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China Elevator Stories
How to Stop Creating Debt
Rising living costs have forced people to be more creative in saving money.
18/03/2025
Ruth Silbermayr
Author
Today, we all face rising living costs while salaries remain stagnant. As a result, many of us need to adopt more frugal habits than we were used to.
I grew up in a generation accustomed to swiping credit cards for online shopping, spending impulsively, and struggling to save. Many of us spend excessively on non-essential items like clothes, electronics, and memberships (gaming, social media, etc.), rather than saving for meaningful goals.
Of course, what is meaningful varies from person to person, but my generation generally has a greater shopping addiction than my grandparents’ generation. In China, where shopping addiction is also common, many people rely on Taobao for online shopping rather than purchasing items in physical stores.
When I lived in China, I used Taobao myself and saw how effortless it was to spend money. A few simple clicks were all it took to place an order. While I didn’t splurge on unnecessary things—mainly buying essentials like diapers, children’s clothes, and food—I still experienced how easy it was to overspend.
After a few years, I made a firm decision to avoid going into debt whenever possible. While I had never personally taken on much debt, my ex-husband bought a car and forced me to help repay it during our marriage. He also purchased an apartment, and I covered our rent in full so he could focus on repaying his loans. This experience taught me the burden of repaying debt, even when it wasn’t my own.
Practical ways to reduce spending and avoid debt:
1. Eliminate Easy Access to Credit
- Avoid getting a credit card or cancel any you already have.
- Refrain from using online payment accounts (e.g., PayPal) that enable fast spending.
2. Limit exposure to temptation
- Avoid shopping centers unless absolutely necessary.
- Do not carry your bank card when going out—bring only the minimum cash needed for the day.
3. Adopt Cost-Saving Habits
- Plan meals and bring food from home to avoid unnecessary spending.
- In tight financial situations, opt for low-cost options. For instance, a simple bread roll costs around 0.23 EUR compared to 2 EUR for another kind of small bread, saving you approximately 53.10 EUR per month or 646.05 EUR per year if you buy one daily, or double the amount if you buy two daily.
- Always carry a reusable water bottle to avoid buying drinks on the go.
4. Find Free or Low-Cost Alternatives
- Use platforms like Willhaben (in Austria) to find free furniture, clothes, and household items rather than buying new ones.
- Be patient and you’ll most likely find good quality items for free (in Vienna)—many high-quality second-hand items are available for free due to urgent relocations, not because they are defective.
- While transporting large furniture may cost money, locals often offer affordable delivery.
- Smaller items, such as clothes and dishes, can also be found for free and picked up even if you don’t own a car.
By implementing these strategies, you can significantly cut down on unnecessary expenses and build better financial habits.
What are some methods you use to save money?