Getting Debt Free.. How did you do it or are trying to do it?

[momof5boys]

I am not sure I completely agree, at least in my case. I worked from the age of 16 (before that I babysat from 12 on) and I left my parents house with tens of thousands in savings. I got into trouble because I didn't have a realistic understanding of finances/costs (the shock of being on your own) and how to monitor the balances. Since I had such a large savings it never "required" me to budget because I just saved myself with my savings. I think if I just understood how to properly budget, which is a pretty easy lesson, it could have gone a long ways. Not trying to place blame, but rather something I think could have been very beneficial.

I was never taught how to budget either by my parents and, like you, had a substantial amount of savings when I took the leap to leave the parental home. But I do believe that, especially now a days with instant bank information, anyone can figure out a personal plan of action. Personally, I NEVER put myself on a budget - just was a very careful spender. It has only been the past four years that I record everything we spend because I think it's fun to look back and compare over the years.

[Retiree]

We have 2 adult children. Because they are adopted, neither has our genetics so we could rule out them being genetically predisposed to being good money managers like their parents. (lol)

When they went to college/university the credit card companies were waiting to sign them up for a credit card, which got them both into trouble. I remember trying to teach our son how to budget and keep a cheque register but he assured me that he could keep it all straight, in his head. (This is a young man who has an undergrad degree and 2 masters degrees, so is bright about many things, just not money.)

We have always thought that a money management class should be compulsory in high school. Not that it isn't a parent's job to teach good money management skills but many young people are of the opinion that their parents don't know much. Surely in a classroom, led by a teacher who knows what he/she is talking about, kids would take in the money management lessons. There is also bound to be one kid who "gets it" and that peer to peer discussion will help influence the learning curve of the others.

BTW, those 2 adult children are doing much better than they used to do but it has been a long road and in the end, as someone said previously, they really had to learn from their own mistakes.

[carlyincanada]

Great advise and ideas!

My boyfriend and I are in our early 50's and our kids are grown but he his still paying $400 a month
To his ex-wife for a couple more years.
I paid off my credit cards 5 years ago and we both sold our homes and now live in a one bedroom apt
With our two dogs. He makes half of what he used to due to plant closures in auto industry and now
Travels one hour to and from work. I'm on disability as I have Fibro but I joined
Scentsy last year to make extra money and enjoy it very much.
Http://carlabushey.scentsy.ca if your interested pm me.

I started coupons 4 years ago and so happy I found Smartcanucks as I learned so much and how to
Stretch our money further and using Shopper's points, 20x days etc.

I love to cook and bake so we rarely order out. I have a stocked pantry as someone mentioned I also
Use my slow cooker alot and make meals such as chili, Sheppard pie, homemade pasta meat sauce
And get more than one meal and have leftovers for bf lunch the next day or freeze for the next week.

We pay cash only and bf does his own oil changes. Our major expense is rent , gas, groceries, and our
Entertainment is boating in the summer (more gas lol) but we love it and the boat is used and paid for.
Car is used and paid for also.

Without couponing we couldn't afford it so it really has helped us greatly. We only buy what we really need and what is on sale and I. Stock up on staples like the cheap pasta and get as many freebies as possible.

[kerpao]

I skimmed most of the posts but I sorry if someone already mentioned this but go on a cash budget. I just bought a house with my SO also (closing date is August 30). I figured out how much our mortgage, taxes and bills would come out to approximately so that's our fixed expenses. Our own personal items like cellphone bill and gym membership are payed ourselves however we want to.
Our shared expenses will be cash only. This includes food,gas,fun,pets,etc. I got a little organizer from dollarama (I saw it in the dollarama finds thread, other users were using it as a coupon organizer) it's the perfect size for cash,almost the size of a wallet so we use that as our shared expenses. Money we don't have is money we don't spend. We go grocery shopping together so ill just throw it in my purse and we head out. He drives most of the time since we're lazy so gas is a shared expense.
we decided to pay our mortgage accelerated biweekly. So in the long run, that'll save us money and have our mortgage paid off faster. Also if you can, ask people you know for used items. My parents offered us couches and his aunt a dinner set. We're also scouring kijiji for furniture that need a little tlc. Sure the things might not match but starting out, it's fine!

[sparky_starky]

Thank you MillieH for telling us how you are getting debt free. I will be taking many of your techniques and applying them to our family!
Many Thanks!