Buy on debit not credit
While occasional credit card purchases are great for your credit rating if you manage to zero your card each month, it is not advisable to make it your primary mode of payment. Make your day-to-day purchases using your debit card, and keep your credit card for emergencies.
Don't let holidays = spending spree
Just because you have some downtime, it doesn’t mean you have to go on a wild spending spree. If times are tight, you can just as easily have a great, relaxing time at home. Invite friends and family over for a backyard braai, dig up the board games and find innovative ways of entertaining yourself that don’t require long car trips or expensive outings and accommodation.
Take advantage of sales
You don’t have to be a sales fanatic to take advantage of reduced prices on consumer goods. Simply keep your eye on the sales supplements in your local paper and plan your monthly household shopping accordingly.
Get rid of existing debt bit by bit
Even if you’re not at the point where debt counselling is your only option, it makes sense to eradicate any existing debt you may have as soon as possible. Make a point of building structured debt repayment into your household budget. Not sure how? Get in touch with a Libertine Consultants representative today.
Live within your means
It may seem obvious, but not spending more than you earn is the simplest way of keeping debt from your door. It can be easier said than done, however – many of us are hardwired to compete with our friends and colleagues in terms of the things we own. Make the mind shift not to value yourself in terms of your possessions and it will become a lot easier to curb your expenses.
Keep your eye on the Libertine Consultants blog in coming weeks and months for more helpful advice on managing your finances effectively and staying debt-free in 2017.