The quickest way to get yourself back on the right path is to stop spending. Use these suggestions to help cut back so you can move forward!

  • Don't carry credit cards in your purse (only debit/ATM)
  • Write checks, pay cash
  • Turn down credit line increases
  • Create specific funds for special occasions, like holiday presents, vacations, anniversaries, etc.
  • Tell friends what you're trying to do to rally support
  • Don't run up bills you can't pay in full at the end of the month
  • Pay credit card bills on time to avoid late fees
  • Make no more than one ATM visit a week
  • Don't be seduced by credit card offers such as airline miles 
  • Barter for goods and services using your talents, gifts and skills.
  • Do swap parties where you and friends exchange goods like clothes, shoes, handbags, household items, etc.
  • Don't be enticed to open new credit cards at retail stores just to get the discounts.
  • Opt-out of overdraft coverage on checking accounts.
  • Use pre-paid, reloadable debit cards.
  • Use the envelope system and spend only cash allocated in advance.
  • Choose an accountability partner help you stay the course.

Step 5: Create a monthly spending plan

Get all of Oprah's Debt Diet advice
Published 06/17/2009
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.

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