- The Wisdom Journal - http://www.thewisdomjournal.com/Blog -
The Beginner’s Guide to Living Debt Free
Posted By Ron On April 21, 2008 @ 12:01 AM In Budgets,Credit,Debt,Life,Money,Personal Finance | Comments Disabled
D-day is fast approaching. Debt Day. The way I calculate it, I could very easily be debt free within 12 months, sooner if I drained my 6 month emergency fund , cashed in some brokerage accounts, cut out vacations, and took the kids out of private school. I’ll pass on those and just settle for a little slower debt payoff. Some things are really important to me and when it comes to my kids, I want them to . All our credit card debt will be gone in about 3 weeks and the balance of our consumer debt will be paid off by Christmas. Our “good” debt in student loans should be zeroed out by summer ’09 and if we decide to continue on with our current rate of payoff, our mortgage debt could be retired no later than 2015. We started getting really serious about becoming debt free a few months ago and have paid off over $30,000! These last two months have seen us really cutting back and getting that “ gazelle” intensity.
I’ve started thinking about what life will be like once we are debt free (excepting the mortgage ). What ever will we spend our money on? Another thing I’ve started thinking about is…specifically…how do I insure I never go back into debt again? I was almost completely debt free after going through Consumer Credit Counseling back in 1998 but I lost my tenacity and fell back into my old habits.
I once considered debt to be liberating, because credit cards  and other types of loans allowed me to spend more than I had. It seemed like free money. This is exactly the type of thinking that I need to reverse in order to avoid another debt spiral in the future. I have to keep in mind that:
I also have to make the decision to be happy with what I have. Debt doesn’t help me happy considering the hard work I’m putting in to become debt free.
With the skyrocketing cost of basic living necessities, debt seems to be the chief option to get most people through the rough times. But debt is a terrible task master. Debt doesn’t stab you and it’s over, debt kills you in a slow financial death of a thousand cuts .
What ideas, tips, or techniques do YOU have to help someone stay debt free?
Article printed from The Wisdom Journal: http://www.thewisdomjournal.com/Blog
URL to article: http://www.thewisdomjournal.com/Blog/beginners-guide-living-debt-free/
URLs in this post:
 Tweet: https://twitter.com/share
 emergency fund: http://www.thewisdomjournal.com/Blog/emergency-fund/
 . All our credit card debt will be gone in about 3 weeks and the balance of our consumer debt will be paid off by Christmas. Our “good” debt in student loans should be zeroed out by summer ’09 and if we decide to continue on with our current rate of payoff, our mortgage debt could be retired no later than 2015. We started getting really serious about becoming debt free a few months ago and have paid off over $30,000! These last two months have seen us really cutting back and getting that “: http://www.bripblap.com/2008/unscrambling-the-egg/
 mortgage: http://www.thewisdomjournal.com/Blog/mortgage-basics/
 credit cards: http://www.thewisdomjournal.com/Blog/credit-card-information/
 Image: http://www.shareasale.com/r.cfm?b=369759&u=290897&m=29822&urllink=&afftrack=
 paying for something twice: http://www.paidtwice.com/about-2/
 checking account: http://www.thewisdomjournal.com/Blog/go/perkstreet.php/
 budget: http://www.thewisdomjournal.com/Blog/go/budget.php/
 budget busters: http://www.mrsmicah.com/2008/04/12/what-busts-my-budget/
 enough for retirement: http://allfinancialmatters.com/2008/04/20/common-questions-how-much-do-i-need-to-save-for-retirement/
 slow financial death of a thousand cuts: http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/
 The Wisdom Journal: http://www.thewisdomjournal.com/Blog/
 subscribe today: http://www.thewisdomjournal.com/Blog/welcome.php/
 Twitter: http://www.twitter.com/wisdomjournal/
 Facebook: http://www.facebook.com/pages/The-Wisdom-Journal/147054648679421
 »crosslinked«: #
Copyright © 2008 The Wisdom Journal. Some rights reserved.