Oprah's Debt Diet: Step 4

Oprah's Debt Diet Step 4: Stop Spending

Oprah.com | June 17, 2009

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.

Printed from Oprah.com on Wednesday, June 19, 2013