It isn’t easy to make it on your own in the dog-eat-dog world out there. Sometimes we end up accumulating a lot of debt even if we have been as careful as we initially planned to be. Most of the time we find ourselves in this situation after we have been living in denial of our piling debt for a long time.

The bad news is that there is no shortcut to pay off your debt. If your debt is far too massive, you can contact a debt-relieving agency to help you out. You can read more on this website if you are interested in this option.

The good news is that most of the times your debt is easily payable if you deploy a little planning and strategy to tackle it. I will not be an easy ride but if you stick with it, it will definitely pay off.

Budget Your Income

I know budgeting reminds you of a poor family that barely gets through three square meals a day and saves every single penny so they can survive another day.

But this is an awful misconception since budgeting is nothing more than keeping track of all the money that comes your way and where it goes. This way you can identify ways in which you can cut back your expenses which can then go into paying off your debt.

Pay the Highest Debts First

You should start off by paying off the debt with the highest interest rate first while paying the minimum on the smaller debts, then move on to focus on the second highest interest rate and so on.

Try Paying More than the Minimum Amount

The minimum amount of any credit card debt is usually a very basic amount, usually 2-3%. So tackling the debt by paying just the minimum will take you many years before you are finally rid of it, if ever.

So try to make it easier for yourself and pay just a little more than the minimum amount every month. For example, if your minimum amounts up to $200, make it $300 and so on.

Make Small Lifestyle Changes

There resides a sneaky little spendthrift in most of us and it tries to make us spend more than we can afford, usually on luxuries we can do without. So start by cutting out these luxury trips, designer clothes and shoes and make do with what you already own for a while.

Another thing that really helps is cooking for yourself instead of eating out every day.

These small changes don’t seem like much but can really help get your life back together.

Start Selling

Scourge your house for things you don’t really need that you can sell on eBay. This will help you get some extra money on the side that you can use in paying off your debt.

Get Some More Money Flowing on the Side

Look for odd jobs you can do to earn some extra money, it could be teaching, babysitting, freelancing, or whatever you are comfortable with.