Surefire tips for attaining and maintaining zero debt

To have zero debt might seem like an impossibility to many people but the reality of the matter is that it’s attainable provided that a person observes prudence with their finances. In simple terms, zero debt simply alludes to financial freedom. It is, in no uncertain terms, freedom from all kinds of external financing like debt, loan or debt consolidation. In the simplest of terms, zero debt alludes to a situation whereby a person does not have financial obligation to a third party.

People generally enter into debt when they seek financial assistance from individuals, mainstream financial lenders or even high street banks and fail to meet their obligations. If this situation continues indefinitely, a person might be forced to file for bankruptcy something which haunts them for the rest of their lives as getting access to credit in the future becomes a mirage. In light of this, to be at a point where a person has zero debt is the objective of every individual drowning in debt.

Having said that, what is it exactly that determines zero debt? At what point can a person say that they have zero debt? The difference between your assets and liabilities will tell you whether you have zero debt or not. When you less your liabilities from your assets and you get a surplus, it simply means that you have zero debt or you are debt free. However, when your liabilities exceed your assets, we say that you are in debt and might as well start looking for ways of debt consolidation if meeting your monthly obligations for all your debts has become a herculean task.

If you are debt free or have zero debt, it’s essential that you take measures to ensure that you maintain your debt free status. On the same wavelength, if you are deep into debt, finding ways of attaining zero debt is of essence. How do you go about it? What are some of the tips that will ensure you attain as well as maintain zero debt status?

Money management

Attaining and maintaining zero debt boils down to money management. You have to be careful about reckless spending, tone down on your credit card usage, and minimizing the use of credit cards to emergency purposes only. Try as much as possible to resist the urge to swipe for every little purchase you make. In any case, endeavor to use your credit card for your needs and not your wants.

Controlled spending

The key to financial freedom is working with a budget. Buy what you need and nip in the bud the unnecessary yearning to spend your money on things you don’t need. Don’t engage in impulse buying and always have a shortlist of what you need when you go shopping. Endeavor to meet your needs, put aside some money for investments and ultimately save some for a dry day.

Debt consolidation

If you are wallowing in a miasma of debt, the logical thing to do is to consolidate the debt hence making it easy for you to manage your debt. Work on reducing your stress and negotiate a debt elimination plan that will make it easy for you to repay your debt within the shortest time possible as you work on attaining zero debt status. After all, you cannot get to zero debt status if you do not take the initiative to reduce your debts drastically.


In conclusion, attaining zero debt status is all about making prudent financial decisions, proper planning and management of resources as well as keeping your expenditure in check. When you do all these, you will be able to eliminate your liabilities within no time.