A Simple Guide To Having A Debt-Free Life

3d illustration of a financial indicator with the needle pointing to savings word. Concept of paying off debt and save money

No matter what challenges you meet in life and whether you’re living in financial stability or moving from one paycheck to the next, the truth is that living in debt isn’t normal. If other households have made it without amassing a huge amount of debt, then you can, too. It’s not a matter of how much you have, but what you do with what you have that makes the entire difference. 

It’s not too late to clear your debt. If you’re from Canada, apply for debt consolidation Barrie to pay those off and start living a debt-free life. Then, once you’ve made it successfully to that point, you may start creating healthy financial habits to avoid ever going back to the dangerous cycle of debt ever again.

This article works as your simple guide to having a debt-free life moving forward.

Find Contentment In What You Have

In today’s day and age when advertisements seem to be telling you that you should buy more, it can be easy to fall into the trap of believing you actually need those things. Or for others, there are the social media posts of people who seem to have it all, and you’re left browsing online for more things you can shop for just to be like them.

Unfortunately, this kind of habit may lead you to spend much more than what you have, and this is where discontentment comes in. Rather than have this kind of belief, the best mindset for you to have is to stay contented with what you have. When you have what you need, and you sometimes have leeway for your wants, then you’re good.

If there are some things you desire to have, which form a part of your wish list, save up for those items rather than put them on credit. When you do, you’ll find more fulfillment in having those items you’ve worked hard for.

Pay Off Your Debts In Full

Whenever you have the extra money for it, make it a point to pay off your debt in full as soon as you can. Don’t settle for the minimum or don’t wait it out. The sooner you get it over with, the better. Not only are you able to stay away from the cycle of debt, but you’re also able to repair your credit record.

Then, once your credit card is clear of any debts, don’t go back to your old spending habits. If you have to charge a certain amount on your credit card right now, be sure you can pay off those in full the next month. By doing so, you can prevent falling into the trap of piling one debt on top of another.

Make Savings Non-Negotiable

Every time you receive your salary per pay cycle, make it a point to deposit an amount automatically towards your savings. The amount you put in for your savings is immaterial. What matters the most is how consistent you are with your savings such that you make it a habit to deposit every single month.

When you have savings, you can enjoy a debt-free life. Your savings give you that financial security for emergencies not covered by your insurance policies. For instance, you may be unemployed for a few months. Rather than rank up some debts, you have savings to cover your expenses.

Don’t Pay With Credit Cards

Whenever you do your grocery shopping or even when you’re out and about with your friends, if you can only bring cash, that’s the better choice. Don’t pay with credit cards if doing so isn’t necessary. Credit cards are nice to have, but only for emergencies. If you get used to shopping all the time with your credit card, you may dangerously fall into an overspending habit, and this won’t be good for you.

If you don’t have to charge anything with your credit card, then don’t. Remember that credit cards don’t give you extra money for non-emergency bills. It’s money borrowed from the bank which you’ll still have to pay for, plus interest.


With the tips you’ve just learned, it’s now your turn to apply those. If you found yourself in a never-ending cycle of debt, now’s the time to put things into action. Move away from that debt and have a debt-free life. 

As you can see, living debt-free is completely possible as long as you set your mind to it. With the strategies above, even in those instances when you may be struggling to make ends meet, you can still live within your budget.