You may be stressed because you have lots of debt you have no idea how to pay off. The good news is there are solutions. These are seven steps for how to get out of debt.

Seven Steps For How To Get Out Of Debt


List Out All Of Your Debts


Make a list of all the types of debt you currently have. The first step is to face the reality of your debt. It would help if you faced the facts. Once you know the facts and the amount of debt you have, you can work to pay off your debt. You can then come up with a plan to get out of debt.


Start A Rainy Day Fund


Once you know how much you have to pay off your debt, start a rainy day fund. Save at least $1,000 in your rainy day fund before you start to attack your debt. Your rainy day fund will allow you to have the cash to cover emergencies to prevent you from immediately pulling out your credit card to pay for an emergency. This is a simple method to help you from continuing to go into debt.


Your rainy day fund starts as a life jacket. Your rainy day fund can eventually become an anchor to hold you steady in a financial system that wants you to be in debt. Once you pay off your debts, you can build a giant F.U. fund.

Pay Off Your Debt


The first solution is to pay off any debt you may have as soon as possible. You can start by paying off your smallest debts first. You can then start to chip away at your larger debts, bit by bit. You want to start small because you will start to see results sooner. This will help you psychologically to know that you can successfully pay off your debt. You can begin to pay off your debt by following the Spring To Sea Method.


  1. Make a list of your debts from the smallest to your largest. Don’t worry about the interest rates.
  2. Plan to make the minimum payments on all of your debts except for your smallest debt.
  3. Pay as much as you can to pay off your smallest debt.
  4. You can repeat this method until all of your debts are paid off.


You will start to pay off your smallest debts first. You will eventually be able to pay off your medium and large debts. You can start small by paying off your smallest debts first before paying off your large debts. Begin small, like a small mountain spring that eventually connects to the sea.

Live Below Your Means


While paying off your debt, make a point to live below your means. Cancel all the subscriptions you don’t need or use and don’t help you improve yourself. These would be entertainment subscriptions. You can stop going out to eat. You could stop buying the name brands and instead purchase the store brand. You can eliminate unnecessary expenses to direct more money to pay off your debts.


Find Ways To Make Extra Income


You can work to find ways to bring in extra income to help you pay off your debt. You could pick up extra hours and work overtime when it is offered. You could pick up a part-time job to supplement your full-time job. You could find random jobs in your area to bring in extra money. You could become a freelancer on a site like Fiverr or Upwork. You could resell anything that you no longer use or need on resell sites like Facebook Marketplace.


[bctt tweet=”Bringing in extra income can help you to pay off your debt sooner.” username=”@secure_single”]

Don’t Give Up


Never give up. Debt is common. You are not alone. You can pay off your debts. Your debt is preventing you from reaching other financial goals. You can go from being in adverse financial health to experiencing positive financial well-being. Your mental health will improve once your finances improve.

[bctt tweet=”Paying off all of your debts and becoming debt free is your first step toward financial freedom.” username=”@secure_single”]


Find Ways To Make Passive Income


You can work to find ways to make passive income. Passive income takes longer to generate compared to active income. You could work to write a book. You could create a website or YouTube Channel and eventually make money from advertisements and affiliate marketing. You could start a paid newsletter. You could sell merchandise. You could sell digital products, from music clips to digital courses.


[bctt tweet=”You always want to find ways to increase your income.” username=”@secure_single”]

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James Bollen is the Founder and President of Secure Single. He is an entrepreneur and a content creator with the goal of helping all different types of singles to learn to thrive as a single person.
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