A life without payments is very different from one with payments. Debt free living means saving up for things. It means making sacrifices and resisting impulse purchases. It means limiting the amount of money you waste each month.


If you always have debts to pay and you find it hard to pay your debt then you should check your daily habit and lifestyle as that may be contributing to the reason you are always in debt.


Here are five habits you should try if you want to be debt free:


  1. They live below their means

People who are debt-free live below their means. They know they have to do so, even if they can afford to live beyond their means.  They do this to save more and also not to accumulate debt.  They also set aside a certain amount of their income and put it into their savings, then live off what is left of it.


  1. They follow a budget

People who are debt-free have a budget they work with,  which works well for them and they also stick to.  They set realistic budgets which are in tune with their monthly income.

If you have no budget, then you should start by creating a realistic budget you can follow through monthly.


  1. They have multiple streams of income

Those who are debt-free have more than one stream of income. They do not get their money from only one source.  It’s either they have a second job, business or a side hustle.  While some have investments they venture into, just to make more money.  You should also find ways to make more money by having at least more than a stream of income.


  1. They set financial goals

People who don’t have debt have financial goals they set to achieve within a time range. They know what their aims are financially and they go for it.  They cannot afford to incur debt if they want to achieve their financial goals. They have set plan for their short-term and long-term goals.  This is one habit of people who are debt-free you should try. Try setting financial goals you plan to achieve within a time frame.


  1. They have both savings and emergency fund

It is very clear that if you have steady savings and a functioning emergency fund, you would be free of debt.  People who are debt free have savings which they keep building for major projects.  They also have emergency funds for unexpected situations, which won’t affect their income or their savings in any way.


Living debt-free is not just a state for some, it is a goal for ALL.  Regardless of your current financial state, we hope this list helps you set your goals.


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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki