Estimated reading time: 9 minutes

Discover how to become debt-free and financially free with the power of money rules. Start believing in your ability to pay off debt and save money.

Working hard to pay off debt may be challenging, but staying debt-free is smart money management.

If you start by reading this post believing that you will never become debt-free, you will succeed and carry the burden of debt wherever you go.

Creating money rules is not just for debt-free people; it is for everyone.

It’s important to stop being so negative and start believing you can pay off debt, save money, and become financially free.

How else do you think people slay the debt dragon? That’s right, they do it by themselves.

An email from a reader prompted Mrs. CBB and I to reflect on our life of debt freedom that we achieved over two years ago when we burned our mortgage papers in the back garden.

It was a party of two adults carrying on like kids while grilling steak, drinking beer and listening to music.

Our lives were about to change but there were no maids, drivers, mansions, private jets, gold credit cards, and unlimited sources of income on the agenda.

We were left with a clean money slate waiting for us to make more memories together but without creating any debt.

Related: Stop Blaming The Government For Your Debt Problems

We took control of our financial life, and now we own it. It’s the best feeling ever and something anyone can achieve, even if they earn a small income.

You don’t have to own a house to be financially successful either, but what you do need is to get rid of any debt before it consumes you, chews you up, and spits you out.

You need to sacrifice, and with that comes changes that many people are reluctant to make.

Dear Mr.CBB,

After a failed attempt to use a mobile app to track spending, we searched the web and found your blog.

This was two years ago. We started budgeting using our free budget and have focused on saving money while paying down our debt.

As we reduce debt, we wonder whether there are any money rules we should follow to either pay the debt off faster or keep it off.

The scary part is that once we pay our debt off by the end of 2016, we don’t want to revisit that trip again.

Since you and Mrs. CBB are debt-free, we were wondering if you could share some motivational inspirations that we can write in our money book to keep in our budget binder.

Thanks,

Chris and Kait

Seek Your Debt-Freedom Motivation

Thanks for your email, Chris and Kait!

You know, it’s beautiful when I get emails from fans running towards financial success, which for many is simply becoming debt-free.

Now that we have hit the big 4-0 and crushed debt, we are building our net worth, and by 2017, we should trump the million-dollar mark.

The significant part is that we are still young and have many savings years ahead of us.

As long as I stay healthy and my career takes me to higher places, which I’m confident it will, things will only be up from here.

Although a million dollars is not much these days, no money can take away debt-freedom.

That means once your debt is gone, you can live a simple, frugal life as we are while building retirement savings and investments.

Finding Your Smile

How does one go from debt sadness to financial happiness?

You start by listening to people who are successful at living the lifestyle you dream of, and then you go one better and meet them at the finish line.

I’ve followed bloggers over the years who started with a small financial blog as a hobby.

Some have now quit their day job to focus on the money they are cashing in.

Not only are they debt-free, but their principles are likely the same as those of other successful people who no longer have financial worries.

Simply eliminating debt, earning cash, and building an audience of fans who want that same success is the making of a superstar business platform.

If you don’t dream, you’ll never get to where you want to go; sometimes, that requires a leap of faith.

You can go from something small and turn it into an empire if you want it bad enough.

The same goes for your debt repayment plan.

You can turn a large debt into a debt-free empire that will free you from the number one worry most people in this world are slaves to money.

When you become debt-free, you automatically create your own money rules.

Why? You’ve lived by them over the years and know they work.

Why change something that isn’t broken right?

Debt Busters To The Rescue

Sometimes, it’s easier to get debt advice from a stranger than to talk to a financial advisor or a trusted family member because too much debt can be embarrassing.

Trying to solve personal debt issues can be a lonely room to sit in and dark money becomes your entire world.

Sometimes, something as motivational as debt counselling is all someone needs to get back on their feet.

Talking to a professional can be uplifting and challenging, but it can free minds from worry and unanswered questions.

Believe it or not when people are far in debt, they tend to answer their questions negatively.

You may tell yourself:

• I’m never going to pay my debt off
• I don’t earn enough
• I’m not smart enough
• No one will hire me
• My income is crappy
• No one likes me
• I can’t save money
• I don’t make enough money
• I’m screwed but oh well there’s nothing I can do about it
• It’s not my fault so why should I pay the debt

Paint A Financial Vision And Follow Your Path

Sometimes it’s simply a case of motivating yourself to care about you and not what anyone else thinks.

There are so many people around the world that are richer than rich because they believed in themselves when nobody else would.

Becoming debt free takes courage and lots of it because it’s certainly not an adventure that people book on a calendar.

It’s a path you take.

What I mean is you don’t want money to be an evil that overshadows your existence.

Now that we are debt free and have no mortgage, our world is a different place.

We feel cleansed of the money stress that plagues so many people, but we’re here to say it doesn’t have to be that way, and we’re proof of that.

Plastic Money Rules Consumer Debt

Credit card debt seems to be the top concern when I get emails from my readers.

It makes me dislike plastic even more because I believe that the world would be free from a large portion of consumer debt without it.

Debt problems can start as early as emptying out your bank account, buying something you don’t need on credit or simply failing to reduce debt by paying bills on time.

The first part of debt resolution is believing you will succeed otherwise you’ve already failed.

Even if it will take years, remember those years are better sacrificed than living your entire life praying to win the lottery.

Odds are…you won’t.

5 Simple Money Rules We Live By to Stay Debt-Free

I hope I’ve inspired you to continue pushing towards debt freedom because it is real.

Debt freedom can happen, and you WILL make it happen if you want it bad enough.

Now that we have eliminated our debt, we follow five money rules wherever we go.

Stay on track by reminding yourself of two words

I CAN…

1. Budget Monthly
2. Pay Myself First
3. Go Without
4. Save First Spend Second
5. Stop Comparing

Our money rules are laid out cleanly because if you complicate things, you might say, the hell with it.

Don’t do that to yourself.

There may be days where you will mess up, and that’s fine, but always remember to get back on track fast.

The longer you fall the less likely you will get up again soon, if at all.

You must be your own money coach sometimes and although it may be frustrating and you want to throw in the budget just stick with it, you won’t regret it.

Create Money Rules That Fit Your Lifestyle

Creating a money rules book in your house may be different from ours.

However, basic finance principles still apply when it comes to sticking to a budget, living below your means and saving for today and tomorrow.

Debt problems won’t go away if you deny yourself the freedom to live by carrying weights on your shoulders.

Once you are debt-free, you may make money, but you’ll also lose money. However, the name of the game is not to lose it all.

Earning extra money by having more than one income source is a great way to stay on track financially.

Our savings mantra has been and always will be, “It’s not about how much money you make, it’s how you save it.”

I’d say our money rules have done well for us and we continue to revisit, revise and motivate each other as spouses so we can live our dream.

Debt freedom isn’t for everyone, but I can tell you from experience it’s certainly a nice place to live.

Discussion: What are some money rules you follow to stay debt-free?

Share your comments below!

Thanks for reading.

Mr. CBB

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