When we first started thinking seriously about becoming debt-free we asked ourselves this question, should we live on less, cut back everything to the bone? or do we make more money to pay off the debts faster? , there are so many valid arguments for each question.

Over the past couple of years we’ve experimented with both ways, and it’s only now that I think we have the solution for us and it’s a mixture of doing both.

I think as with everything in life you have to find the right balance to suit you and your situation, I can give you ideas and tell you what works for us BUT ultimately it’s about looking at what others are doing and molding it to fit in with you and your lifestyle.

From our own experience going at either solution separately, all guns blazing will result in further resentment of your situation or total burnout, believe me, it takes both of things happening for us to realise that there is no one size fits all answer.

The conclusion I’ve come to is that we want our debts gone as fast as possible but we also want to learn how to live on less so that we could if we really had to, without the need to go back into debt.

Ours is a long term goal of getting out of debt and never having to rely upon debt again, and I’m convinced the only valid way of us doing this is to find the balance and realise that it’s a learning curve and something we will have to work and continue to work hard at maintaining.

What do you think is the answer? are you or have you been in debt and paid it off? I would love to hear your ideas, leave me a comment below.