Tips for Staying out of Debt

My way of not going too far into debt has always been the same: I don't spend more money than I have. I do use credit cards but never charge more than I have in my savings account (in case for some reason I can't pay off the charge from my regular monthly income).

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Houses are not included in this plan of course. Mortgages are allowed. But not cars. Always buy used and pay cash if possible. Or at least not a huge debt.

This all comes from being old enough to remember when we didn't have credit cards. When I first went to work everything had to be paid for in cash. So I put some money in a savings account every week. Small purchases came out of the rest of my pay. When I wanted to make a larger purchase I had to wait until I had enough in my savings account.

By Pam from Plymouth, NH

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By Claudia - MD (Guest Post)
November 8, 20050 found this helpful

I also live by the same rules and am proud to say I am debt-free and I am paying my mortgage off early. Unlike my 3 siblings, I plan to have a comfortable retirement.

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Maybe if they are nice, I will even let them live with me when the inevibly become homeless (Just kidding....)

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January 26, 20110 found this helpful

This is nice but please be aware that sometimes as a result of injury or illness people have uncontrollable things that happen and that doesn't make them "bad" people.

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