In the past my weakness has always been clothes and traveling. If I didn't have the cash I would charge it. Every paycheck went towards money already spent. I lived paycheck to paycheck spending ridiculous amount of money on Designer goods. Whatever I wanted I bought it, never saving a dime. Living a champagne lifestyle on a beer budget, quickly got me into $25,000 in debt.
1. Living above my means.
Living above your means is the easiest way to get into debt. Not keeping track of what you you are spending and spending more than you make. Just because you make it, don't mean you have to spend it all.
Start a budget and stick to it. Learn how to say no to impulse buying. Just because it's on sale don't mean you need it. If you dont have the cash to buy it you can't afford it. Save up for big ticket items/ trips and buy pre love items.
2. Charging everything.
Is not a good idea unless you are paying the bill off in full every month. Only use charge cards for emergency. If you are already in debt, than post up what you owe so you can see it everyday. Stop shopping and any extra cash go toward your debt.
2. Not saving
When things happen you will not be prepared, car accident, car trouble, job lost. In life stuff happens everyday, so being prepare for those mishaps is priceless. Pay yourself first, least save 6 months of your expenses.
4. Not Having control over my money
Everyone should have their own account even if you are married. You should always know exactly where the money is going every month. No one person should control all the money.
10 years later and I am debt free and still using these 4 steps to stay out of Debt