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Living Cheap: A Guide To Debt Free Living

By Edited Jan 18, 2016 1 1

Living Cheap To Eventually Living Debt Free

In this present day 2012, living cheap is not just something you do just because you don't have a lot of money.  It makes practical sense to live cheap especially when you can still live comfortably.  Many people have never been taught economics in school (either business economics or home economics).  Many would say that this lack of knowledge in both areas of economics has lead to unnecessary spending and people who don't know how to manage their money or personal household.  One of the first steps to living cheap towards living a debt free life is understanding money and finances and the proper way to manage them.

Listen To Someone Who Teaches Finances or Take Courses In Finances

According to Parenting.com in an interview with the Duggar family from "20 Kids and Counting," mom and dad Duggar started their live of debt free living by listening to "Financial Freedom Seminar by Jim Sammons."  From listening to his series, they began to live cheap and save money to buy their home outright.  After they purchased their home outright, they were able to invest in business and real estate that kept them financially independent. 

Financial Freedom Seminar Jim Sammons 10 DVD Set

Price: $99

Buy "Financial Freedom Seminar" from Amazon.

Financial Freedom Seminar Jim Sammons 10 DVD Set

 

Save To Buy Your Home With Cash

Your home is perhaps the most important and most expensive purchase you will make in your life.  As a society, we have been taught that the best way to buy a home is to take out a mortgage or home loan.  However, before the banking and financial industry, people used to purchase their homes outright or purchase land outright and purchase material to build their own homes.  When you are talking about living cheap on the way to debt free living, you have to get rid of this major debt or don't incur it at all.  You may have to live in an apartment while you save to buy your home but that's ok because you can sometimes get great home cheap at local auctions or even online auctions like Ebay and Bids4assets.com. However, with your current income, decide how much you can afford to save towards your home and start looking at different homes for sale so you can see how much you can realistically afford when trying to pay outright.  If you need to fix up the home, you can always take courses at places like Home Depot and Lowes Home Improvement.  You can also fix up one area of the house while you save to fix up the other areas.  Of course, there is always the possibility that you can get a great home in move-in-condition from public and online auctions.

If you already have a mortgage, try saving enough to make an extra payment a year.  You'll be cutting down your interest payments and shedding years off your mortgage. You can talk to your mortgage lender about how making one extra mortgage payment a year can help you pay down your mortgage faster.

 

Buy Food In Bulk

Go to places like GFS foods, Costco and Bj's Wholesale club and get your non-perishable food in bulk.  It used to be that homes were build with a pantry for just this purpose.  Those who grew up in older-style houses remember the little room in the house where your parents stored all the bulk food (usually dried and canned goods). When you are trying to live cheap, items like wheat, rice, and flour should be purchased in bulk.  You can also get canned bulk items such as tomato sauce and condiments.  

 

Make Your Own Stuff

Buy a sewing machine and make your own clothes.  Buy a bread machine and make your own bread at home.  You can also make your own bread without a bread machine like people have done since the dawn of time.  You don't need much to make bread, just water, yeast, salt and flour to make basic bread.  Make your own detergent to do your laundry.  People easily spend $50 plus a  month on laundry detergent especially if you have a large family.  Get a good laundry detergent recipe and save yourself some money. The family homestead has a good recipe that you can use.

 

Buy Used Whenever You Can

You don't need a new car, in fact, buying a car new-which is a depreciating asset should only be done by people who can afford it.  If you are trying to live cheap, buy your car used.  If you don't have time to sew or don't have the patience to sew, then buy used clothes as consignment shops, The Salvation Army, online at eBay or at yard sales and flea markets.  You can get great name-brand used clothing for yourself and your family at these places.  Buy your furniture used from second-hand stores.  Unless it is a personal item such as underwear and cleansing products, you can get away with buying it used and save money.

 

Cook In Bulk And Buy In Bulk

You can actually save money by cooking in bulk and packaging it for the week for your family.  Cook your soups and rice in a big pot and refrigerate it.  Just take out what you need to eat that day and reheat it for lunch and dinner.  You can also save energy and time cooking your meals in bulk.

 

Grow Your Food And Learn How To Can

Start a backyard or patio garden. You can grow plenty of food right in your own backyard and on your patio if you live in an apartment.  You can have a 3 season garden so you can have food growing at least 3 seasons out of the year.  A backyard garden takes a lot of planning, however, it can be done.  If you grow food in your back yard or on your patio, make sure you use fertile seeds.  You can get fertile seeds from eBay.  If you go to Wal-Mart or even some local gardeners you may not get fertile seeds, you may get hybrid seeds which cannot reproduce themselves. With fertile seeds you can plant your garden every year from seeds from your previous crop-never having to buy seeds again.

 

 Make A Budget And Stick To It

Know exactly how much you have for everything you need to buy on a monthly basic.  Do not deviate from your budget.  When you deviate, you can overspend buying items that are not necessary for your daily needs.  Don't even go to the supermarket without your shopping list and just get only those things on your list.

 

 A great Book About Living Cheap On The Way To Debt Free Living

America's Cheapest Family Gets You Right on the Money: Your Guide to Living Better, Spending Less, and Cashing in on Your Dreams
 
 

America's Cheapest Family Gets You Right on the Money: Your Guide to Living Better, Spending Less, and Cashing in on Your Dreams

 

This family teaches you how to stop robbing peter to pay paul.  Headed by Steve and Annette, the family has been living frugally since 1982 and have been happy doing so.  They feed a family of 7 on $350 monthly and are also independent and debt free.  Over the years they have paid off their home within 9 years and have purchased a bigger home, cars and vacations quite comfortably.  You can get their book America's Cheapest Family Gets You Right on the Money," from Amazon.

Buy Now Button

 

Debt-Proof Living: The Complete Guide to Living Financially Free (Debt-Proof Living)

Debt-Proof Living: The Complete Guide to Living Financially Free (Debt-Proof Living

 

The Complete Cheapskate: How to Get Out of Debt, Stay Out, and Break Free from Money Worries Forever

The Complete Cheapskate: How to Get Out of Debt, Stay Out, and Break Free from Money Worries Forever

 


References

Parenting.com: The Duggar Family Interview: Buy Used, Save the Difference


 

 

 

Other Great Articles On Living Cheap and Making Extra Money

  1. Learn How You Can Get A Free Car If You Have Low Income
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Money Saving and Free Resources

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  6. Free Auto Information: Car Information For Free
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  11. Ways To Save Money And Get By When You Lose Your Job
  12. Is It Possible To Buy A House With No Money Down If I Have Bad Credit?
  13. How To Ask For Money For Christmas And Birthdays

 

How To Make Money At Home or Online Resources

  1. How To Make A Living Off The Stock Market
  2. Usell.com Get Cash For Your Old Electronics
  3. How To Sell Silver and Gold Scraps For Cash
  4. How To Make Money As A House Finder/Locator
  5. How To Become an Heir and Asset Finder
  6. How To Become An Avon Selling Representative
  7. How To Become An Avon Selling Representative In Canada
  8. How To Get Jobs From Craigslist
  9. Ways to Make Money When You Have No Job: I Need Money But I have No Job
  10. Online Employment Opportunities For Women Over 50
  11. I Need Money Now! Kevin Trudeau: Free Money They Don't Want You To Know About Review
  12. Make Quick Cash When You Need It-10 Ways To Make Extra Cash
  13. Can I Really Make Easy Money Getting Paid To Stuff Envelopes?


 

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Comments

Mar 15, 2014 5:56am
RWeigle
Well written. Good job!
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