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

mo1_2

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~

BUDGET BUDGET BUDGET!!!

and snowballs...

Evans. xox

HairyHandofDartmoor

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!

Ali-OK

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!

tealady

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!

irishmist_2

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

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: )

hypno06

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.....

WiseOldBird_2

Never let your yearnings exceed your earnings.

HeadInSand_2

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!