What People Who Are Debt-Free Do Differently
The Importance of Behavior to Living Debt-Free
In our busy lives it is easy to not pay attention to our spending with the possible result that we find ourselves with lots of things and a lot of accompanying debt. Paying down debt is important in its own right, but while you are learning how to save money to pay down your debt, it might be just as important to learn how to live in such a way that you are not adding to your debt as you pay it off, and that you aren’t waiting until the day your debt is paid down to make large, unnecessary purchases that land you in debt again. Learning how to live within your means or budget to achieve your debt-free goals doesn’t happen by chance. People who live debt-free can tell you that they worked hard to cultivate good financial habits. And not just habits, but also a particular financial mindset that helped them to get debt-free and stay that way.
They Set Financial Rules and Boundaries for Themselves
- People who live debt-free make sure to be in control of their finances:
- They wait to buy things
- They always live on less than they make
- They pay in cash
- They save something every month
- They stick to a budget
- They are goal oriented
- They create lists
Those people who have figured out how to stick to their financial goals make sure to set those goals and then live by guidelines to make sure they stay on track.
They Cultivate a Specific Mindset About Money and Purchases
Cultivating a habit of conscious spending coupled with a true financial accountability is a key factor in living within a budget. People who live debt-free:
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- Take responsibility for financial missteps
- Learn from their financial mistakes in order to not make them again
- Don’t cave in to any pressure to spend unnecessarily
- Pay themselves first by paying down their debt before anything else
- Are legacy minded–they think about what they are leaving behind for their kids and community
People who have learned to live debt free do not spend their money without knowing what they are spending their money on. If they do make financial mistakes they make sure to learn from them to make better financial decisions in the future.
They are Never Afraid to Ask for Help
Asking for help is one of the most important things any individual can do when trying to accomplish their financial goals. People who are debt-free:
- Pay attention to their finances and financial health
- Don’t let financial setbacks let them lose sight of the big picture
- Get in touch with a debt relief counselor though a non-profit debt counseling agency like CreditGUARD who can answer questions about their financial journey for free.
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Is Debt Settlement a Good Idea? Debt settlement and debt consolidation are not the same. Learn more about the process (and consequences) of settling your debts before going down that path.