How does becoming debt free allow me to make more money?

There is no doubt that poor money management destroys families.

Never before in modern history have there so many families in debt. Deep, debilitating debt.

Some families, through a lack of careful financial planning, have made poor financial investments that have left them drowning in tens of thousands of dollars of debt.

Sound familiar?

Others have been wasteful with their money, running up credit cards on purchases they don’t need, only to find themselves struggling with payments.

Still others have borrowed large amounts of money from friends or banks, often borrowing more than they can reasonably afford to pay back. Like the others above, they too eventually find themselves deeply indebted.

My heart goes out to these struggling families. Want to hear the truth?

Here’s the deal: debt creates payments to another person that could be used for wealth-building investments. When you’re in debt your money is tied up in payments and being used to create more money for someone else.

Huge bummer, huh?

Debt takes away your money’s ability to work for YOU.

Wait a minute, don’t get depressed, there’s good news! If you’re in this situation, it’s not game-over. Not by a long shot.

Life can get better. You can turn around your financial future and build wealth. All it takes is a mindset shift and a bit of elbow grease. I’ll supply the knowledge and you supply the grease & elbows. Deal?  🙂

Great! Here’s how to make more money right now:

The best way to make more money is to ransom your income by paying off lenders.

Yep, it’s that simple.

How do I save money for the purpose of paying off debt and freeing up my money?

Ok, I’m sold. Debt isn’t my friend, I get it. I want my money to work for me, not my friendly banking conglomerate. But how do I kick my payments to the curb and begin freeing up my income?

No worries, I’ve compiled a great list of resources that will help you to save more & live better. Pick through these and see what works for your family.

Better yet, first snag my free worksheet at the bottom of the page and list out ideas as you peruse these links. Every family is unique. You’ll discover that some ideas for saving will work well for you, and other popular ideas won’t. Take what works and run with it!

Frugal Living

I know, the term “frugal living” is a hot commodity right now (bordering on annoying, if you ask me). That just means you’re in good company, right? Being frugal simply describes not living above your means. Even if you have the means, you have learned to manage your money wisely. 

The absolute best & easiest way to live frugally is to get on a budget. Period. A budget is your most lethal weapon against debt.

Not sure where to start? I’ve written about the basics of building a budget, plus many more helpful articles about creating a budget that works for your family.

I also highly recommend the popular book Your Total Money Makeover by Dave Ramsey. Dave explains getting out of debt and building wealth better than anyone else. There’s a good reason why this book has been purchased by millions. It works.

More frugal living ideas:

• Money Saving Tricks: 30 Days to a Better Life – a comprehensive list of ways that one mom used to care for her family, even with a very low income
• 30 Frugal Meal Ideas When You’re Broke – scrumptious (though not gluten free) meals to make any family happy
• Making vs Buying: When you should Make, Buy, or Grow – careful considerations for when it’s actually frugal to DIY
• 16 Ways to Save Money and Live Frugally: My Great Grandmother’s Wisdom from 1913 – This nostalgic article digs up wisdom from the past that is incredibly helpful for us today.
• Top 10 Habits of Frugal People – a common sense list of ways to save more, spend less, and live better
• How to Find Extra Money to Pay Down Debt – My friend Kristen recently wrote this handy article that includes 8 ideas for actionable ways to pay down debt.

Simple Living

Many families have discovered that just living a simpler life (smaller house, fewer vehicles, less shopping) is helping them to put more money away for debt payment. Plus, dumping all of those extras in life gives you more time to relax and enjoy family & friends.

More simple living ideas:

• Exploring Minimalism – One of many articles at this site regarding how to start the journey towards minimalism.
• 14 Steps Towards Simpler Living – A list of ideas for decluttering, simplifying, and enjoying life.
• Our Journey to Simple Living (and How to Begin Your Own) – One family’s experience with beginning to simplify
• How to Start Living a Simple Life – Five common-sense ways to slow down and enjoy life
• 20+ Things You Can Get Rid of Without Even Missing – A list of items that none of us really needs. Plus, you may be able to sell some of these and make a few bucks!
• How to Downsize & Simplify Your Life – Don’t miss this great wisdom about changing our mindset to more easily simplify our lives and enjoy our families more.
• Is Living Simply Still Possible in Today’s World? – Pondering the question of whether it’s even possible to live simply in a materialistic society.

Ditch the Credit Cards

Other families have found that cutting up their credit cards & only buying the things that they truly need has helped them to save. These families look for sales and bargains, not just buying everything in sight. They take into account the genuine needs of their families, not just their wants.

More inspiration for your credit card eradication:

• Paying Down Debt: How I Paid Off My Credit Cards On One Income – Here’s how one wife slowly paid off her credit card debt.
• Recycled Credit Card Earrings – When you choose to cut up those pesky cards, this is a great way to remember the journey to financial freedom!
• I Cut Up My Credit Cards—and Paid Off $30,000 – This is the story of one college graduate’s dependence on debt and the ensuing battle to pay it off.
• 10 Creative ways to cut-up your credit card – Don’t miss these great ways to dispose of your credit card. Number one is by far my favorite 🙂
• The Siren’s Lure: Rewards Points for Credit Cards – The real math behind rewards cards leaves consumers with the short end of the stick. Don’t fall for this trap!

What’s the end result, and where’s my freebie?

It really is possible to make more by saving more money.

Families just like yours are doing this every day by living below their means, learning how to be more practical and economical, and not using credit cards like they’re the best thing since sliced bread.

Perhaps you are struggling with your household income and looking for a way to make more money. Before you put the time and effort into online surveys, freelance work, or starting a business, consider how much more money you’d have each month if your income was working for YOU instead of for your lender.

Maybe you need to rethink your present course and first focus on attacking your debt. Kick those payments to the curb so that you can take back your income and put it to work for YOU.

Then conquer that awesome business idea 🙂

Need some help paying off debt? I’ve created a FREE worksheet just for you that will blow your mind and help you keep your wealth-building income in your own pocket. Click on the pic below to download this resource.