Conclusions - The Future

The path to clearing your debts, or even avoiding them, may be quite short for some. On the other hand, you could be faced with several years of hardship before you are able to clear them. In either case you need to identify the cause of your problem. Most people fall into debt through no fault of their own. It is often as a result of redundancy or reduced working hours, illness or marriage breakdown. However, it may be that you found using credit cards was too easy or you were unable to resist offers of interest-free credit.

One of the key things to remember is that family pressures will arise. Not only will you have less money, but your stress and anxiety levels are likely to increase. It is important to realise that this is perfectly natural and understandable so please don't be afraid to seek help and medical advice if necessary. Try to keep yourself occupied. You might find it helpful to join a local support group if there is one in your area.

Below are a few practical suggestions for saving money and staying out of debt in the future:

• Only buy on a cash basis - if you can't afford something save up for it.
• When you go to buy something ask yourself whether you really need it or just want it. Try waiting for thirty days before you buy anything and if you decide you are going to buy it try and obtain one or two quotations to compare prices.
• When you go shopping prepare a list and keep to it.
• Keep your financial statement up to date and live within it.
• Look for ways to improve your income whilst trying to reduce your expenditure.
• Keep your own accounts and always check your bank statement.
• Budget for non-regular bills and expenses. By paying some bills, for example gas and electricity, by direct debit you automatically receive a small discount.
• Educate all members of your family in managing their own finances - you could be preventing much heartache in future years.
• Start a regular savings plan - no matter how small the amount.

REMEMBER - if debts start to build up again seek immediate help before things get too far out of hand.

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