Proven Strategies – I’ll be honest with you—being in debt feels like an endless cycle of frustration. I know because I’ve been there. When you’re drowning in bills, loans, or credit card debt, it seems like there’s no way out. I’ve felt that sinking feeling more times than I care to admit. But over the years, I’ve learned a few things—some from trial and error, others from mistakes I wish I could’ve avoided. So, let’s dive into five proven strategies that helped me get my financial life back on track.
5 Proven Strategies to Get Out of Debt Fast
1. Create a Realistic Budget and Stick to It
Okay, I know—budgeting might sound boring, or even like a trap. But I’ll tell you right now, if you don’t have a budget, you’re basically throwing money out the window. I used to think I could just “wing it” and manage my finances based on memory. Big mistake. I’d lose track of what I was spending and find myself wondering where my paycheck went by the middle of the month.
It wasn’t until I started tracking everything that things started changing. I sat down, opened up a spreadsheet (you can also use apps like Mint or YNAB), and wrote down every single expense. From rent to that daily coffee run, it all went on paper. And you know what? Seeing it all in black and white was eye-opening. I realized that I was spending a ridiculous amount on things I didn’t really need—goodbye, random impulse buys!
Once I had a clearer picture, I could set limits for each category. At first, I was nervous about sticking to my budget, but honestly, it gets easier as you go. I even added a “fun” category so I didn’t feel deprived. The key is to find a balance where you’re still enjoying life, but not at the expense of your future.
2. Tackle High-Interest Debt First (The Avalanche Method)
Here’s where things get really interesting—choosing how to pay off your debts. I’ve tried both the avalanche and snowball methods. The avalanche method (which is probably the smarter move) focuses on paying off the highest-interest debt first. And let me tell you, once I embraced this approach, things started to snowball in a good way.
When I first started paying down my debt, I felt overwhelmed. I had a mix of credit card balances, a car loan, and some medical bills that had piled up over time. I made the rookie mistake of focusing on the small balances first, thinking I’d feel more accomplished with quick wins. But that only left me paying tons of interest on my credit cards.
Switching to the avalanche method was a game-changer. I focused all my extra cash on the credit card debt with the highest interest rate while making minimum payments on the others. It wasn’t always fun—there were definitely times I wanted to throw in the towel—but seeing that balance go down faster was worth the effort. Once the high-interest card was gone, I moved to the next one. Slowly but surely, I knocked them out.
3. Cut Back on Non-Essential Expenses (Even the “Little Things”)
This one was hard for me, but it’s honestly one of the best things I did. Those “small” daily expenses really add up. I had a tendency to treat myself to takeout a couple times a week, which was fine at first, but when you add up all those $10 to $20 meals, you’re looking at hundreds of dollars a month. That’s a lot of cash that could be going toward your debt.
The truth is, getting out of debt often requires sacrifice—no, you don’t have to give up everything fun, but you’ll need to make some adjustments. I started making coffee at home (yes, even though I miss the barista’s latte art), and I took a hard look at subscriptions. Did I really need all 10 of those streaming services? Nope. Cutting back on the extras was a relief.
And here’s something I’ll admit: I got creative with my meals. No shame in pulling together a 3-ingredient recipe when you’re focused on paying down debt. Eating out and buying unnecessary stuff at the store were quick ways I found to drain my wallet. Once I cut those habits, the extra money was being funneled straight toward my debt.
4. Increase Your Income (Get Creative With Side Hustles)
Now, I know that not everyone can just take on a second job. But trust me, there are ways to make extra cash that don’t involve clocking in at another 9-to-5. I’ve tried a few side hustles over the years, and while some were more successful than others, I learned that even a small extra income can make a huge difference when it comes to tackling debt.
I started by freelancing on the weekends—writing blog posts for small businesses, doing some basic graphic design work, and even tutoring online. Sure, it took time to get the ball rolling, but once I established a routine, I was making an extra $500 a month without too much effort. And that money didn’t go toward new shoes or a random shopping spree—it went straight into my debt repayment plan.
If you’re not into freelancing, consider things like dog walking, selling handmade goods on Etsy, or driving for a ride-share service. Every little bit helps. Getting creative about increasing your income means you’re putting more toward your goal without having to constantly tighten your belt.
5. Negotiate Your Bills (It’s Worth Asking)
I used to think that once I signed up for a service, I was stuck with the monthly bill forever. But guess what? You can negotiate most bills, especially things like insurance, cell phone plans, or even rent (depending on your lease agreement). When I realized I could ask for better rates or better terms, my debt journey got a lot easier.
I started by calling my internet provider and asking if there were any promotions or lower-priced plans available. Turns out, there was a plan that saved me $30 a month—just by asking! I also reached out to my credit card company to negotiate a lower interest rate. (Side note: they didn’t give me a huge discount, but every little bit helps.)
The bottom line here is that you don’t have to accept your bills as-is. Call your providers, see if there’s wiggle room, and you might be surprised at how much money you can save simply by being proactive. It’s one of those small wins that makes a big difference over time.
Final Thoughts
If you’re serious about getting out of debt, the key is consistency. Some days will feel frustrating and like you’re not getting anywhere—but trust me, you’re building momentum. Use these strategies, stick with them, and before you know it, your debt will feel like a distant memory. Just remember, it’s all about small steps that lead to big changes. Keep at it—you’ve got this!
