The Best Way To Get Out Of Debt Is To Never Get Into It!

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It is a sad fact that many millions of us have been in debt for most of our working lives, and we will probably continue in this fashion for the foreseeable future. There have been many articles and posts written about how to dig ourselves out of this financial quandary. We also have the option, although this hindsight, of never becoming in debt in the first place. In our final year at school, we should begin some kind of financial counselling before we make that massive step into adulthood. But in reality, the educational institution deems it more important for us to learn about young pregnancy and the danger of illegal drug taking.  Whilst these two topics are important, wouldn’t it be common sense to include money management before it is too late? This article looks at a few ways to avoid the potential noose around our necks that being in debt can create.


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It is never too early to start saving, but many of us never have any savings at all. Perhaps our parents could have got the ball rolling, but they were too busy trying to put food on the table when we were kids. A small savings fund can keep the wolf from the door when push comes to shove. Ensure that you add a little to this total each month and you will soon see that tiny acorn grow into a big fat money tree. You have to leave enough each month to live comfortably otherwise you will be dipping into that fund and will defeat the whole object.


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No matter how much you earn or where you live, you should get into the habit of budgeting sooner rather than later. Even if your only source of income is a part time job, calculate your income and outgoings in a way that allows you to fully understand your financial situation. Many of us leave home at 18 or 19 and try to go it alone, usually in rented or shared rented accommodation. Once the bills start to stack up, we encounter issues with managing everything. If we could start to budget much earlier in life, we will have a better chance of dealing with these annoying but essential outgoings. It has been proven that those of us who pay their way at home, however small the amount is, have a much better chance of financial survival after we fly the nest.


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No matter how much we want that fancy car or special cell phone, we should think very hard before signing that credit agreement. That credit card may be on a special offer, but eventually we may regret that huge monthly payment it requires. Try to save up something for those purchases, and if we do not have the funds right now, then we need to be patient. Most of the credit problems today are a result of greed and little forward planning on the consumers’ part.

Extra Income

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If we are finding it increasingly difficult to make ends meet without borrowing every month, why not look for some part time work. Find out what we are good at and look around for possibilities. Just a little extra each month can often make the difference between black and red!

Last Word

If this article is a little late for you, seek help with dealing with your current debts and refer back to it when you have come through the other side – Good Luck!

About the Author: Marcus Evan has newly joined the Frankston lawyers Association. In his spare time, he blogs about various legal topics.

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