It’s easy to say you want to get out of debt, and fast, but often it is much harder to say than do. We get bombarded by finance experts telling us it is super simple, and to follow their 5 step plan to financial freedom. It starts out nice and easy and we keep following their plan for a week or two, but suddenly we fall off the band wagon and back into our old habits.

This leads us to ask the question; how can you get out of debt fast?

Marry rich!

Okay, the chances are this isn’t going to happen for any of us any time soon. The fact this, unless you are willing to take drastic measures there isn’t a fast and painless way to get out of debt. It will take sacrifice and it will take time but the rewards are great.

There is only one tried and true tested way to get out of debt: Spend less than you earn!

I can already hear the barrages of people telling me to be shut up, because they have heard that advice before. Let’s be frank, unless you change jobs and get a nice pay rise, win the lottery, or marry that wealthy spouse, this really is your only sustainable solution to get out of debt.

To help you come up with a plan we have outlined our four steps to financial freedom.

  1. Formulate a budget and stick to it!Download our easy to use budget
  2. Compare you services – This could give you $1000’s per year to use to pay off your debt!
  3. Track your finances – Tracking your finances is an easy way to ensure you are sticking to your budget and identifying any extra savings.
  4. Ask for help – If you just don’t have enough income to focus on paying off your debt, it’s okay to ask for help, a professional can negotiate a better deal, freeing up valuable money so you can focus on getting your life back on track.

Unfortunately there is no magic bullet when it comes to debt. It does take time and dedication to get the results you require. Take charge of your financial situation and  ensure that you will find yourself in a better financial situation in the future.

Elise Bentley
Brand & Communications Manager

Elise is passionate about finance, and is on a mission to explore and share different tactics for tackling the everyday financial challenges in realistic and achievable ways. With a background in communications, digital marketing, and public relations, Elise uses her skills to generate new ideas and content to help make finance fun.