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 How To Dig Yourself Out of Debt ~ Paying off debt is really difficult, especially when living from paycheck to paycheck. But it can be done, click over to read how. debt | debt payoff | money | paying off debt | debt free #debt #money #finance #debtfree 

Are you drowning in a pool of debt?  Being in debt is one of the worst situations you can be in. It takes a toll on a person’s life with all the sleepless nights, strained relationships, and being stressed out all the time.   

You feel helpless, constantly trying to figure out how you are going to pay the bills, it never leaves your mind.  


I’ve been there, it is not an easy road to dig yourself out of debt. Many people try to get out of debt, but life happens and they find themselves right back where they started. Getting out of debt can be one of the hardest things to do. But with a lot of discipline, hard work and a plan, YOU CAN DO IT!!

Change your behavior

The first thing you need to work on is changing your behavior.  After all, your behavior is the reason you are in debt in the first place.  You need to change from being a spender into a saver.  During this whole process you need to STOP SPENDING and keep SAVING MONEY on anything and everything in the front of you thoughts constantly.  Every penny you can save in your daily life needs to go into digging yourself out of debt.  

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Face the music

You will never be able to get out of debt by ignoring it.  I know it can be very scary but you need to face the music. You need figure out exactly how much debt you are in. Grab all your credit card and all other bills and calculate the total amount due.  List each bill on a piece of paper.  Next to each write down the total balance and the interest rate you are being charged.


Choose a plan of action

Two of the most common methods are the “Debt Stacking” method and the “Snowball Debt” method.

The Debt Stacking method is done by attacking the debt with the highest interest first. Once that is paid, you stack the amount to the minimum payment you are making on the next highest interest debt and so on until you’re debt free.

The Debt Snowball method is where you attack the debt with the lowest balance first. Once that is paid, you stack the amount to the minimum payment you are making on the next lowest balance debt and so on.

Personally I prefer the Snowball Debt method; although the Debt Stacking method will save you some money on interest in the long run, you see results faster with the Snowball Debt method.  Just seeing the results of having one debt paid off is so encouraging and will help to keep on going.

It’s your choice which method you use.  You just need to pick one and stick with it no matter what and you will soon start to see the light at the end of the tunnel.

I highly recommend grabbing a copy of Dave Ramsey’s “The Total Money Makeover”. This book is what helped me so much to get out of debt and I know that anyone who reads it will benefit from it. 

Getting out of debt not only requires you to live within you mean, it requires you to live way below your means until you are rid of it.  Do whatever it takes to reduce your spending and bring in some extra income.

Reduce Spending

Now that you know what you are facing and picked a method to use,  you should do is look at everything you currently spend money on every month. There is a saying that goes “You can’t get out of debt by living the same lifestyle that got you there”.  

This is so true, you can’t set your mind to get out of debt and keep spending money the same way you do now. So, pull out your latest bank statement. Go through every single thing you’ve spent money on and cut out as much non essential spending that you can.

Next, find ways to cut back on things you are unwilling to give up. You know that there will be some things you think you can’t live without. Think of ways that you can still save money while not feeling too deprived. Substituting certain thing for less expensive versions can be a great way to save money and still getting what you “think” you can’t live without.

Think in terms of making your own specialty coffee at home instead of costly Starbucks coffees. How about getting a digital TV antenna and Netfix to cut out cable. Or opting for a less expensive cell phone plan to save on this costly expense.

Lastly, find ways to reduce essential spending. Look for ways to save on your energy bills or see if you can refinance your mortgage with a lower interest rate. Meal planning is a great way to save a huge amount of money on your grocery budget. I literally was able to cut my grocery budget in half using tips I learned from the Grocery Budget Makeover. This class is only open for registration a few times a year but you can get on the waiting list here.

More articles to help you reduce spending to get out of debt.

Super Simple Ways to Easily Save $1000 a Month

8 Ways to Reduce Monthly Expenses

13 Ways to Reduce Your Energy Bills

99 Frugal Living Tips

10 Financial Habits You Must Start Doing Today

Create a Budget

Now that you have cut back on spending, you need to create a budget to stay on track with this. There is no way out of this. I know many people don’t like the idea of a budget but it is essential. But you need this to stay on track with your debt free journey. 

It can be difficult to stick to a budget at first, but believe me, it will get earsier and before you know it, it’ll become second nature. Your budget will become your best friend in helping to keep you on track with your spending while you are digging yourself out of debt.

Extra Income

There are tons of things you can do to earn some extra cash to throw at your debt.  Think outside the box, you can get a second job, have a yard sale, complete surveys in your spare time, rent out a room, babysit, sell your stuff, mow lawns, clean houses, I can go on and on, there are endless ways to bring in extra income.

Related post on making extra money.

15 Money Earning Ideas

Cash in on Clutter

5 Businesses You Can Start for Under $200

How to Start a Money Making Blog

How to Make Money Completing Surveys 

Found Money

Lastly, any time you come across any found or unexpected cash, make sure to throw it at your debt. By found money, I mean cash gifts, bonuses, income tax returns and anything else that you might acquire. I know that it’s nice to be able to treat yourself with this found money, but in the end, it’ll help you get out of debt much sooner.

Do whatever it takes

The point is do whatever it takes to save money on you current expenses and earn extra money. Take every single spare penny and put it on your debt. The more money you can throw at digging yourself out of debt, the faster it’ll get paid off, which also translates to saving more money by reducing the amount of interest you are paying.

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Never give up

Finally, never give up on the fight. It is a lot of hard work, but it will pay off in the end. Keep at it and do whatever it takes. Believe me, you will be so much happier once you are debt free.


So what do you do if you have done everything you possibly could to cut spending but still can not make ends meet?  

You may need to consolidate your debt. Accredited Debt Relief may be able to help you out. Check out their free savings calculator to see how much you can lower your debt payments. 

Tell us your story, please leave a comment or email me directly if you would like to share in a guest post.

How To Dig Yourself Out of Debt ~ Paying off debt is really difficult, especially when living from paycheck to paycheck. But it can be done, click over to read how. debt | debt payoff | money | paying off debt | debt free #debt #money #finance #debtfree


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