Can You Avoid Bills and Become Self-Sufficient in 2023?

Are you sick and tired of having to pay all those bills? What if it were feasible to eradicate each and every one of them? It is feasible to live a life with very few bills if you are willing to put more money into it from the beginning and get rid of things you do not require. 

Own instead of rent

When compared to renting, the initial cost of purchasing an asset such as a home or vehicle is often much higher. On the other hand, if you acquire ownership of anything through a loan, you always have the option of paying off the debt at some point in the future. If you rent a flat or a car, you are required to keep making payments until you make the decision that you no longer desire them.

Because of this, owning one’s own property is almost always preferable to renting one, particularly when it comes to things that keep their worth such as real estate. 

Rent, on the other hand, is a recurring expense that must be met.

Become self-sufficient

It is also possible for you to live a life free of the majority of your utility costs. 

Purchasing solar panels can give you the ability to generate your own electricity, which can free you from the obligation of making monthly payments to an energy supplier. In order to cover the cost of installing solar panels, a significant number of people take out loans; nevertheless, this is an expense that may be recouped over time. In order to harvest your own water and manage your own waste, you can either pump water from a well or collect rainwater, and then put your waste into a septic tank. You will have to organize septic pumping if you do this.  Another option for managing your own trash is to compost it. The installation of such a system is not cheap, but it may eliminate the need for you to pay monthly water bills. This is similar to the situation with solar panels.

Pay off all of your debts

Having debts is inevitable if you want to buy expensive things like property, but you should still make every effort to pay them off as quickly as you can. Over half of the bills that many of us pay each month are debts, which can include anything from financing furniture to bills for credit cards. This is the case for many of us. If you have a variety of debts, you might want to think about whether or not you could make some progress toward paying them off. The most effective strategy to deal with debt is known as the snowball method, which entails paying off the obligations with the smallest balances first, before focusing on the loans with the largest balances. You may also benefit from changing banks or opening a new account at a new institution like Evolve Bank and Trust if you want to boost your saving potential and options.

Recognize the bounds of your ability.

The truth of living without any monthly financial obligations is that doing so often requires one to live an extravagant lifestyle. If you wish to keep some freedoms, you will need to support certain measures. For instance, if you wish to use a motor vehicle, you are required to purchase and maintain automobile insurance. There is simply no legitimate way to eliminate one’s need to pay taxes.

Not only that, but if you want some security in your life, then paying for things like life insurance and mortgage insurance is, essential, although you can lower the costs with IMO insurance in many cases.

Having said that, even though it is unlikely that we will ever be able to get rid of all of our bills, each of us may still profit from adopting measures to reduce the number of bills that are not essential in our lives. If you can get rid of some of your monthly expenses, you will have more money that you may spend anyway you like. Consider which of your existing costs you could do without, such as a streaming service that you seldom ever use or a debt that serves no purpose in your life, and make it a priority to pay off these existing payments rather than continually adding more to your monthly total.


FUNDRISE | Real Estate Investing

About Kamilah

My name is Kamilah and I am a native New Yorker of Caribbean descent who is passionate about helping you learn how to invest and build your net worth by sharing easy-to-follow YouTube tutorials that will help you take control of your money and set you up for financial success. But this wasn’t always my story.

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