Visit Bizymoms Home page

Debt Free Tips

Follow these simple debt free tips, and be debt free forever!

  • Avoid getting into debt by using cash wherever possible

  • Prepare a budget every month, and account for every dollar (including the spare cash). This may be the biggest of all Debt Free Tips you ever receive!

  • Pat yourself on the back (not literally!) when you’ve managed to save some money, but not so when you’re spending frivolously

  • Knock off all those channels on cable TV that you’ll just never watch. You can save a lot of money by having just the channels that you’ll seriously watch.

  • Be patient. Getting rid of all the debt that you’ve accumulated can be a very slow process and don’t be discouraged by it easily.

  • Look for free or low cost entertainment. Just have a look in the newspaper, and you’ll be able to find some free concert in town

  • Here's another of our best Debt Free Tips! Put a note in your wallet / purse with the words “Do I really need this?”. The guilty feeling that’ll emerge by reading this will put you off buying something unnecessary.

  • Call up your creditors and tell them about your situation. They may offer you some rebates from the payment due, or charge a lower interest on the amount due.

  • Change your spending habits. If most of the debt is being accumulated by your spouse or partner, it can be quite a challenge getting them to change their spending ways, but set an example by changing your attitudes and behavior.

  • Start making food at home instead of buying them from outside. You’ll be pleasantly surprised to discover how much money you can save by making food at home.

  • If you’re going to buy a consumer durable item, save cash for it, and by the time you have enough money to buy it, you may not want it.

  • Save all those supermarket coupons that you get, so that you don’t have to pay the face value of the items you purchase.

  • Think about any major expenses that will come up in the future, so that you don’t have to go to the mercy of the credit card (or a loan) when buying it.

  • When you draw up a budget, be realistic. So often, people draw up a budget, whereby you use nearly every cent you earn to settle the debt, but, be realistic, and keep a bit of money for the bare essentials.

  • Live within your means. If you don’t have the cash to buy something now, then you CAN’T AFFORD IT! Get it out of your mind, rather than continuously longing for it.

  • As soon as you finish settling off the balance on one of your credit cards, close the account immediately. Too often, many people get back to their old spending ways when they see that there’s a $0 balance on their credit card.

If you follow the above Debt Free Tips carefully, and are dedicated to your goal, you will soon see your debt fall away to reveal a clear path to a debt free lifestyle!

debt free tips Back to top