What are your top tops for getting out of debt? Any ideas that you can share with other Moneymagpie readers?

First thing, cut up all your credit cards!

If you'd like to get out of debt, talk to Jasmine! She's great, she's a real help and has helped me write off £5000 of my £16000, she's an idea guru! It's also great, to have a helper like Jasmine, or a close friend, who will help you manage your debts, give you smacked wrists when you over spend and someone to help you organise your budgets.

 

But, my top tip is to cut out the luxuries! You realise you don't need them once you've not had them for a week or so, and it's a great feeling, not spending precious money on things you just don't need, really, you'll feel so silly when you realise how much you over spend via luxuries. Also, switch providers through comparison sites to get the best deal, you'll be amazed at how much you should be saving, if it doesn't seem like a lot, but over time, it really does mount up!

 

If you have a spare room, why not take in foreign students? It's a great source for a bit (lot) of extra income on the side, check out your local area for companies/ foreign language schools who are looking for host families, you can get anything up to 20 quid a night per person, and it's a breeze, all you have to do is provide them with a bed and cook them a dinner, which is no more than I'd usually do, what with me having a (great!) son to cater for already.

 

If you're looking for a debt buddy, once this message board grows you'll easily find one, you never know, someone might join up who lives down the road from you and with some dedication and team work, you'll be debt free in no time! It's really easy to get upset over debt, which is what I'm going though (and I'm sure a lot of other people are too) it's good to have a debt buddy/friend to share your woes with, and help each other to sift through your problems and overcome obstacles.

 

You've gotta remember one thing though, as with all problems, this debt isn't gonna clear over night, you've gotta stay strong through the problems (which you will no doubt come across) and they'll soon go (maybe a car breaking down, which has happened to me various times, you'll have to fork out for the repair, which can be cancelled out by being extra good on the expendatures).

 

Sometimes, with accomodating foreign students, you'll find you'll have busy periods, particularly in peak times of the year, at which point you'll earn mega bucks, you'll also be down in the dumps when there's a lack of them, but once you've been with the company/school for a while, you'll soon build up a reputation (a good one, i hope) and you'll be on top of their priority list, even if things do run a bit dry.

Hiya, sorry for the delay in replying ! real busy making money !!, first of all i would recommend you read Jasmine Birtles book "a girls best friend is her Money" excellent and witty read, and loads of great tips for instance, having "no spend days" i try to do this at least 2 days a week. Try and take a little step at a time, never do what i do and aim tooooo high!, just make a list of the things you could do to save money and make money! (if you aim too high you will feel like a failure!) For the last two years i have been on the sofa renting out not only my daughters room, (who is at uni) but i set up one double bed and one set of bunk beds, i take in foreign students and if you can take in at least 3 you do make on it! its hard work but it has given me a lift and the best thing is when i eventually pay off my debts, i will carry on doing this and the money will then become my happy day money ! Always try and look at your bank statements and see where your money is going! i had a shock the other day my day job just about covers my utility bills and leaves me with £30.00 per month to live on !!! its an absolute joke! Never be ashamed to ask for help and certainly if you would like some more help i would be more than happy to help. Kind regards Lyn

Woohooo go Lyn - sorry I don't know you but am very impressed by your verve!! My top tip for getting out of debt or just simply cutting back is to STOP buying coffees/sandwiches/chocolate bars etc. when you're out and about on the go. It eats up soooo much money and I saved a lot when I decided to stop doing it. Means I buy more stuff in my weekly shop but I do save money when i take out stuff from home.

Hey i would love some more of these great ideas, I find with the job that I do and the things that i have to carry for work that all though i set a budget, it can go out the window if something arrises. I already rent out my spare room, and I am extremely lucky with the person that shares the house, but I am really concidering about renting out my room too and making the large front room into my room.........

Yes, I think that can be a really good idea as a temporary measure. OK, it's tough but it means you get the money in now and that will help pay off the debts quicker so that you can get back to your own room after a few months and sleep easier.

Perhaps a little late to reply, but have you considered building a secondary stream of income? Not everyones cup of tea, but this was our approach to a broadly similar challenge about five years ago. Take a look at the following video -> www.wiaa.co.uk & see if you can spot my shot cameo appearance. With regards and good luck on resolving your situation. It can be done. Just had another thought. My 24 year old Cousin started her own eBay business last year and she is adding at least £500 per month to the household budget - buying and selling...and she does this with two youngsters running around her 24/7.

Boring but true, walk to work if you can or share a car, makes a massive difference. Don't go to the hairdressers, get them to come to you and to cut the whole families hair in one go, I do that and I get a great deal.  I pay just ten pounds for 3, yes three, household hair cuts. Grow your own - if you have never been in the garden just grow one staple veg, go and see your neighbours that also grow things and offer to share your potato's for some of their cabbage.  And if you do grow your own, enter local competitions, as there are some prizes to be won, even the most funny shaped veg! Pennies - I work in a shop and it surprises me how many people don't take that penny change.  At the end of the day there is always at least 10p over in the till, now if that ten people visit ten shops during the week, that £52.00 a year.  Remember to take all your change. Petrol vouchers - when using these remember to fill to the full litre not to the cost, I had a bad habit of putting £20.00 into the car and I would miss out on a litre saving.

Wow, those are great ideas LuckyOrigami! I particularly like the one about getting a hairdresser round to do everyone's hair. It reminds me that we are going to do a piece about doing your own pamper sessions. If you get a bunch of girls round for the evening and you all chip in you can get a beautician over to do nails, make-up and all sorts for a fraction of the cost of going into a salon. It's a good party too!

Best advice yet... Replace the word credit with the word DEBT.. A DEBT CARD doesn't sound as appealing does it..? .