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How To Beat Debt
There is no easy way of saying this; you are going to have to keep an eye on your spending.
It is very easy to just ignore debt so that you can carry on getting taxis everywhere, buying rounds of drinks, dining in restaurants and enjoying yourself on nights out but unfortunately, living the life of a movie star (hardly!) comes with a hefty price tag! So, if you are not raking it in from your latest blockbuster hit, our top tips might be of some help to you:
Follow a budget
The only way to stop accumulating debt is to always make sure you spend less than you earn. In preparation for next month, plan a budget and be prepared to stick to it as this will help you manage your day to day spending.
Don't be tempted
If you can't trust yourself not to use your store credit cards or high interest cards; cut them up! Don't use your credit cards unless you have to and if it is an emergency then use the one with the lowest interest rate.
Shop around
Shop around for the cheapest prices on purchases – for example, try to buy 'Better Buy' or 'Value' goods in the supermarkets rather than branded goods and look out for the offers. If you are making an expensive purchase then the amount that you could save by shopping elsewhere could be the amount that stops you getting into debt.
Manage your salary
Breaking down your monthly incomings and outgoings will help to confirm how much money you have left over to play with. If you have more going out than you have coming in then, realistically, there are two choices:
- Earn more money
- Cut back
Don't overspend
There are certain times of the year when it is difficult not to spend too much. Christmas can be especially hard as we all want to splash out on friends and family. But no matter how much they might love their gifts, they wouldn't want to see you in debt, struggling for money just so that you could buy their presents . . . no one ever remembers who bought them what anyway!
If you already know all of this and are starting to see red because none of it helps you in your specific situation NOW, then perhaps you should ask us a question. You can ask any question for free NOW and one of our debt advisors will answer it within 60 minutes.
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