It is a very hard feeling when you have debt to pay
It can be many sleepless nights thinking about how you can get rid of all your debt
While being in debt you hear about people saving money

You believe that saving is not for you because you are stuck in your debt
I want to show you that saving while paying your debt is very feasible

Just read below my top recommendations on how to pay your debt first and shift your mentality to someone who can really save money

1) Pay more on the high interest debt first

There are many debates here on how to tackle your debt

I would say the most logical approach is to look for the highest interest debt and put more money into it

Keep in mind that when you pay a debt you have to pay all debts at the same time
I don’t want you to miss a payment on one debt

2) Consolidate debt to the lowest interest

Sometimes I used to receive from credit card companies or banks mails offering to move other credit cards debts to their accounts with one year of very low interest rate

If you focus why you received these mails
It means you have a high chance to finish your debts or they would not have offered you to borrow money without being able to pay it back

3) Pay more than the minimum balance

If you don’t know that paying only minimum balance will not get you out of debt
Let me tell you that it will make things worse because when you pay only the minimum balance you just pay the accumulated interest while the debt itself is not decreasing

4) Buy quality used car rather than new one

This advice is not only for helping you to pay your debt but it is for anybody who will about to incur debt because of buying a new car

Buying new cars in general are paid mostly for a vast majority of people either by a loan or from line of credit
Don’t expect to recover from your car debt quickly
So why you make your situation worse by buying a new car

There are some car brands which are reliable and have very high reviews
Those are the cars to buy as used

5) Save on groceries to help pay off debt

First track your grocery spending and you will wonder that you can still save money and use that into paying your debt

I recommend to read my post on how to save money on grocery

In my previously mentioned post
I show you more than 30 ways to save on groceries
At least there are few of them you have never heard about

6) Get a second job or look for an extra income

It all depends on your situation
If you are a family man who has small kids
You need to stay with them, your kids need you around them

Your only option is to look for an extra income like driving Uber part time or applying for Doordash food delivery
Opportunities are countless you have to look for what suits you and keep you around your kids

7) Track your spending

I remember once I analyzed my credit cards spending
I was able to pick around $100 dollars to save from monthly subscriptions for things I don’t need anymore

8) Refinance your mortgage

Sometimes when renewing your mortgage or getting the opportunity to refinance your mortgage
You can apply for a new home equity line of credit with the lowest interest rate
You can pay all your debt and focus on one consolidated debt

9) Speak to a free credit counselor

Don’t ever think that you got nothing new to hear from these counselors
Trust me you got nothing to lose
They are aware of all opportunities around you where there are some of them you have never heard even about their names

10) Take the 52 weeks money saving challenge

Did you ever think about the term that says before
Save to pay your debt
You think I am out of mind
How can I ask you to save while you are in debt

Well, if you are good at math
I recommend for you to read the 52 Weekly money saving challenge

In any of these money saving challenges you start with very little money to save
It will not eat your budget
You increase the value a little bit every week
Look at the amount of money you will save at the end of the year

Don’t believe me then visit the link above

What to do after paying all of your debt

First enjoy this feeling as it can take you more than 3 years if you are on the right plan and fully dedicated to get rid of your debt

Analyze what you have already cut from your spending and make sure to keep the habit of not putting yourself again into buying a luxury things that can put you again in debt

Take the 52 money saving challenges very seriously as you need to build a reserve fund to pay for emergencies and to help you pay for your upcoming vacation

Start thinking about legal secure ways of investing your saved money
You deserve that but keep in mind that some investments penalize you if you withdraw the invested money before the maturity date
So make sure you invest money that you don’t need in the short term

Finally be positive as lot of people while they started the process of paying their debt they lost hope in the middle so they completely gave up
I don’t want you to be like them

Author's Bio: 

Sam Michael writing about save money, frugal living tips, possible ways to make money and how to Start a successful blog