How to Get Rid of Debt Fast and Be Serious About it

Are you lacking the motivation you need to finally get rid of debt fast? Find out what’s been holding you back and how to start fixing it, today!

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Several years ago, I found myself drowning in debt.

After making lots of completely irresponsible decisions in my early twenties (paying everything on credit, taking out student loans I didn’t need just so I could go on vacation or buy the latest outfit, not saving, etc, etc), at some point, I got a reality check.

What?

You mean to tell me that wasn’t free money and I have to pay it all back??

It might sound silly, but that was truly my mentality.

I was getting instant gratification now without worrying about the consequences for tomorrow.

When I finally realized I was in a deep, deep hole and I needed to get rid of debt fast, I realized it was harder than I thought.

I liked buying now and paying later.

Being impulsive and buying whatever I wanted? – I was your girl.

I thought that being in debt was just the norm – all really bad mindsets that kept me in debt for many years.

At some point though, I recognized something had to change if I was to make any headway and get rid of that debt fast.

Here’s how I was finally able to find the motivation that helped me get debt free, and how you can get serious about paying off your debt too.

Be in it 100% and Give it Your All

I made little progress during the first few years after I decided to get rid of debt.

Why?

I wasn’t fully committed to the cause.

Sure, I knew I didn’t want to have all these monthly payments and that paying interest was no fun, but in my heart of hearts, I was only halfway there on the idea.

Once I fully committed to paying off my debt though, I was able to make more progress in a year than I ever had before.

I tackled my debt as if my life depended on it, and in the process, I learned invaluable life lessons on perseverance and self-control.

So how can you be in it 100% and give it your all, you ask?

Here’s how you can get there:

Get Clear on Where You Are Now

Something that helped me get really serious about getting rid of debt fast was getting a clear picture of it.

One evening, I sat down, pulled my credit report using myFICO‘s service and listed on a spreadsheet all the debts I had on there.

To check your own credit report, I recommend going straight to the source with myFICO‘s service:

When you see it all on paper, the question of whether or not you should be intentional about paying your debt becomes a no-brainer.

With technology nowadays, there’s apps that can easily put together a clear picture of your debts for you.

I like the Debt Pay Off App – a nifty tool that lets you determine what the best way to pay off your debt is and gives you a date when you’ll be done.

It lets you play with different scenarios so you can see how various things affect your debt.

The app is available for both Android of iPhone, and you can get it here.

Find Your Reason Why

Another thing that helped me get fully committed to paying off my debt was to find my reason to do it.

At the time, I was a single mom to a young child.

I was working two jobs to be able to provide for him.

I started to think about the kind of future I’d be able to provide for him if I didn’t get out of debt.

What kind of lessons would I be teaching him about handling money if I continued maxing out the credit cards.

I decided that I needed to get rid of debt fast so I could create a better financial future for my son.

I wanted to teach him to have a healthy relationship to money.

Also, I didn’t want to work so hard so I could spend more time with him.

Lastly, I wanted to pay for at least most of his college education (I plan on letting him work for some of it so he can be invested in it).

Once I found my “why”, I plastered little sticky notes with it everywhere I could see it.

By my computer at work, on my bathroom mirror, and on my car’s dashboard.

That way, every time I was tempted to buy something I couldn’t afford, I would have something to remind me of why I was saying no to myself.

Saying no to yourself is very difficult to do.

If you are clear on why you’re doing it, it becomes much easier.

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Take Yourself as Seriously as a Business

Have you ever wondered why we sometimes treat our personal goals so casually?

I came to this life-changing realization one day while I was at work.

We had a big project coming due next month.

Our manager had a meeting with the team where he laid out the deliverables for the project.

We talked about what success would look like, and what it would take to achieve that by the deadline.

As I was sitting in that meeting, I started to wonder.

What would happen if I used that same approach to my financial goals?

See, many times when it comes to our finances, we come up with half-baked goals.

We say things like “I want to get rid of debt fast” or “I want to retire early”.

Although those are worthy goals, they lack direction!

They don’t tell us the how.

So that same week, I sat down and wrote a plan for paying off my debt.

Here’s what it included:

A Very Specific Goal

When it comes to goals, the more specific it can be, the better.

Instead of “I want to get rid of debt fast”, try “I want to pay off $60,400 comprised of these debts by X date” instead.

Since such a goal can seem daunting and discouraging, break that down into smaller goals.

If you want to pay down $12,000 in a year, then you may want to break it up into 12 smaller goals of $1,000 each month.

A really great tool to help you come up with effective goals is the SMART Money Goal Planner.

This tool will help you set realistic goals and milestones to achieve them! You can get yours here:

An Actionable Plan

Once I had my goal, I wrote down realistic ways in which I could accomplish each mini goal.

If I was to pay off $1,000 this month, I included how I was gonna get the extra $1,000.

Also, how I was going to make the payment, and to cover any expenses I may have that month, etc.

I made sure I started budgeting so I could know exactly where my money was going.

Any unnecessary expenses were eliminated, and I picked up a couple of side jobs to make extra cash.

Of course, this will be different for everybody, so find what is realistic for you.

A Timetable

In the business world, projects often come with very specific timetables.

They detail certain milestones that you can measure the project by.

If a milestone is missed, it’s easy to see that the entire project is delayed.

So I created a timetable, complete with milestones, for my debt payoff plan.

Why was this important?

It would give me a really quick view of where I was and if any adjustments were needed.

I was behind schedule?

Then I knew I had to work a little harder this month to make up for the delay.

A Provision for Failures

This may seem odd, but I realized that I couldn’t expect everything to go according to plan 100% of the time.

So in my plan, I left some room, or cushion, for failure.

I specifically wrote down what I would do if I blew my goal a month to ensure I wouldn’t go down a path of self-pity that included some shopping therapy.

Find the Right Connections

Once you’ve done some soul searching, found the real reason why you want to get out of debt, and developed an actionable plan, find a support network.

People that will be willing to tell you some hard truths and who can hold you accountable to your goals.

Accountability is Key

I can’t stress how important accountability is.

As you go through this process, there will be ups and downs.

You need to find supportive friends and family members.

People that will celebrate the triumphs with you and keep you motivated when you’ve had a setback.

Ideally, your accountability partner(s) would be people who have gone through a similar process so they can know how to help you.

When I went through my debt payoff process, I found a couple of really good friends that encouraged me each step of the way.

Sometimes, they believed in me even when I didn’t believe in myself.

You’re Not Alone

In addition to an accountability relationship, it’s important to surround yourself with individuals who are also taking on this journey.

Know that you’re not alone!

Most people have had at least some experience with being in debt, so don’t be afraid to reach out to others about your debt-free goals.

Don’t think you have anybody in the area that could help you?

Join an online community of like-minded individuals.

Also, check my blog often for encouragement, and free tips and resources to keep you on track.

To get you started, grab a Free Quick Start Guide to Paying Off Debt today!

Getting serious about finally paying off your debt is tough.

After all, the habits that got us into debt in the first place probably took a lifetime to form.

If you’re finding it difficult to find the motivation you need to get started or to keep the momentum going, don’t get discouraged!

Apply these simple strategies, and in time, not only will you begin making some serious progress, but you won’t want to stop until you’re completely debt free!

Are you serious about paying off your debt? Why or why not? Be sure to comment below!