Is there an easy way to become debt-free?

Yes, living below your means is a very easy way to becoming debt-free. If you have overextended yourself in the credit department, it will not be a quick road to recovery. However, working at a steady pace will lead you on the right road toward living a debt-free life. The practice of living below your means is a giant and essential step toward ridding your life from the bondage of debt.

Budgeting

A budget is a great tool that allows you to plan your finances; therefore, making living within your means an achievable accomplishment. Moreover, having a financial plan that helps you manage your fiances in such a way so you will have money left over when all your bills are paid is very important for your financial future.

Pay Yourself First

Fellow Hubber, Bob Ewing wrote an excellent Hub about paying yourself first. Begin by saving five to ten percent in the beginning, then develop more ways to cut expenses and stash more in savings or pay off a debt.

Eat All of Your Meals at Home

Eating out every night can take a huge chunk out of your income. However, one of the easiest ways to living debt free is cooking all of your meals at home. The USDA Center for Nutrition Policy and Promotion creates an annual breakdown of the cost of food for Americans on four levels: Thrifty plan, Low-cost plan, Moderate-plan and Liberal plan. This is provided that all meals and snacks are purchased at stores at regular price and prepared at home.

Borrow Movies

Instead of paying to rent movies at the video store, borrow them from the library. Borrowing movies from the local library is an absolutely free service. If you are unable to find what you want there, request it.

Cut Back or Quit Smoking

If you smoke, cut back or quit. A two pack a day habit could be costing as much as $5,200 a year. Kicking the habit will make you and your bank account much healthier in the long run!

Never Spend a Windfall

If you receive a bonus, income-tax refund, rebate check, or holiday money—place it in some type of savings account or pay off a bill.

Purchase Low Maintenance

Look at the bigger picture for every purchase. Always consider quality, price and maintenance costs. Sometimes, paying a little extra for an item will cost less in maintenance in the future.

Everything is Negotiable

Never be afraid to bargain for a better price or rate on airfares, hotel stays, appliances, vehicles, credit cards, interest rates or anything!

Cancel Paid Subscriptions

Cancel all magazine subscriptions that are not free. Get the news from the Internet, radio or television.

Simplify

Hold a huge garage sale or sell it on an online auction site. If you have not used an item in six months, odds are you can do without it. Donate the items to a local charity if you do not want the hassle of a yard sale, or selling online. It may be tax-deductible and helps others in the process.

Special thanks to MamaDragonfly2677 for posing the question: Is there an EASY way to become DEBT-FREE?

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