8 Things You Will Need To Help You Get Out Of Debt

get out of debt

    Getting out of debt is a big deal. It takes time and energy to get out of debt. The good news, it is possible. When you sit down to think about how you will get out of debt, you’re probably wondering what tools you will need. I wanted to outline at least 8 things you will need to help you get out of debt.

#1. A Plan

The most important thing you will need when you are trying to get out of debt is a plan. Don’t ever try to attempt to get out of debt without a plan of some sort.

#2. Extra Money

Another thing you will need when you get out of debt is extra money. Most people have a budget that is already tapped, which is why trying to make extra money is important.

#3. Lots of Patience

It’s always easy to wish for something, but it is much harder to get out there and work for something that you want. When trying to get out of debt, you will need lots of patience.

#4. Communication

Whether it is communication with your spouse or with the debt you’re trying to ditch, communication is super important. You need communication to help your debt plan to come to fruition.

#5. An Emergency Fund

Getting out of debt is hard, no lie. So, don’t make it harder on yourself, get an emergency fund in place. This is a small amount of money that you lean on when you need it. For example, if you need new tires, you can use your emergency fund, instead of using a credit card or taking out a loan.

#6. Cash Only Mentality

Want to get out of debt? Stop taking on new debt. From here on out, you will need the cash only mentality. No more taking on debt to help you reach your financial goals. Cash is king and you need to make it happen.

#7. A Reward System for Yourself

Just because you’re getting out of debt, it doesn’t mean you cannot live a little. You can get out of debt faster if you reward yourself along the way.

#8. A Snowball

Most of you probably know what a snowball is, but some of you may not. A snowball is a list of debts you need to pay off listed from smallest -largest. You pay off the smallest first and then work your way to the highest.

Let’s Discuss:  What tools have you used in the past to help you get out of debt?

© 2016, Tough Cookie Mommy. All rights reserved.


  1. I was just thinking that my October goal should be to better my finances. I love these tips. They seem easy enough to apply!

  2. My husband and I are lucky to be debt free. We were both able to graduate college on scholarships for academics. Because of that, we were able to get great jobs and purchase our first home without taking out a loan! These are great steps for those who are in need of some help!

  3. These are great tips. I am still working on improving my debt!

  4. Great advice, for some it can be so hard to get out of debt – It’s definitely something I want to teach my kids so they don’t have problems with it.

  5. Purging our debt is one of my major goals for the year so I appreciate your post. It’s filled with great tips for sure!

  6. Having a plan and sticking to it, really helps me. I also move money into a reserve or saving account so I have an emergency fund or a fund for future purchases or vacation. Even my normal account is running low I don’t tap into that fund.

  7. These are great tips. Paying off a debt with a new debt is a no-no. Cash mentality is a must because you only get to spend what you have.

  8. Great tips!! Fortunately, I’ve never been in debt (and work very hard and sacrifice a lot to stay that way) but I know many people are especially from school loans and this post would be very helpful for them (and are good reminders for me!).

  9. All great tips! As a SAHM we live and die by the budget. However, there are times we get a little ahead of ourselves b/c of unexpected car repairs, or medical bills that add up quick. I’ll have to employ some of these tips!

  10. When my son had to be in the NICU that totally crushed my savings account and my emergency fund (hey…that is what is it for, right?) Except I totally stressed about building it back up. It took over a year, but with diligent spending and saving, I was able to get it back to where I felt comfortable.

  11. Many years ago when I was in college, they used to hand out credit cards on the campus as though they were candy. I got myself into trouble then and I swore NEVER AGAIN. We are very lucky to be debt-free. My rule is do not spend more than you make and to put some away each month!

  12. Dana Vento says

    Smart tips! Getting out in debt is really important, this is my goal this year and I’m near of it.

  13. My largest debt is my home I am hoping to start paying an extra 10-15 dollars on our loan starting next month. It’s not much but it’s a start.

  14. Very solid advice. I am a biug fan of Dave Ramsey and his methods and he advocates many of these things. It may seem like an uphill climb but it can be done.

  15. Debt can be very overwhelming. Your suggestion are easy to apply. Staying tuned into your finances is key. Ignoring it only makes it worse.

  16. You don’t have to deprive yourself when you’re short for cash, but you do have to learn to manage your money the right way. I think these are all essential and if you follow these, you’ll definitely get ahead of your debt.

  17. I love listening to Dave Ramsey. He is pretty no-nonsense and tells you how it is. It is motivational for me!

  18. Never knew what a snowball is. Like all the suggestions on this list to pay down debt in general. I will take some time and follow these.

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