Living Debt Free – How to get out of debt FAST

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I used to dream about living debt free. Alot.

Living with debt can be stressful and I know, because we lived with it for a long time.

During some periods we had more than at other times, but we always had debt of some sort that didn’t include the mortgage.

At some point, I’d had enough.

I decided I wanted to finally try living debt free and live a debt free life. I had no get out of debt plan or any idea of what the best way to get out of debt was. So I started reading and changing small things about the way our family lived.

Wanting to get out of debt is a good starting point. Believing that it’s not impossible to live debt free can be the starting point you’re looking for, and can motivate you to really throw yourself into it. It’s not always easy, but it is always worth it.

If you are having serious financial problems, the Money Advice Service offer free advice and might be better suited to helping you work through your debt issues.

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Small changes to get out of debt FAST – living debt free

Use Cash ONLY to live debt free

Take the time to draw up a budget. We went with a cash only budget. For over 90% of the time, we ONLY use cash. Make this a rule and don’t stray from it.

In our family, we got the kids involved and got them help out, with simple budgeting tasks. Then hopefully they’ll learn alongside you that when the cash is gone, it’s gone.

It teaches mindful spending and benefits the whole family.

Batch cook EVERYTHING from scratch – live debt free

Reduce your grocery shopping bill and you’ll free up money to throw at your debts. In our family, we had to take a step back and revaluate the things that we bought week in week out without thinking.

If you Plan your meals ahead and you’ll find you no longer have the need for those quick trips to the shops that end up costing way more than you’d planned. We made double of each meal we made.

It didn’t cost double the price to make, but did go twice as far.

Use our free printable meal planners. Stick them on the fridge so you keep meal planning in the forefront of your mind, and you remember to take dinner out of the freezer!

Check if it’s a WANT or a NEED

Do a quick mental check every time you’re about to part with your hard earned cash. Is this something you want, or something you need.

It’s surprising how many times we found we were about to buy something we didn’t need. It’s a habit, and it’s a habit we needed to break. Remember why you’re dong this and if you have moments when you question it (we definitely did) make a list of all the things you’ll be able to do when you are living debt free.

Write down everything you spend

Time consuming? Not really. Eye opener? For sure. This allows you to check your spending and see if you’re starting to stray off course! If you want to enjoy living debt free, you need to make sure you stay focused and alert.

It can be a long journey for some of us. Staying present is key.

Cancel subscriptions

This is something we did straight away. Canceling TV, music and gym subscriptions all add to the extra money you’ll have to pay off your debts and allow you to be living debt free sooner.

We did keep our main TV subscription, but cancelled the rest. Living debt free is not about making life miserable, it’s about prioritizing becoming debt free whilst living.

Play swopsies

When our children were younger, we realized that quite a chunk of cash each month was going keeping them entertained.

We wanted to cut back on this, but not on them going out and socializing and learning.

So, we made swops where we could.

If it wasn’t raining, we organized trips to local farms instead of going to soft play areas. They were a lot cheaper to go to, and the children had just as much fun.

Walks along the beach, taking turns to have play dates at friend houses and picnics all contributed to helping us live a debt free life. It takes a little more planning yes, but free’s up cash to throw at your debts!

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Get out of debt FAST and start living debt free

Clearly the first step to getting out of debt is to get the debt paid off. Getting out of debt is a commitment and takes time. Anyone who tells you it’s easy likely hasn’t ever had to face paying off debt.

It’s not easy, but it is doable, and like the above guide, there are lots of ways you can increase your income to get debt paid off quicker.

Another aspect to living a debt free life, for us, was changing out attitude to money and the way we thought about it. Having debt in our society is a totally normally way of living to most people.

We use credit for so many things, from weddings to cars to holidays, and sadly for more and more people, as monthly income to boost our salary. We confronted and changed some of our attitudes to money, and once we did, paying off our debts became more important than ever.

Debt causes a lot of stress

Debt causes a huge amount of stress for many of us. We hadn’t realized quite how much until we tackled it head on. We didn’t know the amount before we made the decision to become debt free because it scared us.

Once we got past this point and put a plan in place, in our case the snowball repayment method, we relaxed. We were addressing it and not ignoring it.

Being in debt can have serious consequences. You might not be able to save for your later years, you may be short of money for essentials each month because the debt repayments are high. Stress can make you ill. It’s just not worth it.

Understand that debt is not normal

Just because everyone else around you has debt, doesn’t make it right for you. Is it holding you back? It was us.

Imagine what your life could be like without the stress of debt hanging over you. You might think you’ll have less choices when you’re not borrowing money to pay for things. The reality is you’ll be able to save for whatever you want. And when you buy whatever it is you’ve wanted, you’ll have been able to afford it. It’s a great feeling.

(Disclaimer: We are NOT financial advisors of any sort and hold no financial qualifications. This post is based entirely on the authors own opinion. This post should not be treated as advice and is purely for educational purposes only)

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