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Four Habits of Debt-Free People

21 April 2017 No Comment

You might have set yourself a goal to be debt-free by the end of the year. You might have a long way to go, but, of course, have that as a goal to achieve at some point. Wherever you are in your life and with your money, it is always a good idea to be inspired and see what others do to live a debt-free lifestyle. So watch out for people with the following characteristics, as they are much more likely to be debt-free. Then you can copy or learn those characteristics and implement them in your own life.

 

  • They Check Their Bank Account Regularly

If you know people that go through their bank statement with a fine tooth comb, then they are much more likely to be living debt-free. When you have debt, it can be easy to bury your head in the sand and just not look at your accounts. But to stay on top of it all, you need to check them regularly. Have you ever been charged for something that you didn’t know about? Or have you forgotten to cancel a direct debit and are still getting charged for something? Staying on top of it all and checking your statements regularly are key.

  • They Think Long Term

If you have the goal of being debt-free, then implementing a change in perspective is important. Being spontaneous and just buying a new outfit because you feel like it isn’t always the best way to go, especially if you want to get out of debt. That isn’t saying that you can’t ever buy new clothes. It just means that you’ll only do it when you have set enough aside to do so, and after all debt payments have been made too.

  • They Don’t Have Lots of Accounts

It can be tempting to take out lots of bank accounts or credit cards. But people that are debt-free tend to not need so many. They might move money around from ISAs to savings accounts, but other than that, they don’t have too many cards. If you do, then you might need to look at the best way to consolidate debt with personal loans. If the interest rate is lower for a loan that it is with a credit card for example, then consolidating your debt might be a good way to help clear it. You know where it all is when it is all in one place.

  • They Set Goals

When you’re a person that sets goals, you’re much more likely to save and work for something, rather than just being spontaneous. So making goals is a good way to get into a debt-free life. Set yourself specific goals and keep track of them. Some goals, like having a certain amount saved before retirement, might seem like a long way off. But it will come around faster than you think. So be specific with the goals that you choose to set, and it will help in various aspects of your life.

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