It's sad to see so many people time after time ruin their life because of financial irresponsibility. Maybe if financial planning was taught throughout school things would be better, or maybe if your parents taught you better you wouldn't be in debt. All of these things are true, but if you are in debt now, what ifs aren't going to help you. You need to plan and work hard to get out of debt. Through financial planning, you will assess your current circumstances, make goals to save and get out of debt, and organize a budget in order to reach your goals.
If you are a shopaholic you need to stop. If the moment a dollar touches your hand gives you a seemingly unstoppable urge to spend, you need to get help. If you charge your credit card endlessly even if you are fully aware that you won't be able to pay it back, you need to get help. Talk with your friends and family openly and honestly about your problem. Cut up your Credit Cards and forbid yourself from going to the mall, on the internet, or wherever it is you spend money. You have to be 100% committed and completely devoted in order to fix your problem.
The next few weeks, months, or even years are going to be very different for you. It all depends on how much debt you have and how much money you are able to through at it to pay it down. Write down all of your monthly expenses that are necessary for survival. These include rent or mortgage payments, water, heating, electricity, groceries, car insurance, health insurance, gas phone, and any other complete necessities. Do NOT include cable, eating out, snacks at work, vacations, clothes, electronics, toys, or even small things like a cup of coffee every day. Look at each bill and see how you can cut it down. Get rid of cable and watch DVDs you already own. Get rid of text messaging, internet access, and any other cell phone extras.
Always turn off everything in your house when you're not using it. Take shorter showers and use less water. Cut your grocery bill down by buying store brand, using coupons, and just buying the bare necessities. If you're paying $1,500 a month in rent for 3 bedrooms and you only use or need 2, downgrade. You can save a lot on rent or even by downgrading your house. If you are really desperate, ask your parents if you can live with them for a few months until you can pay all or most of your debt off. Until you are debt free, you must not spend money on anything unless you absolutely need it!
This may seem extreme, but it's the best and fastest way to do it, and it's the only way you will really learn. If you are married and your spouse doesn't work, have them get a job. Get a part time job. Find ways to start earning more income.
Once you've paid off your debt, you are going to feel incredible. Also, you will be used to spending less so not only will you not fall back into bad habits, you'll have a huge extra amount of income that you can start saving. There may be some things you'll want back, like cable or you might spend money on a few extra gifts as a reward, but be very careful so that you don't go back into debt again.
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