3 Shockingly Straightforward Ways You Can Get Out of Debt Faster (Even If You’re Dead Broke)

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Do you ever look at your bank account at the end of the month and think, “If it wasn’t for this bill coming out every month, I would be in way better financial shape.”? Are there several payments that you could say that about?

Between bills, general necessities, and other payments, finding new ways to reduce debt faster can feel like rolling a boulder uphill. You can’t let go financially for a second without risking an accident or worse. And worst of all, when you’re living from paycheque to paycheque, every dollar counts. 

So if you’re stretching every cent and looking for more ways to shed debt, here are 5 tips you can use to get there even if you have very little money to speak of.

1. Shave Some Money Off Of Your Current Budget

Sometimes the only response you have when you’re asked to find more money is to look at your post-bill bank account balance and ask, “Where?”

However, when you look at how you’ve been spending money overall, you may be able to scrape a few cents and dollars off of expenses in ways you never realized you could. 

For example, Chateline interviewed a blogger who was able to save over $1,000 a year by switching from cable to mostly streaming. If you’re shopping for groceries, there may be cashback apps, discount apps, and other coupons available that would allow you to get a bit more mileage out of your grocery budget. And while it might not always seem like much, those extra dollars and cents can really add up for you in a big way.

2. Start a Side Hustle

When it comes to debt repayment, a lot of people get so caught up in squeezing more money out of their current income that they forget they have the option of making more money.

With working from home on the rise, people now have much more time and options to explore some creative ways to make some extra cash on the side. Are you a gifted writer? Magazines, sites, and blogs are always clamoring for new content. Are you good with crafts? Maybe it’s time to showcase your talents on Etsy. And if the digital world isn’t your thing, there’s still more than likely part-time or casual work available somewhere if you keep your resume ready. You just need to know where to look. 

3. Get a Personal Loan

One way to avoid being caught in the trap of spending too much money on interest is to take out a personal loan. On the surface, that might sound a bit counterintuitive. After all, if the goal is to lower your debts, why would you take out a loan?

Interestingly enough, this is an example of how sometimes taking on debt can be a good decision. Using a loan in this way is known as debt consolidation – it allows you to pool all of your debts into a single, more convenient payment. And on top of the simpler payment schedule, a personal loan also lets you get more bang for your buck simply because less of your money will be spent on interest. 


If we’ve all learned anything from the pandemic, it’s that you can’t put a price on financial security. When you’re debt-free, you have a lot more freedom to save and put money away while providing for the people that matter to you. As much as we all would love to win the lottery or inherit a fortune that could wipe all those debts out instantly, that’s not always feasible. Luckily, with a bit of creativity, a slow and steady debt repayment strategy is all you really need to win the race no matter how much money you’ve got coming in.

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