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Five strategies to tackle debt

by , 15 September 2014

Debt is often a cause of stress and unhappiness. The more debt you have, the more stressed out you are.

Sometimes, it seems that you have lost all control and that debt has won. But, rest assured, you can gain back the power and get rid of debt once and for all. It won't be easy, but it will surely be worth it.

How do you take back control of your finances and manage to pay off debt in full? Here are five efficient strategies to tackle debt.
 
1. Start budgeting
 
Most of us dread the word “budget”. However, if you don’t stick to a budget, you can’t control your debt. Setting spending limits allows you to take control of your finances and allocate a larger amount towards paying off the debt.  
 
You can use online tools and personal budgeting software and apps to help you live within your means and avoid spending more than you should. A smart budget will encourage you to save more money each month, money which will go towards paying off your debt.
 
2. Come up with ways to increase your monthly income
 
If you look hard enough, you will surely find ways to make extra money each month. Whether it’s getting a part-time or a freelance job, starting your own side business, selling items on eBay, or working harder in order to get a promotion at work, you can find plenty of ways to increase your monthly income. Make sure to redirect that extra money towards paying off your debt, instead of using it for impulse buys.
 
3. Set goals and stay disciplined
 
You can’t pay off your debt if you’re not disciplined. Practice discipline in all areas of your life, especially when it comes to money management. Work on your monthly budget and cut unnecessary expenses. Reduce your spending and set a weekly spending limit, to avoid overspending. Set clear goals regarding paying off your debt and work on achieving them. Reward yourself for every small accomplishment.
 
4. Become more frugal
 
Certain sacrifices are required in order to get rid of debt. Living frugally means enjoying the simpler things in life and avoiding unnecessary expenses. You can practice frugal living to develop healthier habits that help you save more money. There are many online resources available on how to live frugally.
 
5. Set up a debt payment program and stick to it
 
Pay off your debts one by one, starting with the ones that have the highest interest rate. Create a debt payment program and stick to it, even if it means skipping vacations for two years. Make a few sacrifices in order to get rid of debt sooner rather than later and you’ll thank yourself later.

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