Frugality. This is a term that means thriftiness, or penny-pinching. It means that one is conscious of their spending habits. And we would all be amazed if we truly knew how many people have no idea where most of their check goes, no idea! How is that possible? It is possible.
To have no idea where your money goes is to have no control over your spending. If you give it away, spend it aimlessly, or spend too much without keeping proper records, it all equals to the same concept; not knowing what is up from down in your financial life.
The simplest way to begin your escape from Debt Mountain is to ask questions. Who has control over the household finances, first of all? If it isn’t you, then maybe you should consider taking a look at the ‘bottom line’ and finding the glitches that have you to debt.
The idea is to get a grip and realize that what you have been doing so far has led you up the road to debt and now you must find a way that will lead you back to frugality. Determine whether you have any large goals in mind for the next five years. If so, grab a calculator and determine how much you want to save and how long you have to do it. Once you know what your savings goals are you want to step over to loosing the debt. This is generally a long term process if you are fifteen thousand or more in debt, but it can work out faster if you set your intent upon it.
Create a budget, spend less than you make, and save whatever you can. You can do anything if you work towards it.