get out debt

Getting out of debt is hard, but it can be done by anyone willing to make a plan and stick with it. 

When trying to get out of debt, here are helpful steps you should take in order to give yourself the best possible chance at success.

Pay Off Credit Card Debt

The best way to get out of debt and save for the future is by paying off credit card debt. Credit card debt is one of the most expensive types of debt you can have. 

If your goal is to save money, then it makes sense that paying off your credit card debt should be your top priority. 

Start by paying off the card with the highest interest rate first so that you can lower how much money you are spending on interest payments every month.

Make A Budget And Stick To It Closely

If you’re ready to take control of your finances and get started on how to become debt-free, this is the most important step. Your budget should include:

  • A list of all of your expenses, including the ones you can’t control such as rent or student loans.
  • How much money will be coming into your household each month and how much do you need to spend on groceries, gas, and other necessities.
  • A savings plan so that if something unexpected comes up—like an emergency room bill—you have enough money set aside for it without having to resort to credit cards again.

Be Careful Not To Get Into New Debt While Paying Off Old Debt.

To avoid adding to your debt, you should be careful not to use credit cards to pay off other credit cards. Similarly, it’s also wise not to use credit cards to pay off loans (including student loans), mortgages, car loans, or anything else that has an interest rate attached. The reason for this is simple: You’ll just be accumulating more and more debt with every payment. 

Find Ways To Save More Money

Ways to save more money include:

  • Cut back on unnecessary expenses.
  • Sell things you don’t need. E-commerce platforms such as Shopify can be utilized now that consumers are shopping online. If you don’t know what is Shopify, strive to learn online and you might find yourself with great returns on e-commerce! 
  • Find cheaper alternatives.
  • Use coupons, if you have them available to you.
  • Make your own food if possible (or bring lunch from home). If this can’t be done, try eating out less often and/or buying takeout only when absolutely necessary! 

This may seem like a small saving, but it adds up over time! 

Review Your Spending Often To Make Sure You’re On Track

 If you’re manually tracking your spending, set aside some time every month to review what’s already spent as well as plan for upcoming bills.

Review once a week

If you’re using an online budgeting tool and tracking your spending, take the time to check in with your budget once a week. This will help you keep on track of upcoming payments and essential expenses.

Once a month

Check in with friends/family members and see if there are any upcoming events that need to be accounted for (holidays, birthdays). Maybe this is also when you want to look at how much one-time purchases like taxes or insurance cost throughout the year—you may find there are ways of cutting back on these costs so they don’t burn through too much of your monthly income.

Once every quarter

If possible, try reviewing things like investments and retirement accounts at least quarterly so that progress can be documented—and modified if needed.

Stay Patient

Realize that there will be sacrifices ahead. Even if you manage to make payments on time every month and keep your monthly expenses low, there will still be times when life happens and your finances are thrown out of whack for a while. That’s why it’s important to build an emergency fund with money set aside specifically for those unexpected expenses while working on paying off all your debt.

Use Online Tools To Set Up A Payment Plan And Keep Track Of Your Progress

Once you’ve figured out how much money you can afford to put toward debt repayment every month, it’s time to set up a payment plan. Use online tools that will help keep track of your progress and alert you if anything changes with your finances. If possible, make payments automatically so that they’re taken out before anything else is withdrawn from your bank account.

The Task is Challenging But Possible 

When it comes to your finances, sometimes the best moves are the ones you make before you need them. To that point, saving up a little extra money beforehand can go a long way. There’s nothing flashy or innovative about this advice- it’s obvious to most people with common sense, but it’s also unfortunately overlooked by many people. By simply making a few changes to your current spending habits and figuring out ways to make some extra money on the side, you’ll be able to save up enough cash to ensure that you’re prepared when the time comes.

Once you know exactly what’s going on with your finances, it’ll be easier to make a plan. Don’t forget that this is a long-term goal and there are no quick fixes or shortcuts when it comes to getting out of debt. As long as you stay focused on your goal and believe in yourself, though, you can do it!

By Anurag Rathod

Anurag Rathod is an Editor of, who is passionate for app-based startup solutions and on-demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.