Getting out of debt

Tyler Durden · 01-20-2009, 06:04 AM

Of course, the answer really is not to get into debt in the first place.

Most of my clients think they are "experiencing" the recession if they have lost a zero off their bonus and can't eat at Maze in Mayfair courtesy of Gordon Ramsay every night (bastards).

But let's ignore them and come up with good ideas to help each other get out of debt, be that student debt or gambling debt, or whatever.

Even if it's just tips of how to save your money better. Or eat better cheaply. Let's save lots of money this year so we can all give it to Danny!

And no the correct answer is not "put yourself on the game".

Duke · 01-21-2009, 03:54 AM

im in debt for buying stuff i dont need like videogames and TV's. or building a new awesome PC. i like my toys but i have been trying to slow down on my spending to pay off my debts.

i download all my movies and music right now to save money.

Necro · 01-21-2009, 04:25 AM

It depends on daily life.

I think the easiest thing to do is make a list of what you normally get on a daily basis, weekly basis, monthly basis, and see how you can cut back on that.

Like Duke said downloading stuff is something that might have to happen for the time being.

Cinema junkies

- If you see a ton of movies, try to cut down to only certain ones you'd really like.
- If you see a movie sneak in a soda, and a candy. The prices are so over the top.
- Try to see movies during the day, you'll save some money that way.

Daily food habits

- Bag lunch, this is one I have yet to master. In the long run if you bag lunch, I'm sure you'll save money over time. These fast food chains have skyrocketed prices.
- If you go to a fast food place avoid value meals. The truth is they aren't a value at all. If I go to burger king it's not a value to pay almost 10 dollars for my meal sorry.
- Mcdonalds dollar menu is your friend. Hell you could have a few double burgers, and a small coke for 3 bucks, beats spending 7 more dollars just to get some damn fries.
- If you are a soda junkie avoid buying buying 20 ounces. Buy one 20 ounce, and keep refilling with a 2 liter. I started doing this recently, and have saved a ton. The same 2 liter is in most cases cheaper than the 20 ounce. Pretty simple.
- If you love water simply buy it by the gallon. Go to the supermarket and you can buy a gallon for about a buck and half. Same bottle at cvs, walgreens etc is the same price. Pretty simple. You only have to buy one bottle to keep refilling.
- Look for deals. I know there's 2 supermarkets within a half mile of each other near me. By simply looking in the paper I can find deals from each, and save the most that way. Taking an extra 15 minutes out of my day to get a better deal is no problem.
- Try to make eating out a treat. Maybe just get take out once a week instead of doing it daily. In most cases when you do end up eating the take out/fast food you'll actually get sick from the simple fact it doesn't digest well.

Clothes

- Does that dress look nice ? Would that new sports jersey be great to have? Well ya sure, but you have to consider is the cost worth it? In most cases no. You do have to dress yourself, but you'll also have to be reasonable. Look for deals, don't settle for regular price.

Pointless spending that doesn't need to happen

- Magazines are not worth 5-10 dollars. If you regularly surfer the web you can find the same content if not better. If you are that addicted to the magazine get a subscription. You save a ton of money that way.
- Drinking. Avoid costly places that will make you pay way too much for your drinks. Avoid major city bars that kill your pocket. Try to pregame first to get your buzz on before going out. Don't get too crazy, but try to get a little drinking out of the way for a much cheaper price.
- Sporting Events. Yes they are fun as hell, but the prices these days you might want to avoid the stadiums, and arenas. Catch it at a local bar with a great sports atmosphere, or even go to some local high school, or college games. Hell they'll probably put much more heart into the sport than any pro could.
- Avoid careless spending. If you go into a store you don't have to buy anything. Don't cave into things easily. Weigh it out, and see if it really will make a big difference in your life.
- Video Gamers. Just wait a little longer for releases to come out. I realize that's impossible to some people, but I can easily wait to get a game for half the price.
- Netflix users. I recently was getting the 3 dvd unlimited plan, I cut down to 2, and saved several bucks that way.

Thats all I can think of right now.

The Phantom · 01-21-2009, 07:14 AM

Look for a billionaire from Dubai to come and save you

Solace · 01-21-2009, 07:22 AM

For me the best way is just to not buy a credit card for me. Only spend money that I have, because I know if I had a credit card I'd be buying everything, eat out everyday and want anything I could get my hands, personally it's the best bet for me.

Gigglypuff · 01-21-2009, 08:20 AM

Put yourself on a budget. Work out whats the most you need for a week, i.e for travel and food etc and take that out at the beginning of the week, leaving your card at home. That way, you cant impulse buy and you cant waste your money on crap cause it needs to last you the week. Ive been doing this since new year and Im finding that Im not even spending the money ive allowed myself, so at the end of the week I have a chunk of change to put aside or to treat myself with.