The Secret Keys To Becoming Debt-Free

This post may contain affiliate links. See disclosure policy.

This ” The Secret Keys To Becoming Debt-Free Fast ” discusses the virtues in life that are critical to solving debt problems. Of course, money is key to becoming debt free fast but mindset and attitude as important as money in dealing with debt. This post contains affiliate links/ads. See disclosure policy

Ever since I published the “How I Paid Off $40K Of Debt and Saved $70K in 2.5 Years“, a lot of people have contacted me and congratulating me for accomplishing such challenging event in my life, well, my family’s life. In addition, a lot of people have asked me what I think are the keys to becoming debt-free aside from having the money to pay off the debt.

It has almost been 3 months since I published the article but up to now I have been getting emails from a lot of people. It feels good that readers find value in my story. The truth is I didn’t want to share my story at first because I felt like my story was ordinary but I was compelled to share it because of the lessons I learned in the process.

Actually, I have found myself writing the same responses to the questions people ask me. So, I decided to post my responses to them as my blog post for today.

Tackling a mountain of debt on one income is difficult especially when you take into account the family that you are supporting. I have to say the road to becoming debt-free fast was full of challenges… a ton of them. There were times that I thought our suffering would never end. Having said these, I employed what I called the best defenses I could afford to use at that time.

Keys To Becoming Debt-Free Fast

1. Budgeting

In all things you do that are finance-related in nature, you always need to start a working budget. Without a budget, you won't know where you are overspending or underspending and everything in between.

In order household, we use the Budget Binder Printables to help us effectively budget and manage our money.

These printables has continuously helped our family get our budget in control and save a ton of money even on a single income. We paid off our $40K debt and, at the same time, saved at least $70K in 2.5 years with the help of these printables (click here for the full story). It's currently on sale for just $14.99. That's 50% off the regular price of $29.99. Plus, you get both the family budget calculator and loans calculator for FREE.

The Secret Keys To Becoming Debt-Free2. Willingness

One of the things I put into action during that dark time was the willingness to come out successful from that situation. The truth is it is easier to say you are more than willing to do whatever it takes to solve a problem than it is to do it. It may sound cliché but I felt that feeling back then.

As I said, there were times I thought we wouldn’t come up successful. But because I was willing to have a better life for me and my family, I kept my faith and stuck my gun in what I was doing even when the actions I was executing felt like they weren’t making the situation the better. Little by little, I was able to see the light at the end of tunnel and dealing with the problem became easier.

Read more 5 Clever Saving Techniques To Trick Yourself Into Saving

3. Inspiration

In general, I like accomplishing tasks or responsibilities when I have inspiration tied to them. The same attitude applies to solving my debt problem and to becoming debt-free fast.

My wife and my soon-to-be born daughter (back then) were my moving forces to address the problem. I did not want for them to experience the repercussions of my mistakes. In the first place, I created the problem and didn’t want them to be dragged into it.

I knew that my family’s situation would be different personally, emotionally, and financially. I did what I could to make the situation better even when I was taking baby steps at a time. Though I didn’t pay off all of my debt before my daughter was born, I had drastically paid off a big chunk of it.

They were my inspiration and they were the reason that it was much easier for me to face the problem.

4. Sacrifice

Living on one income and paying off debt meant sacrificing a lot of needs and wants. It also meant that I needed to be more creative and use my time effectively and efficiently.

My wife and I decided to live below our means. I decided to find ways to earn additional income. I tutored, re-finished wood products and sold them for profit, helped people get their belongings out of or bring them in their apartments, among others. My wife learned to slash our grocery bills down to a minimum without sacrificing the meal quality, found other uses for products designed only for specific uses, among others.

I could only stretch myself so much and my wife couldn’t work because she was pregnant during that time and we didn’t want to risk her pregnancy. When the baby was born, my wife and I decided that she stayed home to take care of the baby.

We sacrificed a lot of things because we wanted to have a better life and we achieved that, eventually.

Read more at Budgeting For Students: Step-by-Step Guideline

5. Consistency

Consistency was one of the key elements in becoming debt-free fast. Even when we could afford a little bit of extra leisure than what we already had, we remained consistent in our strategies and plan.

We checked our budget, followed it faithfully, and remained committed to our payment arrangements with the creditors. Our consistency helped us completely eliminate our debt and saved at least $70k at the same in 2.5 years.

In general, it is tempting to spend more when you have more money than what you had before. We were in that situation. Month after month, our debt decreased. We were tempted to spend a little more but we held back until we paid off every single cent. After all, we got used to what we had and what we did back then.

Read more at You're Debt Free, What's Next?

6. Acceptance

Accepting that I was in deep debt was the first step I had to accomplish before I moved on to the next phase of dealing with debt. I didn’t sugarcoat my situation. I didn’t make excuses to myself or to others. I flat out accepted the situation, my mistakes, and moved on from there.

When somebody asked me what was going on with me, I would tell them my situation. I wasn’t asking for sympathy or help, I was just telling the truth. Though I knew I didn’t have to tell them anything, it felt good knowing that somebody listened to me.

Telling the truth to myself was a challenge. It was hard but it was what I needed to start moving to a better position in life.

Read more at 11 Ways To Pay Off Multiple Debts Fast


Of course, money is key to becoming debt-free because you can’t just use your mindset and attitude to pay the debt. But mindset and attitude are as important as money. For us, dealing with debt and completely eliminating it became easier as time went by because of what we did.


  1. Financial Slacker May 17, 2016
    • Allan Liwanag May 18, 2016
    • Allan Liwanag May 18, 2016
  2. Heather May 17, 2016
    • Allan Liwanag May 18, 2016
  3. Apathy Ends May 17, 2016
    • Allan Liwanag May 18, 2016
  4. Laura Harris May 17, 2016
    • Allan Liwanag May 18, 2016
  5. Chardy May 17, 2016
    • Allan Liwanag May 18, 2016
  6. Jillian Pedersen May 17, 2016
    • Allan Liwanag May 18, 2016
  7. Jennifer Dawn May 17, 2016
  8. Racheal May 17, 2016
  9. candy May 17, 2016
    • Allan Liwanag May 18, 2016
  10. michelle May 17, 2016
    • Allan Liwanag May 18, 2016
    • Allan Liwanag May 17, 2016
  11. Melissa Chee May 17, 2016
    • Allan Liwanag May 17, 2016
  12. The Persronal Economist May 17, 2016
    • Allan Liwanag May 17, 2016
  13. beth kelley May 17, 2016
    • Allan Liwanag May 17, 2016
  14. Joyfully Mom May 17, 2016
    • Allan Liwanag May 18, 2016
  15. The Millennial Budget May 17, 2016
    • Allan Liwanag May 18, 2016
  16. Donna (Just One Donna) May 18, 2016
    • Allan Liwanag May 18, 2016
  17. The Green Swan May 18, 2016
    • Allan Liwanag May 18, 2016