Bankless Times
Habits of those that live a debt-free lifestyle
HomeNewsHabits of those that live a debt-free lifestyle

Habits of those that live a debt-free lifestyle

News Desk
News Desk
January 31st, 2023
Advertiser Disclosure

It’s a sad truth that most of us are in debt.

Even without counting mortgages, which is in some ways a debt that many of us aspire to. We have credit cards, loans, student loans, store cards, personal loans, finances on purchases and more.

For many of us, the repayment of debts accounts for a good chunk of our income. We struggle financially. We are unable to save because each month we are spending a large amount of money paying off debts. We’re paying money out on things that we bought a long time ago, most of it, in fact, is merely interest. We’re spending money on nothing.

Our debts over time can cost us a fortune, and we should probably know better. But, we live in a society where debt is a normal part of life. Credit cards are offered when we are young. They seem like a good idea at the time, and then we are stuck on a downward spiral into a life of debt.

Becoming debt free is something that many of us aspire to. It’s certainly possible to pay your debts off with commitment and hard work. But, for many of us, the real problem is staying that way. Let’s take a look at some of the habits of people that manage to live a debt-free lifestyle to help.

Change Your Mindset

[caption id="attachment_134341" align="alignnone" width="785"]

rawpixel

You don’t need to be exceptionally frugal and thrifty to stop borrowing. You just need to be careful and live within your means. Start thinking before spending and make small changes like writing meal plans and shopping lists, get into the habit of filling in your budget and think about money every day. Get into the habit of checking your bank balance, and make daily efforts to be careful with your money.

Keep Things Simple

Often we struggle with money because we overcomplicate our plans. We have savings accounts here and there. We have different debts. We have targets to save for different things, and we use different cards to make different payments. With so many accounts, funds and debts, it can be hard to know exactly where your money is and how much you’ve got.

Keeping things simple makes it much easier to manage your finances. If you can, consolidate your debts and make your first goal completely clearing them. Have one savings account and one debit card.

Add an Income Stream

If you find that most of your income is taken up with debts and bills, you might struggle to save or find yourself relying on credit cards to pay for luxuries. Finding a new income stream, a side income around your job can give you a little extra pocket money. Look for ways to make money online to help.

Contributors

News Desk
The latest news, comment and analysis from our crypto news desk.