Tips to manage debt

Cape Town - It's very easy to get into debt, but very difficult to escape once the debt monster has you in its clutches. Here are some practical tips from the experts at Debt Rescue on how not to get into debt in the first place:

 - Save for luxuries and buy cash;  
 - Draft a monthly budget and stick to it;
 - Live within your means;
 - Credit applications should only be used for buying expensive assets like properties and vehicles, and not for nice-to-haves or day-to-day living expenses;  
- Don’t try to keep up with the Joneses;  
- Save for unforeseen expenses such as car repairs; and
- Educate your children on how to work with their finances - when done from a young age, financial education has a big impact in their adult life.

Tips to keep your debt at manageable levels