Please i need ur strong advise on how to get out of debt. I am a business man though my business brings in money in bit and sometimes i pursue contracts hoping that if i can get one i will pay off all my debts, but the contracts are not forthcoming, so i relied on my daily business that actually fetches me about N15,000 monthly.

I will appreciate ur advise please. thank u

stop spending what you've not earn. .

@ Acidosis, Thank u so much, i thought of that too. I still need more advise

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@ Greatros, Thank u, infact i ve started practicing what u and acidosis posted and its a kind of paying off. I thank u guys

always know that small debts are the once wich gives u more stress. So i beleive u have to get rid of t starting from small once

This may not be what you want to hear but HAVE YOU BEEN PAYING YOUR TITHE DILIGENTLY. Do not let your debt overwhelm you to the point where you put off paying tithes. I was once in your shoes and my situation has changed since I started giving 10% to the church no matter what.

All other advice posted are good. Follow them too.

There are 3 possible scenarios.

Spend more than you make = Debt
Spend all that you make = No savings
Spend less than you make = Savings.


To stop finding yourself in debt, you must make a budget and stick to it. It's that simple, there's no if's or buts. It's the universal truth help up by simple mathematical truths. So keep a log of all your expenses, every single day. Then find out those expenses that are not important and give them up. RIGHT NOW!

Make a budget and stick to it. Make a budget on how much you will spend on cell phone minutes, on food, on gas for your generator, on your entertainment. Then stick to it. Make it very realistic so you can stick to it without breaking it. Now subtract your budget from your income and you have your savings. For now, take that amount and divide it into 2. One part is short term savings (emergency fund), the other is long term savings.

Separate your bank accounts. Get an account with a different bank that is strictly for long term savings. Put half of your savings into that and forget about it. Put your other savings in your regular bank savings and slowly add to it, until it can cover 6 months of you not working. This is your emergency fund. In your case if you make N15k a month, then you will need N90k. After you have that, all savings go to your long term savings, which you invest in safe and sound investments.

The biggest challenge will be that of self discipline. You are going to have to do it. No one, and let me say it again. No one in the world will do it for you. So realize how important this journey is to you, then do it. Realize you are doing this for your future and you will have to give up somethings. This means while your friends are spending money buying some nice clothes, you might have to wear yours longer or buy a nice clean okirika. This means that while your friends are spending money drinking beer, you might have to give up on drinking at the bar. You will have to find ways to be frugal and spend less. You will have to find ways to still enjoy life tho. So maybe if you drink everyday, you stop and drink only two bottles once a week at the weekend. Maybe instead of going to bar, you invite your friends over, and you play a game of checkers or cards or just watch some TV and talk and socialize at home.

You can do it! Go do it!

All i the post i received are too good and i ve been putting all together and to start practicing them. I thank everybody and concerning my TITHE you are very correct about it, i have not taken it serious and i think i need to have a re-think now. Thank u so much

live within ur means

Thank u so much Tosin, but it can be difficult sometimes to live within ones means especially when the income is too small and so much is expected of u as a young man planning to marry soon

Even wit d little income u stil av to live within ur means else u'll always b in debt,though i understand it cud b difficult.All u need do is restructure,much is expected of u agreed, but u not goin to end d world hunger, even d U.N can't! U dont want to get married and b in debt then u'll always b in deficit.What u can do is what u can do! plus if u av to plan a small wedin ;plan a small wedin dat is wht u can afford.Dont cos of pride to ur in-laws and put urself in more hole.

While u are earning that little,endeavour to put a passive income mechanism in place for your future.Expecially now that you are about to marry.
For clarity,passive income is income that accrues to you without you really working for it.That income comes from the effort of other people.

Are you in Lagos?If you are please do get in torch with me on 08072691159 and I ill give you a one hour free training on passive income mechanism with some viable recommendations that will change your 15k monthly income to over 50k weekly.It is possible.I am a living testimony of that and today,all i do is to open the eyes of people to this owesome opportunity.Cheer up.You can live a debt free life.Do get in torch

Open a new Bank A/c without Atm and develop a saving habit, There's nothing wrong with borrowing; only if the borrowed money is used to grow your biz or start a new one, Just don't be too dependent on loans, especialy from friends and families!

Tosin, idtiwo, Cashmentor, I must confess u guys ve spoken well and ur comments was as if u know exactly what i am going through. My case is even more like someone working like an Elephant and eating like an Ant, but i must confess to u guys i ve put everything into practice and i can see some positive changes, i ve reduced my wasteful and irrelevant spending's per day.

I use to give people financial advise too, but i became scared when i noticed that i who serve as a mentor too is FALLING INTO ONE DEBT AND THE OTHER.I will surely call you right away "IDTIWO" and i must confess i need more of these words, ("Oliver Twist") so that i can become stronger. I am grateful,