So why do you do it?

Sadly, whether you want to admit it or not, the ONLY thing that causes you to overspend is greed.

You see, you don't get into debt over things you need in life. You get into debt over things you want to have – whether you can afford them or not.

There are only four things in life that we need – food, shelter, clothing and medicine. Everything else is simply a want.

And even with your needs, it's easy to get carried away and want more than you can afford. You don't need a big house or to eat out at expensive restaurants or to wear the latest designer clothes or to take copious amounts of vitamin supplements every day.

All you really need is a home that's an adequate size for your family, wholesome food on the diner table every day and enough practical and comfortable clothes to see you through the week.

So if you're in financial trouble, the best way to get out of debt is to stop overspending. Stop buying things you really don't need. And if you have children stop over-indulging them with things they don't really want (children are terrible impulse buyers).

If your debts are very large then you need to look at the fastest way to clear them and that might mean to temporarily downshift your standard of living until you can clear your debts completely.

You might not have to go as far as selling your home, but it is probably best to sell the surplus things you own that you do not need. This mean selling your second (or third) car, bikes, shoes, computers, electrical goods and so on. Just take a good look at what you own but hardly ever/never use. Getting rid of them will make you less likely to want to buy them again.

You can sell your stuff through local ads, eBay, garage sales or whatever works best for you. And you'll be surprised how easy it is to sell things.

Next, you need to sit down and make a list of all your weekly or monthly expenses. Make sure you include absolutely everything right down to the smallest expense such as the window cleaner or milkman.

Once you've finished, take a long hard look at this list and see how many expenses you can eliminate. For instance, if you have a lawn mower man, can you mow the lawn yourself? Or if you use a laundry service, can you wash your own clothes?

Then work out a budget of how much money you need to live on every week/month. Include a regular amount to pay off your credit cards and other loans and debts.

And make sure you stop overspending immediately. Trade your credit cards for debt cards. This will ensure that you can only spend the money you have a d so you can't accumulate any more debt.

You should also look for other ways to save money every week. For instance, you can reduce your gas/electric bill by turning down your heating and wearing thicker jumpers or turning off your air conditioning and using electric fans instead.

And check your grocery trolley at the supermarket. Are you buying too many ready-made meals and processed foods?

Try eating more naturally (which is also far cheaper). Have a baked potato with melted cheese and a salad. Or cook some pasta, pour a fresh tomato sauce over it and enjoy with some crusty garlic bread. Or have a vegetable curry with rice and Nan breads or make your own pizza with more toppings and less cheese.

And every time you pick up something in a shop (or supermarket) ask yourself "Do I really need this?" And if the answer is "No" then put it down.

Remember that advertisements are usually aimed at the gullible and the greedy. So unless you're one of them, you won't fall for all the marketing ploys you're bombarded with every day.

Forget greed and advertising trickery.

Be smart. Be wise. And before you know it, you'll be rich.