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10 Tips to Get Out of Debt

April 11, 2012 by Lisa Park + 7 Comments

Get Out of Debt

U.S. households owe more than $11 trillion in debt in 2014, according to the American Household Credit Card Debt Statistic. In breaking it down, Americans owe more than $1 trillion in student loans, $850 billion in credit card debt, and more than $8 trillion in mortgage payments. Living with debt can be stressful, and it can take a toll on your health and relationships. And getting out of debt and staying out of debt is not an easy thing to do. Below are tips to help you start paying off debt so you can reduce the stress of being in debt and put yourself in a better financial position this year.

1. Adjust your attitude toward spending.
The only way to take control of your financial life is to fix the root problem, which is to change your spending habit and to stop living beyond your means. If you change this spending behavior, you’ll live without financial stress, and you will have a vastly richer life. Once you get real about your debt, then you need to figure out how much debt you really have.

2. Make a monthly budget.
Create a realistic monthly budget for your expenses. List all monthly bills and necessities, and make sure they are covered by your monthly income. Allow only the money remaining after the bills are paid to be spent elsewhere. Stay within your budget guidelines.

3. Use a cash only method.
Learn to use cash instead of credit cards. From each paycheck, take out cash and place it in envelopes specifically listed as mortgage, utilities, grocery, etc. Have one primary credit card and use it only for emergencies or major necessities. Put your credit card in a safe place, not available for everyday use.

4. Cut down extra expenses.
Prioritize which expenses are most important to you to keep, then decide what you can get rid of such as cable or additions on your cell phone.

5. Reach out to creditors.
Contact your creditors and try to work out repayment plans and to bring down high interest rates. Many creditors are willing to work with you in a manner that will help them get their money without having to resort to debt collectors.

6. Bring in extra money.
Look for jobs to earn money to pay down your debt. This may be watching children, delivering newspapers,or cleaning houses. Also look into selling your assets. Gather items throughout your house, determine what you can live without, and then hold a yard sale.

7. Chip away at the debt.
Rank your debt from highest to lowest interest rate. Pay off the highest interest rate credit card first. Any extra money you have, use it toward paying off debt until it’s gone.

8. Trim unnecessary spending.
Cut down on your discretionary expenses. This includes dining out, buying expensive new clothes, taking pricey vacations, and other unnecessary expenditures.

9. Become a savvy shopper.
Look for deals, bargains, and savings. You can save a lot of money if you take the time to shop around. But make sure only to buy things that you need and not just because it’s on sale.

10. Get Organized.
Getting your documents in order will help you pay down your debt. If the documents are all over the house in piles, you won’t even know what debt you have. Use a file folder system and tabs. Do this with your spouse so you both understand the system.

What tips have helped you get out of debt?

And below are more articles you might like to read.

how to set a budget

How to Set a Budget

how to maintain a budget

How to Maintain a Budget

how to talk effectively with spouse

How to Effectively Talk Finances with Your Spouse

Filed Under: Budgeting, Money-Saving Tips

Comments

  1. Farrah says

    January 16, 2015 at 3:53 am

    These are awesome tips! I can’t wait til I finally have an income again so I can [slowly but surely] chip away at all the student debt I’ve accumulated!

    Reply
    • Lisa Park says

      January 17, 2015 at 4:42 am

      Thanks for stopping by! Good luck with the job hunting. I hope you’ll find something soon. And that’s a good frame of mind to chip away at your student debt. It’s a slow process, but you will get there.

      Reply
  2. Raewyn says

    January 16, 2015 at 6:53 am

    Thank you so much for sharing this! I so need to get better at this! Maybe this year will be the year!

    Reply
    • Lisa Park says

      January 17, 2015 at 4:46 am

      This will be your year! Remember that paying off debt is a marathon not a sprint. Take it a piece at a time. Thanks for stopping by!

      Reply
  3. Soul Healing says

    March 1, 2021 at 8:42 am

    Hi! This is my first comment here so I just wanted to give a quick shout out and say I genuinely enjoy reading your blog posts. Can you recommend any other Soul Healing blogs that go over the same topics? Thanks a ton!

    Reply

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Hello, I'm Lisa

I enjoy teaching people how to live frugally so they can live within their means while still enjoying and doing the things in life that matter most to them. I'm here sharing tips about budgeting, saving money, meal planning, simple recipes, and more.

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Message me for the recipe or use the link below.

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Also this month, the Food and Meat Co-op is featuring convenience foods and easy meal options such as chicken nuggets, corn dogs (regular and gluten free), restaurant-quality sweet and sour pork meal kits, and orange meal kits. It’s nice to have quick and easy meals on busy days!

The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

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Once you determine your goal, determine how much money to save each month, then break it down to how much to save per week. You may not be able to save $500 a month, but maybe you can save $200 a month. That means you would set aside $50 a week.

Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

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Click the link below for the recipe, or message me, and I'll send you the recipe.

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Message me for the recipe or use the link below.

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I recently picked up the 31-pound Mixed Staples bo I recently picked up the 31-pound Mixed Staples box from the Food and Meat Co-op. I love the high-quality variety of meats and that it’s prepackaged and ready to go straight into the freezer.

For those of you in Northern Utah, if any of you want to try the Staples boxes, use the code savingcent10 to get $10 off.

Also this month, the Food and Meat Co-op is featuring convenience foods and easy meal options such as chicken nuggets, corn dogs (regular and gluten free), restaurant-quality sweet and sour pork meal kits, and orange meal kits. It’s nice to have quick and easy meals on busy days!

The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

https://foodandmeatcoop.com/tooele
Are you wanting to get out of debt or save up a do Are you wanting to get out of debt or save up a down payment for a home? Do you want to stop living paycheck to paycheck or save for a big family vacation? Determine what is motivating you to set some financial goals.

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Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

#budget #budgeting #financialgoal #finances
We are having these Oven Baked Tacos this week for We are having these Oven Baked Tacos this week for dinner. It's an easy meal to make!

To make this meal even faster, prepare the ground beef in advance by cooking it earlier in the week. You can then put the cooked meat in the fridge or freezer and pull it out when you are ready to use it.

Click the link below for the recipe, or message me, and I'll send you the recipe.

https://savingcentbycent.com/2013/10/18/oven-baked-tacos/

#tacos #bakedtacos #ovenbakedtacos #easydinneridea #easymealideas #easymealidea #easydinners #easymeals
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Use the link below or message me for the link to the Disneyland post.

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These slow cooker French Dip Sandwiches are on my These slow cooker French Dip Sandwiches are on my meal plan for this week. And it's so easy to make! You just need 10 minutes to put it together in the morning. Then let it cook all day.

I've tried a bunch of French dip Sandwiches, and this recipe is by far my favorite. My family also loves this meal.

The link to the recipe is below or message me and I'll send you the recipe.

https://savingcentbycent.com/2015/05/29/best-slow-cooker-french-dip-sandwiches/

#frenchdip #frenchdipsandwich #easydinnerideas #easymeal #easydinners #easymeals
If you want a fun treat for St. Patrick's Day, mak If you want a fun treat for St. Patrick's Day, make these yummy green cookies. They are really easy to make!

Message me for the recipe or use the link below.

https://savingcentbycent.com/2018/03/09/st-patricks-day-cookies/

#stpatricksdaycookies #stpatricksday #greencookies #greentreats #stpatricks #stpatrickscookies
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For those of you in Northern Utah, if any of you want to try the Staples boxes, use the code savingcent10 to get $10 off.

Also this month, the Food and Meat Co-op is featuring convenience foods and easy meal options such as chicken nuggets, corn dogs (regular and gluten free), restaurant-quality sweet and sour pork meal kits, and orange meal kits. It’s nice to have quick and easy meals on busy days!

The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

https://foodandmeatcoop.com/tooele
Are you wanting to get out of debt or save up a do Are you wanting to get out of debt or save up a down payment for a home? Do you want to stop living paycheck to paycheck or save for a big family vacation? Determine what is motivating you to set some financial goals.

Once you determine your goal, determine how much money to save each month, then break it down to how much to save per week. You may not be able to save $500 a month, but maybe you can save $200 a month. That means you would set aside $50 a week.

Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

#budget #budgeting #financialgoal #finances
We are having these Oven Baked Tacos this week for We are having these Oven Baked Tacos this week for dinner. It's an easy meal to make!

To make this meal even faster, prepare the ground beef in advance by cooking it earlier in the week. You can then put the cooked meat in the fridge or freezer and pull it out when you are ready to use it.

Click the link below for the recipe, or message me, and I'll send you the recipe.

https://savingcentbycent.com/2013/10/18/oven-baked-tacos/

#tacos #bakedtacos #ovenbakedtacos #easydinneridea #easymealideas #easymealidea #easydinners #easymeals
If you have always wanted to go to Disneyland, or If you have always wanted to go to Disneyland, or if you have plans to travel there in the near future, check out these tips on how to go to Disneyland on a budget.

I share tips of where to purchase tickets, how to use Genie+, where to find hotels in Anaheim, how to save money on food, and more. Plus, I’m sharing tips how to plan out your days, and I share Disneyland and California Adventure itinerary ideas.

Use the link below or message me for the link to the Disneyland post.

https://savingcentbycent.com/2023/02/12/how-to-go-to-disneyland-on-a-budget/

#disneyland #disneylandtips #disneylandtipsandtricks #californiaadventure #californiaadventuretips #disneylandbudget #budgetdisneyland #savemoneyondisneyland
These slow cooker French Dip Sandwiches are on my These slow cooker French Dip Sandwiches are on my meal plan for this week. And it's so easy to make! You just need 10 minutes to put it together in the morning. Then let it cook all day.

I've tried a bunch of French dip Sandwiches, and this recipe is by far my favorite. My family also loves this meal.

The link to the recipe is below or message me and I'll send you the recipe.

https://savingcentbycent.com/2015/05/29/best-slow-cooker-french-dip-sandwiches/

#frenchdip #frenchdipsandwich #easydinnerideas #easymeal #easydinners #easymeals

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