to buy a slightly used car, at a much lesser cost, and still enjoy the comfy. Needless to say that being a first-time car owner comes with a lot of “teething problems “, and such experiences can be infuriating and costly. It makes no sense when your new car loses 70% of its value after 4 years. You are better off going for a 5-year-old car at a 70% cheaper rate and still enjoying all the requisite reimbursements that come with owning a good car!
Embrace the saving culture, regardless of your size of earnings/income.
Saving a certain fraction of your income and most preferably not less than 10% of your salary/income is chiefly important. Saving is likely to offer you relief in times of crisis as well as build a firm foundation for your investments and projects. It also gives you the autonomy in making an easy decision when it comes to traveling, charity/aid as well living a deluxe life.
It’s never too late, start saving today! Becoming debt-free is not as hard as many may make it appear. All you need is to exercise some control over expenditure and keep a good record of spending and when to save your best.
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