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fall into is spending beyond their limit. We are used to paying for all our commodities in arrears instead of in advance. With credit providers offering extended "interest free" periods, this is a trap for most people and makes it difficult to live within your means. If you are borrowing for something today, you will be sacrificing to pay for it tomorrow. Make sure it is what you want before you commit yourself, and that you will be able to afford to pay for it tomorrow. In economics, we call it opportunity cost. You sacrifice the opportunity to purchase one item, when you purchase another. Are you happy to forgo other items to pay for the item you are purchasing on credit?

DISCUSS IT WITH A FRIEND OR PARTNER
Be accountable to someone in your life. The process of convincing another person that you really want and can afford something can be very telling.

HONOR YOUR DEBTS FIRST
Too commonly, people who are in debt use money coming in to satisfy their wants first. It is important to honor your debts first before you satisfy new needs or wants.

DEBT CONSOLIDATION
Often you are paying excessively for credit or store cards. Be wise. Fully investigate the best options in the banking industry for your money. Be smart. The little foxes often spoil the grapes. Banking fees and charges can erode your finances. Consider debt consolidation but make sure it is right for you.

In closing, if you feel like your life is spiraling out of control take the time to find a good financial or debt counselor. Bankruptcy is a very poor option, when a financial counselor can help you to dig your way out of the debt pit you've dug for yourself. There are many available within the community. If this is you, make the effort to seek one out. They can take a lot of the negotiating with creditors' stress off you.

Wants will always try to undermine your life if you allow them to. Get on top of your debts by implementing this six-step strategy.

Learn more about this author, Hayley Solich.
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