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Cape Town - Although difficult, Fin24 users agree that getting out of debt starts with the individual, where discipline and sacrifice is paramount.
"Getting out of debt starts with you and you alone. Self-control is paramount," says Carl de Wet.
“Start off by saying no to the hundreds of temptations you are bombarded with every day,” he writes.
Because of his poor choices he ended up heavily indebted, but hard work and better choices worked in his favour. “I can now invest money instead of just paying interest on things I've consumed,” he says.
For Connie E the only way to get out of debt is to keep on paying what you are supposed to pay. "Yes it is difficult and most of the time you need to make sacrifices.’’
Her debt started with a loan of R80 000 she took out to help her life partner start a business. The venture was unsuccessful, leaving her to pay back the owing amount. She see this as a learning experience and vows to "never ever make a loan or debt in my life”.
“I am depriving myself and my kids of a lot of things right now... I am teaching myself to buy what I need when I need it… there is no room for waste,” she writes.
“I know in the long run I want to be financially free and my main goal right now is to pay up everything. Then I can start planning for the future (and) saving is one of my goals. I hope to be financially free within the next 5 years.”
Connie says she is part of the 49Million initiative, which aims to inspire and rally all South Africans behind a common goal - save electricity and create a better economic, social and environmental future for all.
Fin24 user Bill Rayner gives a very helpful tip, one he duly adheres to.
“I draw cash for one week. This way I can pace my week, especially grocery bills. I put 15% of my salary aside in a savings/unit trust (account). I see my saving as an expense for the future. Try it. Do it,” he writes.
Raymond Abrahamse says that debt control is quite simple: "Make sure that your greeds don't exceed your needs.”
B Lekoloane concurs, saying she's learnt the art of living within her means. “One of the things I have done to not miss any payments is to cut my hair short and I have stopped going to a spa parlour for my manicures. I have also changed grocery stores (Woolworths to Shoprite) even though it has not been easy,” she writes.
* Any more tips to control debt? Share it here.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
"Getting out of debt starts with you and you alone. Self-control is paramount," says Carl de Wet.
“Start off by saying no to the hundreds of temptations you are bombarded with every day,” he writes.
Because of his poor choices he ended up heavily indebted, but hard work and better choices worked in his favour. “I can now invest money instead of just paying interest on things I've consumed,” he says.
For Connie E the only way to get out of debt is to keep on paying what you are supposed to pay. "Yes it is difficult and most of the time you need to make sacrifices.’’
Her debt started with a loan of R80 000 she took out to help her life partner start a business. The venture was unsuccessful, leaving her to pay back the owing amount. She see this as a learning experience and vows to "never ever make a loan or debt in my life”.
“I am depriving myself and my kids of a lot of things right now... I am teaching myself to buy what I need when I need it… there is no room for waste,” she writes.
“I know in the long run I want to be financially free and my main goal right now is to pay up everything. Then I can start planning for the future (and) saving is one of my goals. I hope to be financially free within the next 5 years.”
Connie says she is part of the 49Million initiative, which aims to inspire and rally all South Africans behind a common goal - save electricity and create a better economic, social and environmental future for all.
Fin24 user Bill Rayner gives a very helpful tip, one he duly adheres to.
“I draw cash for one week. This way I can pace my week, especially grocery bills. I put 15% of my salary aside in a savings/unit trust (account). I see my saving as an expense for the future. Try it. Do it,” he writes.
Raymond Abrahamse says that debt control is quite simple: "Make sure that your greeds don't exceed your needs.”
B Lekoloane concurs, saying she's learnt the art of living within her means. “One of the things I have done to not miss any payments is to cut my hair short and I have stopped going to a spa parlour for my manicures. I have also changed grocery stores (Woolworths to Shoprite) even though it has not been easy,” she writes.
* Any more tips to control debt? Share it here.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
