Once you realize you’re in a debt spiral, you need to figure out how and where you’re spending your money and what adjustments can be made to stop the madness. This is where you need to be creative and/or make some tough choices (or sacrifices), whether you like it or not.

For example, bring coffee from home or use the coffee maker at the office, bring lunch from home, prepare food at home for dinner more often, try a “stay-cation” by exploring and finding great places to visit near home, when you get the itch to get back on a motorcycle again, get that snowmobile, boat or jet-ski you’ve been wanting or whatever it is, you need to make a plan to put money aside until you have enough to buy it outright. This is where a little patience will go a long way.

“Pull in your belt, spend less, and reduce debt.”

– Ray Dalio

When it comes to avoiding unnecessary debt, the best rule of thumb is and always will be…..if you can’t pay for it in cash (or pay the bill in full when it comes) then you shouldn’t be buying it at all! Just sticking with that concept alone will do wonders for your financial situation no matter where you are on your financial journey.

I understand it’s always easier said than done, but if you’re serious about your financial well-being and getting your financial house in order, then you need to get serious about your spending habits. It’s how you choose to use your money in the little ways that will put you on the right track to bigger financial goals.

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