Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs. Save money to purchase what you need. If you are in debt, pay it off as quickly as possible. (All Is Safely Gathered In: Family Finances)Make a goal now to reduce and ultimately eliminate any consumer debt that you might have. Include in that goal a resolution to not incur any new debt. If you can't pay cash for it today, then don't buy it.
We've tried to take this counsel to heart and have avoided debt as much as possible. We do have a house payment and some educational debt, but haven't incurred any debt beyond that. We never put an expense on a credit card unless we can pay for it that month. We have a modest home, hand-me-down furniture and used cars, but also have the peace that come from a small financial reserve and only carrying minimal debt.
I enjoyed this post on the same topic at I Dare You To Eat It. She has some great suggestions on how to save money and reduce debt.
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