Live debt-free with these 7 easy tips

Do you want to live debt-free? Because I certainly do.

I hate it that most of us have been tricked into believing that we must take on debt in order to reach certain goals in our lives. In other words, we’ve been tricked into believing that we can somehow become free by being someone else’s debtor, and therefore slave.


A picture for tips to live debt-free


We can only enjoy a simple healthy lifestyle if we have a healthy relationship with money. I speak more about that here. And that’s why I have this post as well as other posts about money under the Relationships category.

Now, I have always hated debt. Some people say there’s such a thing as good debt, but I refuse to believe that. I believe that taking on debt is an indication that you are living above your means, and that’s never a wise thing to do.

There was an instance where I could’ve taken debt for the first time in my life. I had just been offered a place in a great school and like most people, struggling with affording my education. So I thought I might take on debt in order to be able to go to school.

My loan application was denied, and an attempt to get my brother to apply for a loan on my behalf also fell through. In the end, I couldn’t go to school.

I’ve looked back at that experience a lot since it happened, now knowing and finally believing that everything has a reason and that everything works together for the good of those that love the Lord.

Today, I look back at the course I was going to do at that school. And I can’t imagine living even a few years of my life on that career. I also realize I wanted to go back to school for all the wrong reasons. School was an escape for me from home into an independent life. And I was going about that independent life the wrong way. Succinctly put, if I’d gotten the loan, I would’ve been led into a life I didn’t even want. I would’ve made the biggest mistake of my life.

I believe many people have been led into taking on debt because somehow they thought the money would improve their lives. Unfortunately for many people, their loan applications get approved, and they never have the chance to find out that they could easily have managed their lives without the loan. Now they are stuck with the belief that indeed the loan made their lives better.

I have an elder brother who’s buried in debt. He has a great job but he doesn’t enjoy the fruits of his labor because at the end of the month, banks take their money and he’s left with little.

But is it possible to live debt-free? Of course it is.


Here are the 7 easy tips for you to use to live-debt free:

  • Tip #1: Live below your means.

Live below, not within your means. Living within your means will mean using up all your money. But living below your means frees up some cash for you to put toward your savings. When you build up savings and invest your money, and you have an emergency fund, you can take care of all your expenses without having to borrow, allowing you to live debt-free.


  • Tip #2: Always have savings and an emergency fund

Now, this tip elaborates on Tip #1. You should always have savings you can invest, and an emergency fund you can tap into when need arises. An emergency fund is usually equivalent to six months’ salary. I’d say, go beyond and make it a year’s salary.

Having an emergency fund is very important because it will ensure you take care of unexpected expenses without having to borrow money. Having an emergency fund and savings will definitely help you live debt-free.


  • Tip #3: Establish multiple sources of income

In this day and age more and more people are establishing multiple sources of income so they can diversify away from their salary. It’s becoming easier to find something else to do besides your regular job.

Many people are making money with online businesses, so you can also look into that and find something that suits you. Having multiple sources of income ensures you always have enough money to cover expenses and you can now live debt-free.


  • Tip #4: Cook your meals at home and stop eating out

Don’t roll your eyes because a lot of people are spending ridiculously large amounts of money eating out. But cooking your meals at home is a lot cheaper than eating out. This will be easy on your pocket and you’ll get to enjoy better health because you are in control of what goes into your food. Cooking meals at home will definitely help you live debt-free.


  • Tip #5: Drive a reasonably priced but good car

What do you need an expensive car for? Get something that suits your wallet as long as you know it can sustain you for a very long time to come.

You can get a good car that uses up less fuel but lets you enjoy all the qualities you want. And still on this issue, save to buy your car and avoid taking out a loan for it. This will work toward helping you live debt-free.


  • Tip #6: Do not keep up with the Joneses.

Yes, your neighbors and your friends. Turn a blind eye to how they live their lives and avoid copying what they do. If they buy a new car, that’s not a cue for you to also buy a new car, or send your daughter to that expensive school, or upgrade to a heated swimming pool. Just run your own race and this is guaranteed to ensure you don’t fall into debt. Refusing to keep up with the Joneses will help you live debt-free.


  • Tip #7: Avoid relationships that are based on the love of money

If you know that girl is only into you because of your fat bank account, then don’t intentionally ignore that and marry her. She’ll take your money and make you make more bad choices, including taking on debt to meet her demands.

Form relationships that are genuinely about love and not money. If you do that, you’ll avoid getting into debt. You’ll appreciate genuine relationships because they allow you to live debt-free.


The final word

It’s possible to live debt-free, and it doesn’t even take much. All it takes is a decision to live debt-free, and then you are well on your way to doing that. If you haven’t taken any debt yet, then don’t do it and employ the tips above. But if you are already in debt, then don’t despair. Work on paying off your debt and then employ the above tips so you can now live debt-free.


Thank you for reading this post. Please tell us about your debt life. Are you already in debt or you live debt-free? If you are in debt, please share how you are planning to get out of it and then stay out of it. And if you live debt-free, also share with us your tips on how you manage to live that way. Please leave your comments below.


To read more on this topic, read this wonderful post by

Here‘s another wonderful post by

Also check out this beautiful post by that goes beyond tips to explaining how being debt-free can make your life better as well as the habits of people who never worry about debt.


One Reply to “Live debt-free with these 7 easy tips”

  1. Hello. I present to you 7 easy tips to live debt-free. Use them and watch your relationship with money transform for the better. Please share your thoughts with us by commenting below. Thank you.

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