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How do you manage debt?

by Gia (follow)
Money (148)      Credit (4)      Debt (4)     
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With consumer debt ever increasing and the temptation to buy just about everywhere you go, how do you manage debt so you can live comfortably without digging yourself into a hole?

#Credit
#Debt
#Money
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I have done away with credit cards and am living frugally to pay off any outstanding debt. I never realized how many things I can do and make myself that I was paying for.
by Gia
Best way...cut up the credit card...pay cash for everything. Makes you think twice about something you are about to buy before you buy it.
Absolutely, this was the best thing I ever did in regards to managing my finances!
Write down every single dollar you spend.

You will soon know what has to be paid and what you have to give up.
That's what I do.
I was in deep debt, as a older-single parent.

I found if I did not have any credit cards, life was MUCH better :)
So only use cash for anything, and you can cut down for 6 months, not eating out.
Make your own lunch for work, and take your own water.
No coffee's and no stuff from the newsagent....No new shoes and clothes for 12 months.
No new make up, and buy less expensive gifts for people, for Christmas and Birthdays.
You will be totally amazed how much you can save, and pay off bills.
I don't get into debt in the first place - best way to manage it ;)
I don't manage it. I avoid it.
by Vee
Everything that has already been said here. We were in a lot of debt just a few years ago and by living frugally and buying only what is needed, it has all been paid off and we have savings in the bank. One of the biggest things is resiting the urge to buy, people these days feel they need to "keep up with the Jones" and stores sell many appealing items that make you want to buy!
I still enter all my accounts and all my spending on MYOB, the accounting package.

I ran a business for 26 years and had to do it then, however somehow I cannot stop now. MY brother who is an accountant, now retired, does not even do it, and I tried once to stop, but I must be very habit orientated as eventually I had to do it.

So I keep track of everything on the computer and know exactly how much I spend on each thing, however dont look it up anymore as there is no point! Very occasionally I will check what I spend on my two dogs, get so horrified, that I wont do it again for a year.
by Finy
I couldn't sleep at night if I had a huge debt. Sometimes my credit card gets a bit of a workout but I always keep the balance at a reasonable level.
The first thing I do is to not incur new debt. If really don't need something I'll just pass it buy. I don't make credit purchases at all.

Secondly, I got rid of my credit card.

Thirdly I budget and watch everything that I spend.

Thirdly, I watch every penny that I spend.

Fourth, I target my debts one by one and work overtime to clear them.



I am very fortunate I have no debt whatsoever. Our home and investment property were paid off a long time ago so I can rest easy. I can, however, see how easy it is for people to get into debt as offers are thrown at you every day. I think it is quite immoral how banks behave in their methods of offering people credit.
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