How working towards being Debt Free helps you with Saving More

This is the first time that SYF will be featuring a guest post. We’re grateful that Mr. John Martinez shares with us effective ways on how to become debt free and to build more savings.

How working towards being debt free helps you with saving more by John Martinez

The more you will be expending money, the fewer will be your savings. Now, if you have more debts, it shows that you definitely have been expending more. This means, till now, you have been able to make only little savings. If you do not pay down your debts, it is not only the expenditure with regards to living, but also the debt payments, which is going to eat up your savings. So, it is true that being debt free can help you avoid hurting your credit, and also help you with saving more money in the long run.
Being debt free 
Though, making the debt payments in order to become debt free, is going to result in almost no savings in the initial months, it will prove to be helpful later. You will be able to save more and more, in the long run. So, what are the things that you will be required to do in order to become debt free? You will be required to:
source: Google
1. Incurring no more debts : While trying to become debt free, you will have to keep in mind, that it is important for you to avoid incurring any additional debt. This might not always be possible, but you will have to try this as much as possible. Only if you can put a control over the debt amount from increasing, may you be able to pay down the debts fast enough.
2. Cutting up plastic money : It is always better to cut up the plastic money, if you do not have proper control over your urges. Credit cards are mainly for emergency, but if you tend to use these for every purpose, it is better to hide those or cut up the same, so that you can avoid using those at the word go.
3. Following a well balanced budget : In order to become debt free, it is important for you to follow a well balanced budget. This is going to help you save some money on the expenditures. Ultimately, you may be able to pay down your debts easily enough.
4. Making on-time debt payments : It is important for you to make the on-time debt payments, as much as possible. It helps with maintaining the low debt levels, and thus also helps with becoming debt free.
5. Using a debt payment calculator : A debt payment calculator is going to help you with making the debt payments with ease. This is going to help you with planning the debt payments, and thus, you may be able to pay those off easily enough.
All of these tricks together, are going to help you with paying down your debts, and thus becoming debt free. 
Now, if you pay off the debts as fast as possible, and continue to expend low; later you will have the option to save more. With the savings in place, it is going to grow with time, as you will be adding more dollars to it. In order to maximize your savings, try investing in the mutual funds, stocks, and other investment options too.