Debt has a way of creeping up on you. One minute it’s just a small account here or a swipe there – and suddenly, it’s a mountain that feels impossible to climb. But here’s the truth: becoming debt-free is possible. You don’t need to earn millions or win the lottery. You just need a plan, a shift in mindset, and a few smart changes. Let’s walk through it together.
Step 1: Face it, don’t fear it
First things first – write everything down. It might be uncomfortable at first, but knowledge is power. List what you owe, who you owe it to, what the monthly repayments are, and how much interest you’re being charged.
This is not about shaming yourself – it’s about taking control. Seeing the full picture makes it easier to decide what to do next.
Step 2: Build a simple spending plan
Forget the word “budget” if it feels like a chore or punishment. Call it a spending plan instead – because that’s exactly what it is: a way to decide how and where your money should go.
A great place to start is the 50/30/20 rule:
- 50% for needs – rent, groceries, transport, electricity
- 30% for wants – takeaways, online streaming, data bundles, little extras
- 20% for savings and debt repayments
If debt is weighing you down, shift more of the money you set aside for your “wants” into the debt column – just for now. The goal is freedom, not perfection.
Step 3: Pick your strategy
There’s no one-size-fits-all when it comes to paying off debt, but here are two methods people swear by:
- Snowball method: Pay off the smallest debt first. That little win gives you a confidence boost. Then roll that payment into the next debt, and so on.
- Avalanche method: Start with the debt that has the highest interest rate. It saves you the most money in the long run.
Pick the one that suits your style – fast wins or big savings – and stick to it.
Step 4: Stop the cycle
While you’re digging your way out, try not to dig a new hole. Press ‘pause’ on borrowing, even if it means saying no to things you’re used to. Leave credit cards at home, delete shopping apps, and challenge yourself to only pay with cash or with a debit card.
Step 5: Talk to the people you owe
This part surprises a lot of people: Creditors want to help. If you’re struggling to pay, reach out before it gets worse. Many will agree to smaller payments, reduced interest, or a short-term payment plan. It’s not weakness – it’s being responsible.
Step 6: Find extra money where you can
You don’t need a second job (though that helps). Sometimes it’s about small boosts:
- Sell things you don’t use
- Offer lifts, make lunches, or do small jobs for cash
- Use tax refunds or bonuses to chip away at your debt
- Cook at home a few more nights a week – every bit helps
Debt repayment is like watering a plant – slow, steady, and consistent effort adds up.
Step 7: Celebrate your progress
Set short goals and track them. “I want to pay off R2,000 in 3 months.” “I want to close my store account by year-end.” Then celebrate your wins – not with a big spend, but maybe a picnic, a walk on the beach, or a coffee date.
Progress feels good when you see it.
Step 8: You’re not alone
Debt can feel isolating, but many people are in the same boat. Don’t carry the weight in silence. Talk to someone – a friend or a financial coach or debt counsellor at LifeAssist.
Getting out of debt isn’t about being perfect – it’s about being consistent.
It’s not easy, but it’s worth it. One step, one payment, one smart choice at a time – and soon you’ll be looking back with pride at how you offloaded the debt, not being weighed down by it.