Debt Free Living

Making it work for you, no matter what lifestyle you live, or income you receive.

You can easily make debt free living (DFL) work for you by following the keys of moderation and control.

• control your impulses
• live moderately
• save religiously
• use credit wisely
• make short and long-term goals
• always budget
• give first, then receive

Control Your Impulses

Determine what is really desire and want versus actual need. Needs should always come before wants. This doesn't mean you can't fulfill your desires, just that you need to place them in their proper perspective. Dr. Phil says you should always ask yourself two questions before spending money:

1. Can I afford it?
2. Can I justify it?

If you don't say yes on number 1, then you will never get to answering number 2. That's putting things into perspective.

Live Moderately

This doesn't mean following such a frugal lifestyle that you feel deprived. Again, it's more a matter of putting things into perspective. Needs first, then wants.

Save Religiously

Having money saved will reduce your need for credit, and especially credit cards. It will also help you sleep better at night. Can you imagine never worrying about debt again?

No matter how small the amount may be, always put a little away every payday. This develops a good savings habit, as well as giving you peace of mind.

If you put away just $25 per month, for 30 years, with an average return of 6% over that same 30 years, you would have over $25,000.

At $25 per week, in 30 years you would have over $109,000!

Did you know that by just never spending your change, and putting it in an interest bearing savings account, you could easily save over $30 a month? Remember, every little bit helps!

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You can easily make debt free living work for you by following the keys of moderation and control.