Finding yourself in financial debt can be a stress filled experience. It doesn’t matter what your situation is; you are responsible for paying it back even if you have a life changing experience like having a baby, losing a job, or getting into a car accident.

In some cases, debt can just be unintentional results of excessive holiday spending or exceeding your budget any time of the year. Most people try to become debt free, life happens, and they give up. But that doesn’t have to be the outcome. So many individuals are eliminating debt on a daily basis, and not only that, they are doing it in a short timeframe.

If you’re prepared to get on the road to financial freedom, it’s crucial that you have a plan on how you are going to deal with your debt.

Here are four ways to get out of debt even with a limited budget.

Create a repayment plan

If you’d like to become debt free, especially having a tight budget, you’ll need a plan. Begin with figuring out the amount of debt you have and writing down the various creditors which you owe money to. After that, arrange your payments in order of who you think will need to be settled first. Next, you want to figure out how much you can afford to pay off every month after which you’ll need to calculate how much of that total amount will go to each creditor.

Setup automated deductions

By setting up automatic deductions, it will stop you from finding excuses not to pay instalments.

If you have the funds removed from your bank account concurrently every month, you will have to include that into your monthly budget and pay attention to your bank account. This enables you to avoid unnecessary spending since you will know for sure that you can’t rely on those funds.

Reduce costs

Start off by analysing your monthly spending, to see what you can adjust. Reducing expenses will leave more resources available that will help you repay your debt. If your funds are already rather restricted, it can be hard to find areas to cut down, but cutting expenses actually will help you get out of debt faster.

Adjust your spending habits

By some means, you got into debt, and you will find numerous possible reasons. You might have debt such as a home loan, or education loans, which are most likely entirely legitimate and even necessary. Or you could have debt from bad spending habits in the past. In either case, you need to choose to stop spending now if you want to get rid of debt fast.

Having a limited budget can make paying off debt a challenge, but it shouldn’t prevent you from paying it off. You can start by keeping these tips in mind.