How can you get back on your feet financially?
Jun 8, 2026
Being under an obligation is the most terrible and distressing situation in a person’s life. Carrying a heavy debt—one that exceeds what you can handle—inevitably leads to further indebtedness. So, if you are struggling with debt and want to get rid of it as quickly as possible, you may benefit from the following advice at qmoney:
1. Pay more than the minimum amount
Use the debt snowball method
- Pay more than the required minimum each month.
- List your debts from smallest to largest and start by paying off the smallest one.
2. Cut your expenses
Earn extra income with a side job
- Find a small side job (lawn mowing, cleaning, babysitting, virtual assistant).
- Use this extra income to pay off your debts.
- Limit unnecessary expenses: dining out, subscriptions (TV, gym, streaming services), shopping.
3. Sell unused items
Sort through your belongings and sell the items you no longer use online.
4. Find a part-time job
Consider a balance transfer
- Look for a part-time job for extra income.
- Explore balance transfer options to take advantage of a lower interest rate.
5. Ask for a lower interest rate on your credit cards
- Contact your bank to negotiate a more favorable interest rate.
- If possible, transfer your balance to a low-rate card.
6. Use any unexpected money to pay off your debts
Cut unnecessary expenses
- Analyze your spending habits and reduce superfluous expenses.
- Use bonuses, raises, or inheritances to pay off your debts.
7. Shop with a list
Take advantage of free library services
- Avoid impulse purchases by using a shopping list.
- Borrow books and movies from the library to cut down on entertainment expenses.
8. Cut back on visits to expensive cafés
- Look for free entertainment options
- Opt for free activities (walks, free concerts, outdoor outings).
9. Sell your car
Limit credit card use
- If your car is too expensive, consider selling it and using public transportation.
- Reduce the number of credit cards you use.
10. Use only cash
- Paying with cash makes it easier to control your spending.
- Temporarily stop investing and focus on paying off your debts.
11. Build up your emergency fund
The more you save, the more resources you will have to pay off your debts without stress.
12. Avoid expensive outings with friends
- Adjust your lifestyle
- Cut back on spending on outings until you are debt-free.
13. Create a budget
Inform your family of your financial plan
- Use online tools to track your expenses.
- Involve your family in managing the budget.
14. Learn to say no
Consider debt consolidation
- Refuse requests for financial assistance if you are in debt.
- Debt consolidation can help lower interest rates and simplify payments.
15. Spend less than you plan to
- Prioritize your needs and avoid impulse purchases.
- Consult a credit counselor for assistance.
16. Renegotiate your mortgage
- If you are a homeowner, explore options for renegotiating your loan.
- Consult an independent financial advisor before making a decision.
By following these tips, you can regain financial stability and pay off your debts faster!