cutting your living expenses will come handy during hardship. In my studnetlife in Chennai, I folowed some rules 1)Eat only in university canteen(cheaper food) 2)Use only bicycle-even for 20 km! 3)Use leisure time in library 4) If bored, go to railway station, bus stand or beach. MALLS are strict no 5) Go to temple and eat food there(in TN, annadhanam is rampant) 6)use internet in university only.
This is very helpful and has a systematic approach.. I sincerely hope that this will help many not only to come out of debt but also to stay out of debt!!
I had once taken personal loan. For some months I could pay EMIs without difficulty. Then I started facing some financial problems. I defaulted on two EMIs. Then I decided to cut down my expenses as much as I could. I started writing down daily expenses and decided to cut expenses whereever I could. I moved to a smaller house, where the rent is lower. Earlier I was purchasing mineral water as the tap water was not fit for drinking. But I stopped that. Instead I started boiling water at home and filtering it through a clean piece of cloth. I did not know how to cook. Earlier I was eating in restaurants. But I stopped that and learned how to cook. After a few failed attempts, I could learn cooking. Earlier I had the habit of often drinking soft drinks. I stopped that also. In other ways also, I cut down my expenses. Two months back, I paid all of my EMIs. Now I do not have any loan on me. So I feel relaxed.
Re: Make list of expenses
by Visharad Software on Oct 12, 2010 10:10 AM
I forgot to add what helped me a lot in cutting expenses. Earlier I was never using bus. Rather, I used autorickshaw (and sometimes taxi). In order to cut down expenses, I started using bus for long distance and walking for short distance (i.e. 5 km or less).
I had once taken personal loan. For some months I could pay EMIs without difficulty. Then I started facing some financial problems. I defaulted on two EMIs. Then I decided to cut down my expenses as much as I could. I started writing down daily expenses and decided to cut expenses whereever I could. I moved to a smaller house, where the rent is lower. Earlier I was purchasing mineral water as the tap water was not fit for drinking. But I stopped that. Instead I started boiling water at home and filtering it through a clean piece of cloth. I did not know how to cook. Earlier I was eating in restaurants. But I stopped that and learned how to cook. After a few failed attempts, I could learn cooking. Earlier I had the habit of often drinking soft drinks. I stopped that also. In other ways also, I cut down my expenses. Two months back, I paid all of my EMIs. Now I do not have any loan on me. So I feel relaxed.
Re: Make list of expenses
by santosh ghadage on Oct 12, 2010 06:48 AM
I too have followed few of your steps to come out of debt. Also, you have done it in structured manner. Thanks for info.
