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The price of fuel's about to rise again, electricity costs have soared, there are taxes to be paid... the list of household expenses goes on and on.

And with around 75% of the average South African household's monthly income going towards debt, Paul Roelofse says it's no wonder the person in the street gets desperate.

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On Weekend Breakfast, Refiloe Mpakanyane asks the certified financial planner what the remedy is.

He says people have to avoid falling into the nonsensical trap of borrowing more money to get out of debt.

All you're really doing is digging a hole

Paul Roelofse, Certified financial planner

Roelofse uses the analogy of filling a bathtub, with the first step being to put in the plug.

We've got to make a pact with ourselves: No more debt.

Paul Roelofse, Certified financial planner

The plug itself works as a very firm decision with yourself: I cannot go further, I now have to take charge.

Paul Roelofse, Certified financial planner

The next step is to open the tap, that is to check all your possible income streams while paying close attention to your expenses.

It's an exercise in micro-management, it's an exercise in attitude and in delaying gratification.

Paul Roelofse, Certified financial planner

For more on securing your financial future, listen here:

This article first appeared on 702 : How to avoid the trap of trying to use debt to get out of debt

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