Sharing Daily Discoveries About Personal Finance And Business Topics

Is An Extra $200 A Month All You Need To Be Debt Free

So I was reading this article today that talked about how most people in Canada on average are about $200 short a month from being able to fully pay off their bills to debt free. While that doesn’t sound like it is too much in the big picture, it made me think if $200 extra month is all people need in general to be debt free.

If I was to think about it $200 a month is very obtainable for the average person who works a 9 to 5 job as an example. The most simple solution for many I find is that people who are in debt need to stop dining out as their daily $20 expense on food could in many ways be the food expense for the whole week if they prepared everything ahead of time. Before anyone criticizes that you can only get “junk” for that budget I have already proven for the whole year before on how much good stuff you can get even for one dollar as an example.

For myself my default mindset would usually be “How can I save an extra $200 a month” if I was in that situation. But even if that isn’t your cup of tea then taking a side job or starting a very simple side home business should be great too. Does finding something that can help you earn an extra $200 a month sound too much? That’s less than $7 a day each month if you think about it. When you start to break down numbers like that all of a sudden they sound much more attainable huh?

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