No matter how badly you want that new gadget or how urgently you need that family vacation – avoid taking on new debt at all costs.
Effective money management is essentially effective debt management because if your debt gets out of control it means you're not managing your money effectively.
If you cannot afford something outright then chances are you can live without it.
If you absolutely need to get finance try to go for an alternative – borrow it from your friends or family members instead or get a short term cash loan but, don’t make a habit of it. As you develop healthier habits in the handling of your money, you will find that you need to borrow less and less.
Find your extra income stream.
Humans are very creative and finding new and innovative ideas that earn you a bit of cash on the sideline can help avoid the dilemma of borrowing money.
I know of a lady who baked biscuits on the side line in order to supplement her income as a single mother. She was able to live off her earnings from her little cottage industry and managed to educate three children to university level.
All this, doing something that she enjoyed from the comfort of her own home!
Get creative, bake some cookies and forget debt!