1. Live within your means

   If you can?t afford to pay cash, you probably can?t afford it. If you have to put that Louis Vuitton bag or flat screen HD TV on your credit card, it?s out of your price range. Opt for another brand.

   And when buying a car, don?t over-extend yourself. Choose a second-hand model and finance it over the shortest period possible.

   Click here to read why Personal Finance Editor Kabous le Roux only buys used cars.

2. Use cash instead of credit

   A debit card linked to a savings account can only be used if there is a positive balance in your account, so getting into debt is impossible. This, or drawing cash, is a foolproof way of staying out of trouble.

   If you do need to use your credit card, try to pay it off at the end of each month rather than just paying the minimum amount owed. That way no interest will be charged.

   Click here to learn which credit card is the cheapest.

3. Negotiate to pay off debt slower

   If you genuinely can?t pay off your debt, for instance, if you have been retrenched, don?t panic. Contact your credit providers to work out realistic payment plans. This will help protect your credit record (click here to learn how you can dramatically improve your credit score) and save you some stress.

While these tips will be invaluable in the short term, a bright financial future needs planning and a partnership with a good financial advisor. They will take a look at your life strategy and help you figure out your financial strategy over the short-, medium- and long term.