How to Get Yourself Out of Debt (Fast and Without the Existential Dread)
You know what’s wild? I used to think the scariest thing in the world was a maxed-out credit card statement. Turns out, what’s even scarier is the amount of mental real estate debt takes up, day in and day out. It doesn’t just sit in your bank account whispering sweet nothings about high interest—it follows you to work, to dinner with friends, even into your dreams where somehow you’re being chased by a giant APR monster.
First off, let’s get one thing straight: you are not a failure. Debt isn’t just numbers on a screen; it’s math wrapped in emotion. It’s past-you making decisions that felt right at the time. And past-you wasn’t an idiot—you were just surviving, doing your best with the information and resources you had.
But now? Now, we’re going to take control. No shame, no guilt-tripping, and definitely no advice that feels like financial celery (you know, depressing, dry, and making you wonder why you even tried). Let’s get out of debt fast—but in a way that actually works. Ready? Let’s go.
Step 1: Find Out Where Your Money Is Actually Going (No Judgment!)
Before we can fix this, we need to see what’s really happening. And I do mean really. Not what we think we spend, not what we’d like to spend—what’s actually leaving our accounts.
So, for 30 days, just track your spending. No budgets, no cutting back just yet—simply observe. Use an app, a spreadsheet, or scribble it down on expired takeout menus. Whatever works.
At the end of the month, patterns will emerge. You’ll see the sneaky subscriptions, the “it’s just a latte” moments that add up, and those weirdly overpriced convenience store runs. Fixing debt starts with knowing where your money is going.
Step 2: Build a Spending Plan That Doesn’t Feel Like Financial Prison
Once you know your numbers, you can create a spending plan. Look, I’m never going to tell you, “Just stop spending money on things you love.” You are a person, not a robot. But now you can start shifting money toward priorities.
- If your rent is eating up 60% of your income, can you negotiate, get a roommate, or find a cheaper place?
- If takeout is siphoning your bank balance, can you meal prep just a little?
- What’s the one thing you could cut with the least regret? Start there.
Think small, realistic shifts—not complete deprivation. The goal is to take control, not to turn your financial life into an episode of Survivor.
Step 3: The Magic of the Mini Emergency Fund
Here’s where I throw curveballs: before we aggressively tackle debt, we build a small emergency fund.
Wait, what? Aren’t we supposed to throw every extra dollar at debt? Listen, paying down debt without any savings is like bailing water out of the Titanic with a teacup while ignoring the iceberg. Without a cushion, the second life decides to hand you a flat tire or a surprise medical bill, you’re right back into debt.
Start with $500, then aim for $1,000. Even $50 is a victory. If you want the simplest way to begin, I recommend Acorns. It rounds up your spare change and invests it for you, so you’re secretly saving without even trying.
Step 4: Attack Your Debt (Wisely)
Now that you have a tiny buffer, it’s time to prioritize your debts. You have two main strategies:
- The Debt Snowball: Pay off your smallest debt first for a fast win, then roll that payment onto the next one. This builds momentum.
- The Debt Avalanche: Pay off the debt with the highest interest rate first to save money long-term.
Neither is “better”—the best method is the one that keeps you motivated. Just pick one and start.
If you’re drowning in high-interest credit card debt, call your lender and ask for a lower rate. Yes, really. Sometimes they’ll say yes just to keep you as a customer.
Step 5: Earn Extra Cash, but Make It Sustainable
Everyone will tell you to get a second job or side hustle, but here’s my spin on it: only do this if it’s sustainable. A few months of burnout isn’t worth the long-term crash. Instead:
- Sell the stuff you don’t use. Mercari, Facebook Marketplace, eBay—it’s all fair game.
- Freelance for a few hours a week. Writing, tutoring, pet-sitting—whatever your skill set allows.
- Negotiate your salary at work. This is the highest ROI move you can make.
Remember, extra money only helps if you actually use it to pay down debt—not if it just evaporates into thin-air spending.
Step 6: Automate Like a Genius
Set up automatic minimum payments so you never get hit with late fees. Then, automate a little extra toward your debt and savings every paycheck. This skips the whole “Oops, I accidentally spent that” problem.
Step 7: Keep Going (Even When It Feels Slow)
The middle of your debt journey is where people quit. It feels slow. It feels boring. The excitement of starting wears off. But guess what? This is where the magic happens.
Stay the course. Celebrate the small wins. If you fall off for a month, just pick back up again without shame. Your future self will thank you.
FAQ: Burning Questions You Might Still Have
Should I stop saving for retirement until I’m debt-free?
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
Not necessarily! If your job offers a 401(k) match, at least contribute enough to get free money. Otherwise, focus on emergency savings first, then debt, then retirement.
Is it okay to reward myself while paying off debt?
Yes! But be intentional. A small reward when you knock out a big chunk of debt is motivating. Just keep it reasonable (maybe a nice meal, not a spontaneous trip to Paris).
What if I feel like I’ll never get out?
You will. I promise. It might take time, but every dollar you throw at your debt is building momentum. Keep going.
You’re Closer Than You Think
Paying off debt isn’t about being perfect—it’s about being persistent. You’ve already taken the biggest step: deciding to take control. Now, keep that momentum going.
If you need more encouragement, finance tips that don’t make you want to scream, and a solid game plan, subscribe to my newsletter. And if you love hearing an experienced, no-BS approach to money, check out the Get Out of Debt Guy podcast. Let’s do this together.
