Debt-free living doesn’t just have to be a dream. You have the power to make it a reality.

Though working through debt can be challenging, it’s manageable with some advanced planning, unwavering commitment, and financial flexibility.

Want to experience debt-free living? Here are 8 important tips to always keep in mind.

8 Important Tips For Living Without Debt

1. Keep Up With Your Savings

Maintaining a savings account that is both steady and sizable is key to accomplishing a debt-free life but continuing to build a large amount of savings is key to enjoying debt-free living.

Savings will always be a safeguard against big expenses — expected and otherwise — and it’s an essential part of staying free of debt.

2. Commit To Paying Everything In Full

Americans’ collective credit card debt totals about $887 billion, and much of that debt comes from both spending habits and paying just the minimum every month.

Instead, make it a priority to pay off a credit card balance in full monthly to avoid balances carrying over. It will help you avoid mounds of debt but is also an important step toward debt-free living.

3. Make Cash Your Friend

Cash has almost become a secondary form of currency around the world but using cash and putting down credit cards is an important part of debt-free living.

Instead of relying on credit cards and racking up debt, try withdrawing a set amount of cash each month and using that for all of your necessary purchases and bills. When the money’s gone, the spending stops, too.

4. Stick To A Budget

Keeping a budget is essential for anyone’s financial well-being, but it’s especially important for those with goals of debt-free living. Create a monthly budget by keeping accurate records of your income and expenses — and update them as needed.

Keep close track of your spending and update your budget. If you need help, apps such as HelloWallet can help you manage your progress toward living debt free.

5. Keep Your Debt-To-Income Ratio In Check

Living within your means isn’t just the key to living comfortably, it is something you’ll need to do to reach debt-free living. All you need to do is figure out your debt-to-income ratio by adding your total debt payments and dividing it by your total income.

Your goal: keep your debt-to-income ratio somewhere between 10% and 15%. When your debt-to-income ratio is under 10%, you probably won’t have any issues managing your bills and other expenses.

If it hits 20%, you're flirting with debt danger and most likely struggling to pay for past purchases. At 30% and above, you’re living with too much debt.

6. Limit Non-Essential Purchases

While keeping your regular expenses in check is important to achieve debt-free living, controlling expenses that are considered non-essential is just as vital — and just as challenging.

When you’re thinking about taking on an expense that you don’t need to make, ask yourself if you need the item right at this moment and if you will have enough cash on hand if you end up buying it.

7. Make Small But Consistent Financial Cuts

Chances are, there are ways you can save lots of cash at every corner. Instead of always buying everything new, consider buying used appliances, clothing, furniture, and jewelry.

If you spend far too much money going out to eat each month, do a little meal planning, buy essential groceries, and learn how to cook a range of meals. Instead of taking an expensive vacation, find a trip that’s still exciting but closer to home.

8. Deal With Financial Emergencies Quickly

Have you ever been on the right financial track only to find yourself suddenly off your game when an emergency strikes? If you’re coping with an emergency room bill, car repair, or unexpected travel expenses, a payday advance is an option for relief.

With a payday advance, you can get a small amount of cash in the form of a short-term loan that’s usually paid back when you get your next paycheck. At Fast Payday Loans, Inc. of Florida, you may qualify for a payday advance of up to $1,000 in as little as 30 minutes.

We’ve made the payday advance process easy. To get started, head to our homepage, fill out the short payday advance form, and one of our friendly loan representatives will give you a call and help you through the next, quick steps.

Once approved, you will get the help you need either the same day or the following business day.

Submit Your Payday Advance Inquiry Now

Debt-free living isn’t easy, but with a few financial changes and sacrifices, it can be achieved. Keep up with your savings, maintain a budget, and limit your non-essential purchases. Don’t let a financial emergency get in the way of living debt free. Address it quickly and easily with a payday advance. To get started, head to our homepage, give us a call, or visit one of our locations near you today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.