Declare Your Independence From Debt

Life, liberty and the pursuit of happiness. That is what we celebrate this weekend. How free do you really feel with a mountain of debt and monthly payments that keep you from doing what makes you happy?  Are you sick and tired of going to a job you hate? Tired of worrying about how you will pay your bills next week? Enough is enough.

It's time to declare your independence from debt

There is more to life than living paycheck-to-paycheck. There is more to life than sending your hard earned money to a bank each month. It’s time to declare your independence from debt. It’s time to get on a plan and get it all paid off.

Here are a few tips to get you started:

  1. Vow to never again spend more than you make. You can’t win with money if you are spending more than you bring in.
  2. Create a spending plan. You don’t have to wait until the beginning of August. Start with your next paycheck. You can use my 28 day budget to guide you.
  3. Curb your lifestyle. The more you are willing to cut, the faster you’ll get out of debt. Cutting back $25 per week on eating out will add an extra $1,200 per year to your debt payoff plan. Cancelling your cable can save you another $1,200 per year. Where can you cut back?
  4. Generate extra income. Start a side business, work overtime or get a part-time job.
  5. Sell stuff. Have a tag sale, list things on Craig’s List or Ebay.
  6. Get mad. Those that are really successful at getting out of debt get MAD. REALLY MAD. Make a list of all your debts and put it on the wall. Shake your fist at it when you see it every day. The angrier we got about the debt the faster we paid it off.

This 4th of July vow to change your life. Are you ready to get out of debt?

If you are currently paying off your debt, how much debt have you paid off so far? Let’s give some inspiration to those who are just starting.

Please note: I reserve the right to delete comments that are offensive or off-topic.

  • Kristin Ingram

    We have paid off over $120,000 in debt. It started slow, but we both got our income up, did side jobs and cut our lifestyles. We have about $100,000 left but should have it paid off in about two more years.

  • we paid off $43,500 in less than 4 years! We are currently working on cash flowing a complete gut and remodel of the kitchen while also having a plan in place to be completely debt free within 5 years. Debt Free life is possible! You can do it!! #livingproof

    • Kristin Ingram

      Way to go, Melissa! You are a rock star!

  • May Bohon

    Awesome!! I paid off $20k just 3 mos before I married into a $10k car loan. We paid it off 1 month before our 1st Anniversary! 🙂 Debt Free is the way to be! 🙂

    • Kristin Ingram

      Well done May! What an awesome 1st anniversary gift! We hope to be debt free by our 15th anniversary.

  • Megan

    I paid off all $25k of my student loans this past May. I had graduated 3 years earlier. The repayment plan that was automatically set up for me would have me still paying it off until 2021. Yuck! Now I’m catching up on a fully funded emergency fund as well as car repairs & other stuff I put off until it was paid. Excited to see what can be done with future income now that it won’t be going to pay off loans!

    • Kristin Ingram

      I wish we would have paid off our student loans right away. So smart! You are going to have an amazing financial future!

  • Kristen this is an awesome idea. My wife and I have been completely (mortgage and everything) debt free since Jan. 9 2011. We paid off $71,856 in 2 years 11 months (my wife won’t let me round that to 3 years) making an average income of $55,000. It can be done, it just takes focus…..

    • Kristin Ingram

      Wow Scott. Completely payment free! It really can be done on any income if you focus. Congratulations!