Tips for staying debt-free

Devi

I'm not aware of any templates although I am sure there are loads out there.

It's quite simple to create from scratch if you have basic Excel skills.

MrC1977

Percy1983 wrote: »

I think for you a simple 3 column sheet would be fine

A B C
(Date) (What For) (Cost)

Put a running total at the top of column (C1) "=sum(C3:C500)"

Next to it in Cell D1 the total budget and E1 us ("=D1-C1)

Simples

thanks - seems simple enough for me!

life_in_termoil

Percy1983 wrote: »

As far as sheets go its quite an advanced one but I am an accountant by trade so it all makes sense, but I could make a template out of it or make more custom sheets for others if it helps.

Ohhhh Percy, could you send me a template please

Thanks in advance

Life in termoil x

Devi

Hi all,

hope you are all having a good MS weekend.

I brought a cheap notebook to start a daily spend diary and get to grips with how much i spend each day.

What is the best way of keeping one of these - tottng up a daily total and then weekly and monthly or am I over complicating it?

tealady

My tip?
Budget for everything, even if it means having 2 or 3 bank/savings accounts.
Have a budget for weekly spends and stick to it. I have this and tell myself when its gone its gone and I cannot have any more till the next week. I have a weekly budget for food and treats and take that money out of the bank on the SAME day every week.
HTH

Storm

First, congrats on becoming debt free. As you can see from my signature I've managed to remain that way since clearing everything about 2.5 years ago. What works for me is:

Taking a weekly amount out in cash for spends (if I've none left by mid week I don't let myself have any more)
Standing orders to separate accounts for things like car insurance, holidays & general savings
I still have a credit card for big purchases where money needs moving around, or for added protection, but it lives at home, not in my wallet
Stick to the principles of DFW & MSE as much as possible. Yes, you can allow yourself a bit more money for treats if you want, but otherwise I'm still selling stuff on ebay or at car boots, hunting for cashback deals, checking utilities regularly etc.
Don't deny yourself everything - as with dieting, if you deny your favourite treat (buying music, clothes, gadgets, big nights out) that's when you're most likely to fall off the wagon.

Devi

hi Storm,

well done for staying debt free :T

Thanks for the good advice - i hope to stay debt free frpm now on too and become a super saver.

my main problem is that i can't just keep cash in my purse - if it's there then i have to spend it - even though I am getting better and trying to pay for most things in cash. Going to start a daily spend diary to combat this silly behaviour!

nogoodwithmoney11111

My biggest tip is to change your attitude towards money. Getting value for money should become a habit, second nature.

It sounds simple but you only have a fixed amount coming in, therefore a smaller amount must go out!!!!

I found accountability and shared responsibility "kept me honest". Lying to yourself is the easiest lie in the world to pull off.

Putting my debts in my signature and working with my OH to get out the mess meant I could lie to myself but the OH (and fellow DFW forum members) would not have tolerated it!! So we learned together to budget, economise, get good value for money.

Belonging to the challenges on here is excellent - I stopped buying coffee and toast each morning around the corner from the office (£1.64 a day) and took a flask in with me and made toast in the house, to get more NSD's in a month. Previously I didnt give two hoots about £1.64 but all the £1.64's add up! Then I would wonder where all my money was going!! One small silly example and about £35 a month saved!!:j Now do that across all your spend and you can see how it all adds up.

Now that we have paid back all our debt (£77k EXCLUDING mortgage almost 6 years ago:eek:) we save up for things and consider purchases.

Latest example is we needed a new computer and a new TV 3 weeks ago as both (bought at peak of debt for silly money) had now given up the ghost as over 5 years old. Before we would have gone out and bought an Apple Imac and 42" Plasma - cost - who cares - stick it on the card. A couple of years ago if the same thing happened we would have been in trouble as ALL our money was going on debts and we would have borrowed somethign to get by.

This time we really shopped around and managed to get a 37" TV and a decent laptop for £600 (would have easily spent £2,000 before no problem) which we paid for on a cashback credit card through the Top Cashback website - net cost to use about £570. No debt, no finance, nothing - result.

The poitn is we could have got an Apple Imac (really want one!) but we dont need it, but we dont exactly "go without" either.

Sorry thats a long post but sharing the burden, making your facilities work for you (cashback cards, cashback websites, haggling!) and proper budgeting mean a happier debt free life!

And make sure you keep in these forums - one of the best things that has ever happened to me was to stumble across this website - the people are fantastic!

:money::j:beer::D:cool::T