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  • Writer's pictureFrankie Copsey


Updated: Oct 23, 2020

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Overwhelmed doesn’t even begin to sum up my feelings, when I finally decided to tackle my debt.

When you’re drowning in debt, it can be difficult to even look at your bank statement, let alone create a plan to pay it off! I’ve been there and totally get it!

So where do you start if you’re drowning in debt?

Follow these steps to create a successful debt pay off action plan!

Be Honest with Yourself

People tell me all the time, “ I just have a few credit cards”, or “I have a couple student loans.” But time and again, it’s considerably more than that!

Being honest about your debt can bring up feelings of shame and failure. I know from experience what that struggle is like.

Even though it’s difficult to face the truth, if you can’t be completely honest with yourself you can’t build an action plan to pay off that debt.

Count up all your debts and move forward. As soon as you have a plan you’ll feel instant relief and back in control of your money. I promise!

Start by listing all your debt from smallest to largest.

It can be overwhelming to look at an enormous amount of debt, but don’t think of it as this enormous mountain you’ll never climb. Break it down into small, more manageable chunks.

Instead, start with the smallest debt that you owe, and focus only on that one first; slowly chipping away.

Struggling with justifying your debt, click here for strategies on how to stop justifying your debt.

· Read: Five Ways To Stop Impulse Spending

Learn to Budget

You’ve heard this from me before and you’re going to hear it again.


Your money has to go somewhere, and you need to tell it where to go instead of seeing it fly out of your hands.

Creating a monthly budget forces you to be intentional with your money. You’ll quickly learn exactly what you’re spending your hard earned money on.

Read: Are Spending Leaks Killing Your Budget

Soon you’ll see money as a tool that builds your wealth instead of continually being on the paycheck to broke carousel.

Challenge Yourself to a Spending Freeze

Miscellaneous spending is the hardest to control and toughest to track.

Miscellaneous spending was my Achilles heel.

This was because I didn’t have a plan for my money, aside from my basic expenses like my mortgage and utilities.

If you made a budget and still don’t have any additional money to catch up or throw at debt, challenge yourself to a spending freeze.

Aside from your necessities to live (food, utilities, rent/mortgage, gas), spending nothing for a week…maybe even try a month. You’ll be surprised the money you save over a short period of time just from giving up a run to the gas station for snacks.

Learn more about completing a Monthly Subscription Freeze here.

I did this when starting out on my debt free journey and it helped me “find” extra money that I could throw in my savings or at my debt. It also encouraged me to cut more unneeded expenses from my life to free up as much cash as possible.

It’s amazing the amount of money you’ll save and how quickly you’ll learn to live without those impulse purchases you never needed to begin with.

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