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Do you think it's possible to live a debt free lifestyle?

 
Erica_Smerica

Asked by Erica_Smerica at 10:32 PM on Aug. 16, 2010 in Money & Work

Level 28 (34,798 Credits)
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Answers (18)
  • YES. We are by no means wealthy. Keep your goal in mind, make a plan, and plod away. Always be on the lookout for new ways to cut back, be willing to follow through, stick with it until it doesn't bother you as much. Ignore the naysayers and spendthrifts around you.
    oddfox

    Answer by oddfox at 9:42 PM on Aug. 17, 2010

  • Do I think it's possible? I know it's possible;)
    theutilitarian

    Answer by theutilitarian at 10:33 PM on Aug. 16, 2010

  • Yes you can but it requires discipline, self control, and patience.
    CorrinaWithrow

    Answer by CorrinaWithrow at 10:37 PM on Aug. 16, 2010

  • Yes, I'm doing it. House is paid off, haven't had a car payment in over 20 years (we pay cash for our cars), no credit card debt, no loans, money already in place for the kids' college education, etc. Of course, we still have bills - groceries, utilities, real estate taxes, etc. - those will obviously never go away but they're quite manageable when you don't have to deal with the other stuff.
    FootballMom85

    Answer by FootballMom85 at 9:00 AM on Aug. 17, 2010

  • I think whether or not it's possible to live a debt free lifestyle depends a bit on your idea of debt. For most people, being debt free means no credit card payments, no house/rent payments, no car payments. But, even without those things, you still have car insurance payments, payments for your electrical bill, water/sewer bill, garbage bill. There are a lot of things people don't really consider debt but if you have to pay money out once a month or every other month...however you pay those things, it's a debt you owe for services given.
    meriana

    Answer by meriana at 10:48 PM on Aug. 16, 2010

  • Yes it is doable, it does require self control. I started living debt free when I was in the military. Since I lived in the barracks, ate at the chow hall, I had no need to cash my pay check. All $500 a month of it. But, when I had several months saved up, it kind of snowballed from there. I was also left my Mom's estate which paid for my education and my first home. I saved the rest for my children's education, their first cars and their first homes. I do not want my children moving back home when they are 40 years old.

    Joeygoat

    Answer by Joeygoat at 10:49 PM on Aug. 16, 2010

  • Yes! I started a home based business. Work less for more $$$. No car payments. No credit card debt and my house will be paid off in a few months!
    Gene_Godwin

    Answer by Gene_Godwin at 11:01 PM on Aug. 16, 2010

  • yeah i think it is. we have been on the total money makeover plan for 3 years and have paid off $120K in debt in that amount of time (and we aren't rich, my husband is in the Army)
    we are debt free except for our mortgage payment and will be working on starting to make extra payments on that starting in January. It just takes discipline
    elizabiza

    Answer by elizabiza at 11:25 PM on Aug. 16, 2010

  • Even if you're not rich I think that it's possible. You really have to be financially smart and properly handle your money though.
    JazzlikeMraz

    Answer by JazzlikeMraz at 11:29 PM on Aug. 16, 2010

  • yes, its totally doable. (minus the possibility of unexpected medical bills or sudden unemployment)
    dullscissors

    Answer by dullscissors at 11:41 PM on Aug. 16, 2010

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