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How to Pay Off Debt Fast! (10 Easy Tricks)

January 9, 2023 By Heidi 30 Comments

I may get paid for ads or purchases made through links in this post.

Wondering How to Pay Off Debt Fast? Even if you’re feeling broke, or living paycheck to paycheck, these tips and tricks will have you doing a debt free dance in no time!

Here’s what you need to do…

How to Pay Off Debt Fast

Have you found yourself drowning in debt? With skyrocketing inflation and an increasing recession, you’re not alone!

Student loans, car loans, home loans, and credit card debt sure can add up quickly!

Debt is stressful, and when it comes to debt, the name of the game is to pay it off as FAST as you can.

To an extent, the amount of debt will determine how fast you can pay it off. However, you CAN also supercharge your debt payoff plan with these simple tips and tricks!

Whether you’ve got a few loans remaining or you feel like you’re struggling to stay afloat, here’s How to Pay Off Debt Fast…

Related: Side Hustle Ideas to Skyrocket Your Income!

#1: Identify All Sources of Your Debt

Before you can get started paying down that debt, you’ll first want to determine all sources of debt you currently have.

Make a list and include ALL debt sources… like car payment, mortgage, student loans, each individual credit card, etc.

Now is the time to get organized.  First you’ll need to take a look at your budget and your monthly bank statements to identify all of your bills.  

Then, for every debt you owe, you’ll want to identify these details:

1. Total Amount Owed

2. Current Interest Rate

3. Minimum Monthly Payment Due

4. Monthly Due Date for the Bill

    Now add up ALL of your debts, to get the sum of your actual current debt. Once you know exactly how much debt you have, you can start making a plan to pay it off, as well as setting goals to keep you going.

    Related: How to Raise Credit Score FAST (14 Easy Tricks)

    #2: Aggressively Decrease Your Expenses

    Paying off debt is simple… if you have the money, right? That’s why it’s time to aggressively decrease your expenses!

    Take a long hard look at your budget, or take the time to create a budget if you haven’t already.

    Analyze each expense one by one, and determine what you can cut out completely… maybe certain monthly subscriptions, a gym membership, or that daily latte? Then, determine what expenses you can lower… like groceries, gas, etc.

    To get started, here’s a great resource to help…

    How to Save Money Fast

    How to Get Out of Debt

    #3: Find a Roommate to Lower Your Housing Costs

    When it comes to housing, your apartment rent or mortgage payment can easily be your biggest expense each month. That’s why you may want to consider slashing your housing costs!

    Whether you bring on a roommate, or just move to a lower cost home, finding a way to cut back on housing expenses is a brilliant way to cut your monthly bills FAST!

    Plus, now all of that newly found savings can be applied directly to your debt!

    #4: Drive a Less Expensive Car

    Ways to Save Money on Rental Cars Tips

    Now that you’re in serious cost cutting mode, it’s time to look at your car.

    To save BIG, you will most likely want to skip the new car purchase or lease. You can save so much money by simply driving a reliable older car instead.

    Also, be flexible on what make and models of cars you are willing to consider. Now is not the time to ‘treat yourself’ with every upgrade out there. That time will come, but for now we need to get a little drastic.

    Start by looking for the most reliable used cars at the best price and go from there.

    If you are planning on switching cars, check out these 12 Ways to Save Money on Your Next Car Purchase!

    #5: Consider Asking for a Raise at Work

    When was the last time you got a raise at work?

    With the recent out of control inflation, it may be time to consider asking your boss for a cost of living wage increase! Oh I know it can be scary, but the upside can really be worth it!

    I’ve asked for raises SO many times of the years, and the worst that ever happened was nothing. The best that happened was some BIG raises!

    So get brave, put on a smile, be sweet, and consider asking!

    #6: Boost Your Income With Side Hustles!

    In addition to a raise at work, adding in some Side Hustles is a fantastic way to skyrocket your income! Get started with these simple ideas here…

    25 Side Hustle Ideas to Skyrocket Your Income

    #7: Sell Stuff Online or on Consignment

    We all have a way of accumulating clutter, right? So take some time to declutter your home this weekend… and swap it for cash!

    Then list items on Craigslist, Facebook Marketplace, Ebay, or drop at a Consignment Store so you can make extra cash to pay down your debt!

    Your home will be tidier and your debt will smaller. Now that’s a win-win!

    Make Extra Money Consigning Clothes

    Related: 30 Garage Sale Tips and Tricks!

    #8: Take The No Spend Challenge

    Consider taking a No Spend Challenge for a month to help conquer your debt and to kick your savings into high gear!

    No Spend Challenge Ideas and Tips

    #9: Pay off Loans (Starting With Your Smallest Loans First)

    Now it’s up to you to determine what debt you want to tackle first, however a popular method is to pay off your smallest loans first.

    Why? Well… it will offer you the biggest morale boost to know one entire debt is now GONE!

    Simply take all of your extra funds available to go after your smallest debt and get it completely paid off.  Then once your smallest debt is paid off, you can move on to paying off the next smallest debt, and so on.  

    This method, also known as the ‘Snowball Method‘ will decrease your total number of bills much faster.  

    With less monthly bills, you’ll have less stress and a real sense of accomplishment to keep you motivated for the long haul!

    #10: Continue to Throw All of Your Extra Money Towards Your Debt Payoff!

    Now this is where things get fun! You’ve been working hard to cut expenses while increasing your income… and it’s time to throw everything you’ve got towards getting rid of that debt!

    Got a large tax return? Use it to pay down your debt!

    Got a raise at work? Use it to pay down your debt!

    You get the idea… a large cash gift for your birthday or Christmas? Pay down debt!

    You’ll love the feeling of freeing yourself from big chunks of debt all at once!

    Just make sure that your extra payments are actually applied towards your loan balance. You may need to contact the servicer of your loans to make sure the extra payments are being applied towards your loan balance, not simply towards the next month’s payment.

    I paid off my last home mortgage back in 2012 and being debt free since then has felt so liberating.

    Trust me, the extra effort required to finally pay off your debt is so worth it. Nothing beats the freedom you’ll feel from watching your debt melt away, one bill at a time until it’s totally gone. What a great feeling that is!

    You’ve got this!

    As always, the content on this site is not financial advice, but shared just for informational purposes.  The information you’ll find on this site is never a substitute for financial advice obtained from a professional familiar with your specific situation and individual circumstances.

    More Personal Finance Tips

    I have even more Frugal Money Saving Tips to help you save money and become debt free faster!  Spending less and keeping more cash in your wallet is fun, so let’s keep on saving money!

    So take a few minutes today to explore these helpful tips and tricks below…

    How To Cut Your Grocery Bill In Half (35 Money Saving Tips)

    Want to know how to cut your grocery bill in half?  Keep more cash in your wallet with these easy money saving tricks!

    How to Cut Your Grocery Bill in Half Tips

    How to Sell My Car Privately (What I Wish I Would Have Known)

    Are you thinking of selling your car?  Use these 12 tips to Sell My Car privately, to get the most money possible!  Recently, I came in pocketing an extra $3,500 for about 15 hours of total work.  Not bad, huh?

    How to Sell My Car Quickly

    How to Save Money on Your Cell Phone Bill (15 Easy Tricks)

    When it comes to monthly bills, the cell phone bill can easily creep up and become one of your larger bills.  With costly plans, hidden fees, and data overage charges, it’s easy to see how it can spiral out of control!

    Why You Should Start an Emergency Fund

    You never know what financial surprises may come up, but you can rest easy when you have a nice stash of cash set aside in your emergency fund!

    How to Save Money on a Tight Budget (10 Foolproof Tips)

    Even if you don’t have a lot of extra cash to spare, today I’m going to show you how to save money on a tight budget!

    How to Organize and Pay Bills on Time (8 Tricks to Avoid Late Fees)

    Whether you’re super methodical or crazy disorganized, adding some new ideas to improve your finances is always smart.

    How to Start Saving for Retirement (10 Tips to Meet Your Goals)

    Once you make a point to start and get that momentum going, you’ll be so excited to watch your retirement savings grow!

    How to Raise Credit Score FAST (14 Easy Tricks)

    Could your credit score use a boost? Or are you just wondering how to raise it quickly? You’ll love these easy tips and tricks for How to Raise Credit Score FAST!

    How to Raise Credit Score Fast

    So what are YOUR favorite tips for How to Pay Off Debt Fast?

    Leave a comment & share!

    Filed Under: Personal Finance

    Comments

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      • Veronica Lee says

        January 14, 2023 at 7:08 am

        Marvelous tips, especially selling stuff you don’t need anymore.

        Happy Saturday, Heidi!

        Reply
        • Heidi says

          January 16, 2023 at 1:37 pm

          Thanks so much, Veronica! Selling belongings you no longer need really is such a win-win… you can make money and declutter at the same time! 🙂

          Reply
      • Val says

        January 14, 2023 at 6:36 am

        Excellent tips! My husband and I aren’t big spenders so luckily we don’t incur debt. We made a huge lifestyle change moving from a very high real estate cost state to an inexpensive one. That made a huge difference for us financially. Debt is so stressful and getting rid of it is an awesome feeling.

        Reply
        • Heidi says

          January 16, 2023 at 1:36 pm

          That’s wonderful, Val! Cutting your real estate expenses drastically like you did is such a great idea. And I agree… having debt really can be so stressful!

          Reply
      • CoCo says

        January 14, 2023 at 3:01 am

        These tips are all so helpful, Heidi, thank you so much for pulling them together. I think one of the biggest things you can do is to look at all your bills and subscriptions at the same time. It’s crazy how many little things we had going out that we never really realized until we sat down and looked at everything at the same time. Love that you’ve paid off your house as well. We’re just a few years away but it feels totally doable now. Sending you lots of hugs and thank you for the great info, CoCo

        Reply
        • Heidi says

          January 16, 2023 at 1:33 pm

          You’re so sweet… thanks, CoCo! And I agree… taking the time to review ALL of your bills and subscriptions at once is such a helpful exercise! It’s amazing how several small expenses can really add up quickly!

          Reply
      • Michelle says

        January 11, 2023 at 7:37 pm

        Awesome tips, especially selling stuff you don’t need anymore. Such a win-win situation, getting rid of junk you don’t need and making money at the same time 🙂

        Reply
        • Heidi says

          January 16, 2023 at 1:32 pm

          Right? Getting paid to reduce clutter definitely is a win-win!

          Reply
      • judee says

        January 10, 2023 at 8:06 pm

        Some really helpful ideas. Perfect to go into the new year!

        Reply
        • Heidi says

          January 16, 2023 at 1:31 pm

          Thanks, Judee! The new year is definitely a great time to reset your budget and set some new goals!

          Reply
      • Adriana Leandro says

        January 10, 2023 at 6:17 pm

        Great tips. I should try asking for a raise at work.
        Have a nice day.

        Reply
        • Heidi says

          January 16, 2023 at 1:30 pm

          Thanks Adriana ~ I’m so glad you enjoyed the tips!

          Reply
      • retro bowl says

        January 10, 2023 at 1:12 pm

        Good advice, Heidi! All of us could use some assistance, especially with the inflation. Selling goods you no longer need is a great idea, in my opinion.

        Reply
        • Heidi says

          January 16, 2023 at 1:22 pm

          I’m so glad you liked the tips!

          Reply
      • Rainbow Evening says

        January 10, 2023 at 11:46 am

        I should try this: “#5: Consider Asking for a Raise at Work…”

        # Thank you for reminding all of us

        Reply
        • Heidi says

          January 11, 2023 at 12:10 pm

          Definitely… I’ve done that so many times, and have been so thankful for the raises I’ve received, just for asking! 🙂

          Reply
      • Healthy World Cuisine says

        January 10, 2023 at 11:13 am

        Perfectly times post! With these economic times, it is time to buckle down and get those expenses less than income. Love all your cost saving ideas.

        Reply
        • Heidi says

          January 2, 2024 at 5:14 pm

          Aww… thank you so much! I’m so glad you’re enjoying the finance tips and tricks!

          Reply
      • somewhereinireland says

        January 10, 2023 at 8:13 am

        Good tips especially during these times when everything is going up.

        Reply
        • Heidi says

          January 11, 2023 at 12:10 pm

          Right? The inflation is getting wild out there!

          Reply
      • Lisa's Notebook says

        January 10, 2023 at 2:19 am

        Paying off smaller loans first is such a great tip, Heidi, that’s an easier way to get the ball rolling and give yourself a boost as well – thank you!

        Reply
        • Heidi says

          January 2, 2024 at 5:13 pm

          It really does make such a difference psychologically with that motivational boost! 🙂

          Reply
      • Her Digital Coffee says

        January 9, 2023 at 3:28 pm

        Great tips Heidi! We could all use some help, especially with inflation. I love the idea of selling things you no longer need. You can make some extra money and declutter your home, a win-win! Thanks for sharing!

        Reply
        • Heidi says

          January 11, 2023 at 12:09 pm

          It really is the perfect combo – a clean home and cash in the bank! 🙂

          Reply
      • Kathrine Eldridge says

        January 9, 2023 at 3:11 pm

        Yes to all these tips! My faves are a side hustle and selling what you don’t need. I need to think about that with my clothing.

        https://www.kathrineeldridge.com

        Reply
        • Heidi says

          January 2, 2024 at 5:13 pm

          That’s a great way to free up some extra cash to pay down debt!

          Reply
      • Kim says

        January 9, 2023 at 2:44 pm

        Great tips! Always looking for ways to shave off some $$$.

        Reply
        • Heidi says

          January 11, 2023 at 11:42 am

          I’m so glad you found the tips helpful, Kim!

          Reply
      • delphine says

        January 9, 2023 at 1:19 pm

        Merci pour tous ces conseils
        Belle soirée

        Reply
        • Heidi says

          January 2, 2024 at 5:12 pm

          Avec plaisir, Delphine. 🙂 Bises

          Reply

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      About Heidi Picture
      Hi, I'm Heidi... I'm so glad you're here! I'm the Frugal Girl living here in sunny AZ with my hubby, and love sharing Easy Recipes & Frugal Living Tips!
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