Photo by cottonbro from Pexels

Getting Out of Debts & Living Debt Free

Simple yet very effective method to live debt free

Dino KF Wong
2 min readNov 21, 2021


Identifying the Cause of Debts

It is extremely important to first understand how you got yourself into having debts and what type of debts before formulating a plan to get out of them. What’s difficult is how you classify the needs and wants when getting a personal loan from a friend or a bank, or maxing out your credit cards.

i) Draw a box and list out the regions by listing them as Needs (Left top), Wants (Right top), Desires (Right bottom) and Don’t Need (Left bottom), don’t split them now.
ii) On a separate blank area, list down all those things you have been buying for the past 3 months.
iii) Next is to park all these items in the respective regions. Generally classifying them to Groceries, Work related, Family related, Personal desires.

Most of us would have groceries and family related in the Needs region. This is where you should know by now the other regions are mostly unnecessary things not important to us. Yet those are the things, that got most of us into debts!

Managing Cashflow

Paying minimum, best effort payment or disciplined schedule payment.



Dino KF Wong

Financial Counselling & Coaching at Credit Counselling Singapore. Believes in positive psychodynamic approaches in life. Visit my website: