Are you under debt and want to debt-free? It’s really possible. You not only will be debt-free, but can also avoid getting into debt again. The secret to stay out of debt is to live below your means. It might sound a bit weird, but if you analyze, you will see that it actually works. For instance, if you are in debt and still living within your means, it will no way help you to keep you out of your debt. It’s like walking on a treadmill, you work hard but you fail to go anywhere.
Its not that you will have to sacrifices many luxuries if you live below your means. You just need to follow a spending plan. It’s easy to create this spending plan. It can be a simple hand written graph listing your expenses or it can be as complex as a fancy computerized program tracking every dollar you spend through PDA and laptops.
When you follow your spending plan and keep it to the minimum necessary, you will be generating a surplus amount of money each month. You can use this surplus money to pay your debts until you are debt free.
Living below your means is the real secret to personal financial success. You can also use the surplus savings to build an Emergency Fund, which you can use for your children's college education or for your retirement plan.