5 Habits to Help You Get Out of Debt Faster

3 min readFeb 1, 2021


The thought of attempting to get out of debt can be overwhelming for many people. At times it may even seem like a task that is impossible to complete. Getting out of debt and experiencing financial freedom takes sacrifice, discipline, and creativity. Today I am sharing 5 habits that helped me get out of debt.

1. Create a monthly budget

Account for every dollar coming in and every dollar going out. Examine your banking history for the last few months when calculating expenses. This will help you find missing money and money spent on things you no longer need, like fast food and subscriptions.

2. Stop going out to eat

Eating at home saves you money. Eating food from restaurants can add up very quickly and comes with a convenience cost. If you eat at restaurants regularly, take a look at last month’s spending to see how much money you spent on dining out. This can be an eye-opening experiment.

3. Use a grocery list

Grocery shopping with a list saves you time and money. Have you ever gone to a store to purchase one item, but you ended up leaving with ten or more instead? We have all done it at least once. Make a list of what you need, get what you came for, and get out of there. If it’s not on the list, it’s not on the receipt.

4. Build a get out of debt plan and stick to it

Having a plan of attack allows you to be laser-focused on reaching your goals. Know the order in which you will pay off the debts, the estimated dates that debts will be paid off, and the method you will use to eliminate the debts. I personally used the debt snowball method.

5. Learn to say no

No is a complete sentence. Maybe you are focused on getting out of debt, your friends want to go to a new expensive restaurant downtown, your family wants to take a vacation to Hawaii, or a relative asks to borrow money. It is perfectly okay to say no to anything that steers you away from reaching your goal.

Getting out of debt can seem impossible at first glance. However, when you break it down into steps and develop supportive habits, the thought of getting out of debt becomes much less intimidating. There is no magic trick or overnight solution when it comes to the journey of achieving financial freedom. Planning, discipline and a willingness to make sacrifices are skills you must have or develop along the way. If I did it, I know you can do it too!

Johnnie Winters IV
Financial Coach

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Guiding young professionals out of debt and into financial freedom through informative content and 1-on-1 coaching sessions.