How Can I Get Out of Debt Quickly?

Getting out of debt and staying out is beneficial to both your financial profile and your mental health. The interest charges associated with excessive debt keep your bank balance lower than it could be, and worrying about creditors can interfere with your enjoyment of life. Taking action to reduce your debt is a valuable investment in your own future.

Socialize at Home

If a substantial portion of your debt has been incurred through spending on expensive recreation such as vacations, traveling and expensive entertainment, cultivating a taste for socializing at home can cut down on these expenses substantially, and free up money to pay off debt. If you have friends with whom you socialize in expensive ways and they are also in debt, you can support each other in decreasing your spending by participating in stay-at-home potluck parties and other activities that don't cost much money.

Grow Food

Starting a garden can reduce your grocery bills, although, given the amount of time and work that is involved, this may not be sufficient reason in and of itself to do it. The more valuable aspects of gardening come from the new perspective it can give you on your own life priorities. Gaining fulfillment from producing food rather than from spending money can help to change your priorities and reduce your dependence on money for your own emotional fulfillment. The physical exercise involved in gardening can also help to keep you in good shape, allowing you to cancel your gym membership and save more money.

Visualize Financial Freedom

Maintaining a vision of your goal of being debt-free can motivate you to keep working toward that state. If you have been in debt for years, you may have become accustomed to your condition and resigned yourself to spending a lot of your money on carrying costs. Train your mind to believe that it is possible to be debt-free, and this will keep you focused on your goal and motivated to achieve it.

Keep Comprehensive Records

An important element of the process of gaining control of your finances is understanding where your money goes. Get into the habit of writing down the place, item and price every time you buy something. Keep track of these things in an organized way and over time you will develop a profile of your own spending habits. This can help you to become more aware of areas where you might be spending more than you thought. This doesn't necessarily mean that you have to eliminate these things, but it will allow you to more consciously consider whether they are worth what you are spending on them.