If you’re in debt, getting out may seem impossible. Fortunately, there are numerous ways through which you can get yourself out of that tight corner. The first step is to acknowledge that you’re in debt and you need to get yourself out of it. Then there are a few easy steps you can follow:

Know what you owe

You can create a cash flow calendar so you can track how much money’s going in and out of your accounts. This will essentially force a behavioural change which will ensure that you’re constantly aware of your spending habits.

Spend cash

By going on a cash-only diet, you force yourself to feel the pain associated with spending real money. Using cash creates a heightened sense of awareness, so you’re less likely to overspend.

Ask for help

One of the many positives of the amended National Credit Act is the introduction of debt counselling services for South Africans who find themselves drowning in debt. If you really want to get out of debt you can get debt counselling to help you settle your debts. If that seems a bit too drastic for your liking, you can always turn to a friend or loved one to be your accountability partner. By sharing your debt repayment plan you’re more likely to be accountable and to want to work hard towards getting out of debt.


It’s important to be realistic about your income and spending. You need to be clear about how much you owe and create a debt repayment plan. You also need to be disciplined and stick to your budget.

Set yourself tangible goals

Goals are useful ways of breaking hard things into more manageable chunks. Keep in mind that once your goals are in place, they’ll be almost impossible to ignore.

Try snowballing

The snowballing effect is quite popular. Once you’ve paid off a debt, you’ll have freed up some money which you can use with the minimum payment that has already been made. This helps you get out of debt faster.