Let’s face it: you’re drowning in debt. The only way to avoid being taken under is to reach out and grab the life preserver. It may seem insurmountable now, but getting out of debt is completely possible. Sure, it’ll take hard work and dedication on your part, but with sound advice and a solid plan of attack, you can get back into the black. Just follow these three steps:

Make a plan.

To get out of debt, you need to know where you stand. You need a plan. It’s not enough to simply say “I want to pay off my debt and be free!” The key is having a concrete plan that lets you know exactly how much money is coming in and where it’s going every month.

On paper, this looks like a budget. It’s basically a detailed list of everything coming into your bank account each month and what category it goes into (e.g., rent or mortgage payments). Then at the end of each month, add up all your expenses—your monthly bills plus any other recurring costs—and subtract them from your total income for the month by subtracting cash tips or gifts that people give you from your take-home pay for the week/month/year/whatever period being considered here). If there are any savings left over after paying bills, congratulations: You’re on track! If not… well…

Get an accountability partner a Financial Coach

A Financial Coach is a great way to get back on the path toward financial freedom. A Financial Coach can help you find ways to cut back on spending, make more money, and pay off your debt. They can also provide support during the tough times that are inevitable as you work your way out of debt.

An accountability partner is another great tool for staying focused on getting out of debt and staying debt-free. An accountability partner should have similar goals as you do (getting out of debt) and will keep tabs on how much money comes in each month versus how much goes out each month so that both parties stay informed about where their finances stand throughout the month or year.

Know your budget.

One of the most important parts of getting out of debt is knowing where your money is going. The first step to staying on track with your budget is to set up a tracking system for all of your spending and income.

You can use a spreadsheet or website like Mint or Personal Capital, but even pen and paper will work fine. Just be sure to include every expense!

Once you have an idea of how much money comes in each month, it’s time to figure out how much money goes out each month. To start with, write down every single purchase that you make during the week so that you can add them up at the end of each day/weekend (or a longer period if needed). If it helps, keep track in categories like groceries vs entertainment vs clothes, etc., but try not to get too granular as this process may take longer than necessary and give less useful information overall (i.e., don’t worry about splitting up items under $10 or $15).

In addition to tracking what goes out each week/month/year/etc., there are two other things worth keeping tabs on 1.) Your total credit card balance(s), including any interest charges incurred; 2.) Any extra payments made toward any debts

Stop buying new stuff on your credit cards

The first step to getting out of debt is to stop using your credit cards. You might be thinking, “But what if I need them?” There are very few reasons why it is necessary for you to have a credit card, so let’s talk about those.

  • Renting cars (Can use a Debit Card)
  • Traveling abroad (especially in countries with different currencies)
  • Making online purchases through non-trusted websites (like eBay or Craigslist)

That’s it! If you don’t fit into any of those scenarios and are still using your cards regularly, then they’re not helping you at all. In fact, they’re hurting you by making it harder for you to pay off debt. So here’s how we recommend releasing yourself from the chains of debt:

Get a second job.

Sometimes, to get out of debt, you have to do a little bit more than make some extra money after work. Sometimes you need a second job.

If you’re willing to put in the time and effort to find the right job, working two jobs can be entirely worth it. You’ll be able to pay off your debts faster than ever before and make significant progress towards saving up enough cash for that awesome vacation or retirement fund! But be warned: It takes time and patience—and not everyone is cut out for this kind of hustle.

When searching for your next gig, consider these tips:

  • Look locally first—you’ll probably have better luck finding jobs close by (which means less driving!) than if you search nationwide or even internationally on sites like Monster or Indeed (though those are both worth checking too). If there aren’t any positions listed locally yet though…
  • Consider taking on temporary work—this gives flexibility while still earning some cash! Just make sure any company offers insurance coverage as well so that they’re covered if something goes wrong while they’re at work.
  • Don’t expect much pay—with very few exceptions (like becoming an Uber driver), second-tier jobs won’t pay very well because there are so many people looking for them right now – which means competition! So don’t get discouraged when companies tell us “no” because oftentimes we might just be asking about something else entirely different than what was originally asked for.”

Cancel subscriptions and memberships you don’t use.

You probably have subscriptions you don’t use, or haven’t used in a long time. Go through all of your bills and bank statements, and cut up any that you don’t use.

Subscriptions are one of the most common ways for people to overspend because they’re easy to forget about—and often not worth it. Your favorite magazine might be great content-wise, but if you have other options for getting news online or in print that aren’t nearly as costly (like NPR), cancel it! You can always rejoin later if there’s something specific about this magazine that’s important enough for paying its price tag. The same goes for memberships: if there are cheaper alternatives available nearby that provide similar benefits (like free museums), go ahead and give them a try.

Budget for fun so you don’t go over budget on the fun.

Budgeting for fun is a great way to stick to your budget. It’s also an important part of setting up a successful spending plan. If you’re not careful, you may find yourself overspending on the things that aren’t necessities and potentially missing out on some really awesome opportunities because of it.

Here’s how:

  • List out all the things that you want to do in life (or at least the ones within your reach). For example: Go on vacation! Buy a new computer! Get my hair cut! Take dance lessons! Do karaoke night at my favorite bar every Saturday from now until forever!
  • Make sure each item is affordable and realistic based on what kind of income level you have or can expect moving forward with your current career path and the job market. Maybe this means cutting down on travel expenses by staying closer to home and only taking day trips instead of flying across the country for vacations.
  • Perhaps it means going back to school so that someday soon, all those long hours spent working as an entry-level employee won’t feel like wasted time anymore; maybe even investing in some basic accounting courses now instead of waiting until retirement age so that not only will I have enough money saved up by then but also know exactly how much cash flow comes into our household each month before making financial decisions based solely off emotion rather than mathematical logic (which happens more often than we’d like!).

Figure out how to pay off your debt in the fastest possible time frame.

In order to get out of debt and stay out of debt, you need to make a plan. The first thing you need to do is figure out how much money you owe and what the interest rates are on each account. Then, prioritize all of your debts in order from highest to lowest balance. Next, figure out how much extra money you can put toward paying off these debts each month.

If possible, try making an extra payment every month or so until the balance is zeroed out completely—this will save you tons over time because most credit cards charge high-interest rates (15%+). If not possible, at least try paying more than the minimum payment amount due each month so that more principal is paid off faster!

Be patient with yourself if progress seems slow at first: It may take several months before any progress toward eliminating debt can be seen on paper but keep at it! Once this goal has been met—and then met again as necessary—you’ll wonder why anyone ever thought getting into debt was worth it in the first place!

You can get out of debt, but you need to stick to your plan.

It is important to understand that you will need to make sacrifices and be disciplined. You will need to be patient and realistic. You will also need to be honest with yourself, your partner, and your friends. This is not a simple task, but it can happen if you stick with your plan.

How do I get out of debt quickly?

There’s no quick and easy answer to the question of how to get out of debt. However, there are a few steps you can take to start paying off your debt and getting on the path to financial freedom. First, take a close look at your budget and see where you can cut back on your spending. You may need to make some tough choices, but it will be worth it in the long run.

Second, make a plan to pay off your debts one by one, starting with the smallest balance first. This will help you stay motivated as you see your progress being made. Finally, don’t be afraid to ask for help from a financial coach. They can provide you with expert advice and guidance on how to get out of debt and stay out of debt for good.


If you follow the advice above, you will be well on your way to becoming debt-free and living a more financially secure life. It may take time and some hard work, but it’s worth it to get out of debt and live a better life.

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