How To Be Debt Free In 2015 – Secrets That Nobody Will Tell You

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Steps to be debt free

The first quarter of 2015 is over and the second quarter has already begun. So technically, you’ve only 8 months in your hand if you exclude this month (April) from your calculation. Can you even hope to push away your debts within these 8 months? Can you really begin 2016 without any debts on your shoulder? 

These questions are bound to come in your mind when debts are increasing financial challenges in your life, and you seriously want to get rid rid of them. So, let’s answer these questions first one after another.

Yes, you can hope to pull yourself up from from ‘debt sea’ within the next 8 months. And, you can certainly become a debt free man or a woman in 2016. But for that you need to get hold of 5 secrets to a debt free life and these are given below.

Hidden secrets to eradicate debts in 2015

Here are some secrets that can help you ditch debts in the next 8 months and finally begin a new financial life in 2016.

Secret 1: Change your mindset about budget.

Stop viewing budget as your sole enemy who prevents you from spending money. Rather view it as a money management plan that allows you to spend money smartly. Fact is you really have to spend and save money to sustain your family and pay off debts. So, budgeting is a must. Once you digest this fact, you’ll be able to make a budget that suits your family and financial life. It will help you generate the exact amount required to pay back creditors within 2015.

Secret 2: Select the best option right now.

Remember, you don’t have a huge time in your hand. So, unless you’re good at using mobile applications and online financial tools, you need to select the best debt solution right now. Bankruptcy will help you ditch unsecured debts within 3-4 months but will give a big blow to your credit score. The other solution is debt settlement which helps to resolve debt problems fast but it will give a small punch to your score. The debt management option is also there for you but it may take little longer to achieve your goal. 

Secret 3: Go for the ‘cash diet’ to accelerate your payments.

The best part of this diet is that it’ll help you avoid the extra fees and interests that come with credit cards. Whenever you need to buy something, use cash. It’ll help you track where your little money goes every day. You can just reduce those expenses for the time being and use the money to pay off your debts.

An envelop system will help you maintain this diet. You can keep your money in several envelops earmarked for rent, groceries, clothes, etc. Once the envelope is empty, you can’t spend any more money in that category at least in this month. 

Secret 4: Don’t depend only on your paycheck.

Debt solutions will help you pay less than what you owe. But even then you need a specific amount of money. The sooner you accumulate this amount, the sooner you’ll be out of debt. So try your best to make some extra money on your paycheck. You may have to do some odd jobs in these 8 months but what’s the big deal about it. It’s only for a few months. 

Secret 5: Be ready to sacrifice for paying off debts.

You’ve enjoyed a lot in the last few months. Now, be ready to do a little bit of sacrifice in order to achieve your goal. Your goal is to save more and spend less. As such, you’ll have to give up certain things in life in order to turn your dream into a reality and these are:

  • Cable TV
  • Exploring different cuisines at restaurants
  • Fancy vacations
  • Watching movies at theaters

Conclusion

Comfort is important in life. But this doesn’t mean you’ve to live beyond your means. Costly cars, expensive jewelry and luxurious vacations won’t do any good if you can’t afford them. Surely, you’ll be out of debt within 2015 but debts will soon follow you by the end of 2016. Are you prepared to get pursued by creditors yet again?

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