There probably isn’t a person on earth, including Donald Trump and Bill Gates, who hasn’t been in financial trouble from time to time. This is to be expected, but there are others who seem to be a magnet for the debt collector. With all the financial ‘gurus’ running around offering advice, you would think there would be a simple solution to staying out of debt.

Work Harder You Worthless Debt Slave
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Actually there is under normal circumstances. Of course unexpected bills will crop up from time to time, such as major automobile repairs or emergency surgery on your dog. These things have a way of hitting us at the most inopportune times (is there ever a good time?) and we just need to struggle through them the best we can.

However, for the most part there is a simple formula which should be memorized to help you learn the ins and outs of debt control.We call it the Triple S Formula – Shop Less, Save More and Share. It’s as simple as that.

1) Shop Less

Have you ever noticed how easy it is to spend three times your budget when shopping? It is human nature. Something strikes your eye and you just have to buy it. This is where you need to train yourself to make a list and stick to it!

We have made a joke of it for a good number of years and it has even become an old cliché. Never go grocery shopping when you are hungry. Everything looks appetizing and it somehow finds its way into your cart. You would be surprised at just how much money which can be wasted when impulse shopping.

2) Save More

So many people say they have trouble saving money. Perhaps this is because they don’t factor that into their budgets. Speaking of which, it is important to make a budget in the first place! Once all bills and expenses are planned for, set aside a specific amount to be banked come rain or shine. Unless someone is dying or in serious trouble, don’t deviate from your plan.

You may also look for creative ways in which to save money on everyday expenses. Shop in bulk, use coupons and vouchers, find two-for-one deals and use customer rewards wherever possible. Keep a tally of what you are saving and instead of spending that money, add it to your savings account!

3) Share

Another great way to realize additional savings is to learn how to share. There was a time when there was nothing demeaning about wearing ‘hand me downs’ and passing on cribs, furniture and other usable items among family and friends. Today it seems as though everything is disposable from baby bottles to serving containers.

Debt is something that seems to accumulate like a snowball going downhill – the deeper the slope, the larger it grows. Before long you find that debt is growing at monumental speed, out of control. Learning to share is one of the easiest ways to cut expenditures and before long, your friends and family may actually join in the excitement of finding ways to save as well.

As silly as it may sound, sometimes the most fundamental ideas are the best ways to avoid excessive debt. It doesn’t take a Master’s Degree in Economics or Business to take control of your finances. Begin by taking stock of all those little things you don’t need to waste money on. Save extra whenever possible and share resources so that they don’t need to be purchased.

If you are in debt now, the Triple S Formula can help put a dent in it and if you are simply looking to avoid being in debt, this is a great place to start.

Adam Jackson has been writing for Solve My Debt for over a year. He has covered topics such as debt advice, personal finance and money saving tips.

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