After reducing borrowing cost, this is the third step suggested by the UK debt buster. This is about reducing expenditure.
Its tough, but you have to rein in your spending if you want to wave bye-bye to spiraling debts. A recent survey by Bradford & Bingley claimed that 30 per cent of Brits said their salary was not enough to live on. You may have muttered similar things yourself in the past while paying for the latest electronic gadget, essential wardrobe items or dream holiday on credit. But it is time to wake up. If you don’t live within your means you are going to end up with horrendous debts and no way to repay them.
The easiest way to control spending is to budget. Start making a log of where your money goes – fishing out the last few month’s bank statements can help. Think about what is necessary and where you can save money. Set yourself a monthly spending allowance and – this is the difficult bit - stick to it. You may also want to start thinking about negotiating a pay rise.
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