Don't get into debt!!

Sloppy_Saver · 18 February 2007 at 8:44PM

Hey Guys,

There are a ton of great tips on here for people to help themselves to get out of debt but I was wondering if anyone had any tips on the best ways to not get into debt in the first place that they would like to share?

My usual route into debt is spending money on daft things that I just have to have. This is bad in itself, but the worst thing is the self delusion that I go through to convince myself that the thing I WANT to buy is something that I really NEED. My usual self delusion was to make a mental list of reasons why having the daft thing would be a great idea.

Like buying a motorbike! This one was the other day's mad potential purchase. We have 1 car in our family in an attempt mainly to save money, but also for green reasons. I go to work via public transport so we don't really need two cars. It's a pain though if I'm meeting my mates for football, but Mrs Sloppy needs car for something else. I decided that a motorbike would be a great solution - sits in the garage when not being used, pretty "green" because it doesn't use too much petrol, look cool, etc.

What I do now though to stop these mad purchases is go through as big a list of reasons why having the thing would be a crap idea. Road tax on something that is sat in the garage most of the time, I'll kill myself on the bloody thing, etc. etc. This usually works, but if it doesn't then a good chat with Mrs Sloppy soon sets me right!

The other technique I used to have was when I was a student and my bank accounts weren't happy places... I used to put cash earned from bar work and other part time jobs into envelopes marked "Gas", "Electric", "Rent". This made sure that I at least could pay some bills and once they had the full amount in them, sealed them up. I mostly resisted the temptation of opening them back up to fund a beery night out :A

Anyone else have any "Don't get into Debt ideas" (or maybe it should be don't get into further debt?).

Crown · 18 February 2007 at 8:50PM

Hey Sloppy, Interesting topic. I will post my thoughts in a while.

Just wondered if your Sig was meant to Ironic? Surely it should be buy low and sell high? ottherwise you are gonan be in a whole heap of trouble

Sloppy_Saver · 18 February 2007 at 9:00PM

Crown wrote:

Hey Sloppy, Interesting topic. I will post my thoughts in a while.

Just wondered if your Sig was meant to Ironic? Surely it should be buy low and sell high? ottherwise you are gonan be in a whole heap of trouble

Hi Crown, Looking forward to reading your ideas. The topic was suggested by someone else and I thought it was a good idea, so stole it :A

I'm hoping that apart from tips, people might also post about what they would have done differently if they had a time machine and could go back to "pre-debt" time.

My sig is supposed to ironic, though with a nickname like "Sloppy Saver", maybe it's not

deliciosa · 18 February 2007 at 9:06PM

Do not get credit. That's the best way of avoiding debt. Simply just do - not - get - credit. Spend what you have, don't spend what you don't...

I wish I had done this, I wouldn't be in trouble...

CAFCGirl · 18 February 2007 at 9:10PM

my best top tip to "Don't get into debt" is......

The answer is No.

To everything

No you can't afford it.........:eek:

No you don't need it.........:o

No it will not make you a better person.........:mad:

No it will not bag you the man of your dreams.......:rolleyes:

In the eternal words of Little Britain, slightly adjusted for the world of MSE

:money: "Martin says No"

BeckyBloomwood_2 · 18 February 2007 at 9:18PM

deliciosa wrote:

Do not get credit. That's the best way of avoiding debt. Simply just do - not - get - credit. Spend what you have, don't spend what you don't...

I wish I had done this, I wouldn't be in trouble...

Here Here, I hate the C word!!

kathfisch · 18 February 2007 at 9:51PM

CAFCGirl wrote:

:money: "Martin says No"

:T :T Love it! Has to be said in the right voice though! :rotfl: :T :T

kathfisch · 18 February 2007 at 9:59PM

Oh, and on the topic of the thread.....

Um, my advice is really to work on whatever emotional issues might be attached to your spending. I know that's going a bit 'spendaholics' on you all but I really do believe that a lot of the overspending that people do is connected to other life/emotional issues... making you a better person/bagging you a partner etc as cafcgirl says.

I'm still working on it but since I've been more aware and honest about the feelings that go along with spending and having stuff whatever it might be I have reduced my spending, and the feelings of guilt that go along with it. Its learning to get that same high from reducing debts/saving as I used to from spending... not as easy as it sounds but it is possible!

Oh, and limiting the credit available to you can't hurt! Close unused accounts, cut up cards, reduce overdrafts as you pay them back. The process of having to apply for credit for something you want should give you time to realise its not needed.

Bambywamby · 18 February 2007 at 10:07PM

When it comes to cash...Be patient...never impulsive.

Think everything through. Never make a financial decision without working out the long term implications.

What will it cost me long term?

TrikerAndBiker · 18 February 2007 at 10:09PM

Sloppy_Saver wrote:

Hey Guys,

Like buying a motorbike! This one was the other day's mad potential purchase. We have 1 car in our family in an attempt mainly to save money, but also for green reasons. I go to work via public transport so we don't really need two cars. It's a pain though if I'm meeting my mates for football, but Mrs Sloppy needs car for something else. I decided that a motorbike would be a great solution - sits in the garage when not being used, pretty "green" because it doesn't use too much petrol, look cool, etc.

QUOTE]

Well if its just sat there doing nothing send it over my way.. (so long as its not really 'green' as that means a ninja.....yuck! lol)

If its a big purchase and not an essential(ish) (by that I mean a fridge, washing machine etc) then I hold back for a month or so then ask myself if I have lasted this long without 'it' then do I really need it? (doesnt always work as we all have moments of weakness)

Now whens that month up??? can see a nice shiny new Busa with my name on it ! :rotfl:

Ladybiker

Sloppy_Saver · 18 February 2007 at 10:13PM

TrikerAndBiker wrote:

Well if its just sat there doing nothing send it over my way.. (so long as its not really 'green' as that means a ninja.....yuck! lol)

If its a big purchase and not an essential(ish) (by that I mean a fridge, washing machine etc) then I hold back for a month or so then ask myself if I have lasted this long without 'it' then do I really need it? (doesnt always work as we all have moments of weakness)

Now whens that month up??? can see a nice shiny new Busa with my name on it ! :rotfl:

Ladybiker

Last two have been: ZX6R, ZX9R, both Green Ninja's

The next one would have been a Ducati 749 had I not been brought to my senses by Mrs S.

Hmnn, am I sure that's it's not an essential? Oh Sloppy, be strong!

Don't get into debt!!

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