Everyone knows that the first step to financial security is to pay off any outstanding debt. However, doing so can be tricky especially if you are not great with your finances. Fortunately, there are some tactics that you can use to help in this situation. Read on to find out what they are. 

Pay off your credit cards first 

First of all, you must pay off any outstanding debt on your credit card. This is because credit usually has the highest rate of interest, which means it will be costing you more the longer you do not pay it back. 
With that in mind, directing most of your resources to pay off your credit card debt is advisable. Although transferring your balance to a card offering 0% can help you from accumulating any additional interest fees during the time that you pay it off. 

Sell items you no longer need

Another smart tactic that you can use to help you get out of debt fast is to sell off items that you no longer need or want, and then use that money to put towards paying off your debt. Every little helps here and you may be surprised as to how much money you can accumulate with this method. After all, there are so many things that other people will be willing to pay good money for. 
Some of the most popular items to sell include designed clothes, bags, and shoes, as well as jewelry made from precious jewels and stones. Baby clothes and equipment that are in good condition are also particularly popular as people are reluctant to buy them new as it's only used for a small amount of time. You can even sell gift cards to access cash quickly online. This is ideal if you have a card for a store, restaurant, or gaming website that you know you won’t use. 

Don't take out any new debt 

It may seem obvious, but a big part of getting out of debt is not taking out any additional loans or credit cards while you are paying the ones you already have off. 
The only exception to this rule is if you have the opportunity to buy a property that you can live in. The reason is you can save money on rent, as well as contribute to capital down the line rather than paying a landlord for the privilege of living in their home. 

Make a budget and keep to it 

Last of all, if you want to get and stay out of debt, you need to get good at making a budget each month, and sticking to it. Now, this can be easier said than done, as it's very easy to underestimate how much money you will need to live realistically. 
With that in mind, when you have set out money for all your essentials such as food, living expenses, and travel, it makes sense to add a buffer for entertainment, eating out, or unforeseen expenses. That way you won't go over your planned budget, which could leave you more likely to ignore it the next time. 


Sophie H.