What's the single best tip you can give for all those in debt ?

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  • mo1_2
    mo1_2 Posts: 350 Forumite
    check to see if you have any charges on your bank accounts,credit cards or loans,and then reclaim them,i was drowning in charges untill someone told me to take back control of my money,some months ive only worked to pay charges,NOT ANY MORE i wont them all back...current score me 3 banks 0
  • ~evanesco~
    ~evanesco~ Posts: 814 Forumite
    First Post First Anniversary Combo Breaker
    BUDGET BUDGET BUDGET!!!

    and snowballs...

    Evans. xox
  • Keep sight of your long term goal, whatever that may be.

    I have a picture of my dream house in my cheque book and my purse, and every time I am about to buy something I don't need, the picture makes me change my mind!

    I will get that dream house, and not spending is going to get it for me!
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • Ali-OK
    Ali-OK Posts: 4,073 Forumite
    First Anniversary Debt-free and Proud!
    Lots of great tips. Mine would be see your SOA/first budget as the starting point and see it as a work in progress for the longer term.

    Use a new sheet for each month, comparing items and revisiting outgoings that you thought you needed in the beginning, because often mini-lightbulbs come on along the way and the frugal new you realises that something else can be cut or taken out. Frugal new you wants to cut it or take it out!

    Looking back to an SOA 3/6/12 months ago compared to now was a "wow" experience for me. Try it!
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
  • tealady
    tealady Posts: 3,742 Forumite
    Name Dropper First Post First Anniversary Mortgage-free Glee!
    Don't carry money unless you are going shopping for food or essentials. Then just take the minimal amount. Impulse buys are always my downfall so if I haven't got any money I can't spend it!
    Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)
  • irishmist_2
    irishmist_2 Posts: 236 Forumite
    What a great thread!

    I would def agree with all those saying a spending diary and doing a SOA - they have really really helped, and feel loads more in control now.

    The other thing for me that's been really important is finding another focus - i'm training to do a charity cycle ride which is taking loads of time and I'm really enjoying it loads, and feel good about the fundraising- also it gives me a really great excuse socially (not many people know I'm in debt:rolleyes: ), so i can easily explain why I can't go out for drinks (or if I go drink very little) or why going away for weekends isn't possible at the moment - then people just start talking about the cycle and charity and stuff and don't hastle me at all to do stuff that i really can't afford (the down side is that my thighs are increasing a bit too rapidly for my liking!)

    Thanks :j
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    Combo Breaker First Post
    simgle most important thing

    Work out the difference between want and need. Only buy what you want if you can justify it to the nth degree. ( anyone remember the patio furniture debacle? :rotfl: )
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • hypno06
    hypno06 Posts: 32,296 Forumite
    Combo Breaker First Post
    Set small targets as well as big ones. So rather than saying "I am saving to buy a house" say "I am saving another £500". Far more achievable.

    So for me, instead of trying to focus on a very long distance debt free date, if I can set a target of reducing it by £10000 this year, or by doing one of the challenges on this board, I am more likely to stick to it, and to keep going.

    Baby steps.....
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
  • Never let your yearnings exceed your earnings.
  • Total up everything you owe on a spreadsheet, new tab for each debt (detailing account numbers, amount owed, contact numbers, interest rates, monthly payment) Seeing it all in black and white is both sobering and a (strange) relief.
    Get a second job!
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