Learning from your experiences
Once you’ve taken steps to get back in control of your finances, it’s vital to learn from your experiences:
- Figure out exactly where things started going wrong.
- See what luxuries you can live without, and learn to live within your budget.
- Think very carefully before you take out any more credit.
- If you do decide to take out credit again, take time to shop around for the best deals.
- If possible, cut up your credit cards – when you rely on debit cards and cash, you’ll always know you’re not living beyond your means, or alternatively, pay the balance in full every month.