A Life Without Debt: Engineering a Debt Free Life

Many people want to be out of debt. They talk about it and they may even take steps toward the goal. They may make up their minds that they will never have debt (again) and that may become their mantra. They may have the best can-do attitude out there. Yet they may still fail. Why? Because their life is not debt-proofed.

Think about this: When you have a baby you go through the house covering electric sockets, moving items to higher shelves, and locking down toxic chemicals. You baby proof the house so that the kid cannot find his way into trouble. When you go on a diet, you diet proof the house by removing all the bad foods from the pantry and tossing all those temping take out menus. You g

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6 Responses to A Life Without Debt: Engineering a Debt Free Life

  1. Nicole says:

    These are all very good tips. I have a boss that is spendy and everyday he asks if I want to grab lunch with him. And everyday, I reply that I brought from home. He’s relentless. I recently paid off the car and now he looks up used range rovers for me. lol This is my boss – someone I should be modeling my behavior after!!! Craziness.

  2. Sandy L says:

    The health/safety one is the scariest to me. Was it you that wrote a post on taking out extra insurance? (Life, disability, etc)

    I am not as worried about things I can control (like wanting to keep up with the neighbors), but things I can’t control like a chronic illness or massive recession.

  3. Jason Lim says:

    Totally agreed with the provided tips. Especially those keep changing his/her vehicle always when the new model is launched. It makes people keep having debt with bank.

    Nowadays, online shopping is quite happening, it could be another factor that make people splurging too.

  4. Isabelle says:

    Luckily we in the UK don’t have the health cost problems.

    I know the NHS has had a lot of bad press in the USA, but Christmas Eve my 91 year old mother-in-law was taken into hospital from her doctor’s, by ambulance. She was tested, x-rayed, scanned, heart stabilised and operated on within three days – now well on the way to recovery. She will go to a special hospital for two weeks to recover before being sent home. Cost – zilch!

    However, I agree with keeping yourself healthy – life is then much nicer. My mother-in-law is a case in point. She has always eaten well and kept herself busy in mind and body.

  5. Sueellen says:

    In each of your points….You are so right!!!
    I am a prime example. I have many big spender family members who I am very close to. I moved two states away from them due to a job offer.
    I stopped watching television and gave my television away. I stopped recreational shopping. I learned to cook. I moved to a moderate apartment in a working class neighborhood. In implementing these tips as well as being super frugal…I was able to apply $30,000 to debt in only twelve months and no I did not sell anything or win the lottery and I earn a average salary.

  6. Jenn says:

    I’m in high tech and started working from home almost a year ago and it’s been a great cost saver. I anticipated the savings on gas, but when you add savings on coffee, lunches and wear and tear on work clothes it really adds up. We live in the woods 15 minutes out of town, so I can’t accidentally wind up in a mall which really reduces the opportunity to impulse shop. Most weeks I only go shopping on Saturday when DH and I head out for our weekly coffee, groceries and errands “date”. Not romantic for sure, but we actually look forward to it as it’s normally the only non-kid time we set aside each week. We get up early Saturday, plan the meals for the week (based on the sales at our store) and head out. I know it’s odd but we find it better quality time than a date night, since you really can’t talk during a movie or in a noisy restaurant. Other than the cost of the coffees, we don’t spend anything we wouldn’t have spent anyway.

    I think the key to getting spending under control is to figure out what your priorities are, not just copying what the Jones’s priorities are. We choose to buy used vehicles with cash and drive them into the ground, we haven’t had cable in 20yrs, and in general unless something wears out or breaks we don’t replace it. Shopping for us isn’t a recreational activity – there’s always a list and a purpose when we go to a store. We don’t feel deprived in anyway, because having new vehicles and the latest “stuff” isn’t important to us. Instead we take great vacations and save like mad so we can retire early. Those are our priorities so doing without the other stuff is really pretty painless. I couldn’t buy a $200 pair of shoes without seeing it as a missed night in a fabulous hotel in Venice. It’s all about knowing what you value and not spending mindlessly on whatever your friends or colleagues do.
    I don’t understand spending a fortune on the latest electronics, but if it’s important to someone and they’ve planned their budget to accomodate it, then great. Those same people thought we were nuts taking the kids to Europe for a month.

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