A Simple Guide to Paying Off Debt and Taking Back Control of Your Finances

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Debt can feel like a dark cloud that never goes away — always hanging over you, following you from paycheck to paycheck. But the good news? It can be managed, and you can take back control of your financial life. The key is having a plan and committing to consistent action. Here’s a simple step-by-step guide to help you pay off your debt — one payment at a time.

1. Figure Out Exactly How Much You Owe.


The first step in tackling your debt is knowing what you’re dealing with. Take a moment to sit down and list all your debts,  credit cards, personal loans, car loans, student loans, money you borrowed from friends or family, every single one. For each debt, write down:

  • The total amount you owe
  • The interest rate
  • The minimum monthly payment
  • The due date

This might be uncomfortable, but it’s powerful. When you face your numbers, you begin to take back control. You’ll know what you’re up against, and you’ll stop guessing or avoiding the truth.

2. Focus on One Debt at a Time

Once you’ve listed everything, it’s time to choose a strategy. Two popular methods are:

  • The Avalanche Method – Pay off the debt with the highest interest rate first while making minimum payments on the others. This method saves you more money in the long run.
  • The Snowball Method – Pay off the smallest debt first, then move on to the next. This builds motivation as you start to see quick wins.

Choose what works best for your personality. If you need motivation, go with the snowball method. If you’re disciplined and want to save money on interest, the avalanche method is your friend.

3. Put Any Extra Money Toward Your Debt. 

Every little bit helps. Whether it’s a tax refund, a side hustle income, a bonus at work, or just leftover cash from your monthly budget — throw it at your debt. That extra payment can shave months or even years off your repayment time.

Even something as small as K100 or $10 more a week can make a difference. The key is consistency. Over time, these small extras compound and push you closer to being debt-free.

4. Embrace Small Savings and Cut Back on Unnecessary Spending. 

You don’t need to live a completely joyless life, but cutting down on unnecessary expenses can free up more money to put toward your debt. Start with these steps:

  • Brew your own coffee instead of buying it daily
  • Cook meals at home more often
  • Cancel unused subscriptions
  • Buy in bulk when possible
  • Look for free entertainment options

It’s about being mindful. When you make saving a habit, you’ll be surprised how much more money you can find in your budget to help crush your debt faster.

Final Thoughts

Paying off debt isn’t just about money — it’s about freedom. It’s about creating a future where your paycheck belongs to you and not your creditors. It might take time, and it will require some sacrifice, but the peace of mind is worth every effort.

Start small. Stay consistent. And remember: every payment brings you one step closer to financial freedom.

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