I recently just got out of debt : ) how do I stay out? ?

Question

Im happy and can finally see a black bank balance lol Ive seen red for far too long. any one have tips on how to stay out of the red?

I am a student..I think this might make a difference to the advice lol

Answer 1

i started saving & it came in handy 2x when I bought my cars from a neighbor. NOW I'm gonna save again 4 other reasons, like debt payoffs, & eventual move out of state. I must eventually start over in a new location & I'm looking 4-ward 2 it.

Answer 2

Good for you!!  Doesn't it feel great?  Look at your income and TRY not to buy anything you cannot pay for each month.  Good luck!!

Answer 3

Good for you!

Stay away from credit cards, if you don't have the cash don't buy it. I'm sure you'll get a few answers like that, but it's the truth. Also save as much money as you can, put some money aside every month and don't touch it.

I am married now, but I also got into debt when I was in college. My husband & I only have 1 credit card, we use it often but pay it off every month.

Good luck :)

Answer 4

Good for you. Try not to buy anything unless you can pay cash for it.

Answer 5

1. Avoid any line of credit, I.e. personal loan, credit card ANYTHING that allows you to spend more than you have.

2. Have one debit card which you are able to spend from

3. Have an internet only account (great interest as well)

4. Only have $100-$200 (personal pref.) in your at call account at a time, the rest put in your internet account

This way you can only spend larger sums of money if you go home and transfer it from your internet account to your spending account, allowing you to avoid making 'splurge' spends!

Hope this helps!

Answer 6

I think if you're smart enough to get out of debt, then I think you're smart enough to stay out of debt. Of course some debts such as a home and car can be hard to avoid, so try to avoid buying something way above your head. Don't use credit cards except when you plan to pay them off every month.

Answer 7

cancel all your credit cards. Credit cards are the financial worlds cigarette.  

Don't worship the fico score. Building credit is the biggest joke of the 21st century.

Pay as you go. Live on less money than you make. If you do this, you will not have any payments. You'll have money and not have to worship at the alter of the almighty fico score.

Answer 8

As a student, you probably will have school expenses that could put you back into debt but you can still keep yourself on track by being careful how you spend discretionery money .... that's anything  beyond the basics of living (food, shelter, health care).

Do not use a credit or debit card to make discretionery purchases, don't charge your groceries either.  Save the credit card for emergencies and school needs.  Try to get back into paying in cash and think about ... Do I really need this, or just want it?  The wants on our list easily disguise themselves as needs, so think hard on that.

You can save on clothes by shopping at resale stores.  They sell on consignment and the stuff is usually really good.  Ditto for some home furnishings.  

Find inexpensive or free ways to have fun with our your friends or by yourself.  

Good Luck.

Answer 9

CONGRATS! Start paying yourself, so put some money aside every month, for emergencies etc. This way you'll have cash, and trust me its harder to spend cash than use credit cards. there are some GREAT online banks with decent savings rates!