When You're Out Of Debt - Debt Management Guide

When you are out of debt it can be hard not to fall back into it. Quite often falling into debt is of no fault of your own, such as redundancy. These events are not planned for and therefore can have severe consequences.

Follow these steps to stay out of debt:

Don’t buy what you don’t need. If you are unsure wait a few weeks and see if you still need it.
Buy with cash or debit card instead of by credit card. If you do this you won’t be paying interest on what you spend.
Educate your direct family about money management. This will both help them understand why they can not have everything they want and help them stay out of debt themselves.
If there is something you really want save for it. It is a good idea to have a savings plan for if you want something you have money set aside for it.
When you go out shopping have a list and stick to it.
Carry on with your expenditure review to make sure you are bringing in more than you are spending and always look for ways to maximize your income.