Reckless spending or aimless borrowing can lead one to a debt trap and derail financial goals. So, it makes sense to wind up debt and establish a solid spending plan. For the same, one needs to have a proper financial strategy.

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Here are key strategies that can help one in leading a debt-free life:

Never postpone credit card transactions

Credit card transactions should not be postponed. Individuals should keep in mind that delaying credit card transactions will not make them disappear, said Anshuman Narain, vice president at CashBean (PC Financial Services) while talking to CNBC-TV18.

"Individuals will only end up piling payments. Also, if they have credit card points, they should use them to shop things they would have purchased anyway, or earn cash back," he said.

Align spending and values

The other thing to remember in order to lead debt-free life is by aligning spending and values, said Narain.

"Individuals should always pay attention to indications of overspending to avoid becoming a large spender. One may be overspending if he/she finds himself/herself falling behind on financial objectives, buying stuff out of boredom, or breaching own spending guidelines. However, by creating a healthy budget, examining credit card accounts, and attempting to develop new habits, such as cooking at home instead of eating out, one can break the pattern," he said.

Invest the additional cash

Everyone is pleased when they receive a promotion or a bonus at work. However, it is not a good idea to keep the additional cash in a bank account that pays 2 percent or 2.5 percent interest each year. One must use the additional money wisely in order to grow it by investing it, Narain said while talking to CNBC-TV18.

Automate EMI payments

Individuals should make debt repayment the top priority by opting for an auto-debit option. Also, borrowers should try paying the outstanding amount on a credit card by the due date, and avoid rolling over the bill amount to the next billing cycle.

Create a sensible debt repayment strategy

Those who are already under a heavy debt burden can create a sensible debt repayment strategy. The first thing would be to avoid any new debt, particularly credit card debt. If it is getting difficult to pay EMIs, one can plan to sell some of the investments or non-income-generating assets and use the proceeds for debt repayment.

Many a time, lenders also offer debt restructuring options that would help borrowers to accelerate debt repayment.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.