How Do I Get Out of Debt With No Money


Prioritize Essential Expenses

Before you can tackle your debt, you need to make sure that you’re covering your essential expenses, such as:

  • Housing
  • Food
  • Transportation
  • Utilities
  • Medical care

Once you’ve covered your essentials, you can start to think about how to pay down your debt.


Increase Income

Getting out of debt without money requires increasing income and reducing spending. Here are some ideas to boost your income:

  • Get a part-time job or start a side hustle.
  • Ask for a raise or promotion at your current job.
  • Rent out a room in your house or start a small business.
  • Invest in yourself through education or training to increase your earning potential.

Reduce Spending

Reducing spending is crucial to getting out of debt. Here are some effective ways to cut expenses:

  • Track your expenses to identify areas where you can save.
  • Negotiate lower rates on your bills, such as credit cards, loans, and insurance.
  • Cut back on unnecessary expenses, such as entertainment, dining out, and travel.
  • Cook meals at home instead of eating out.
  • Buy generic brands and use coupons when shopping.
Dining out$200 per month
Entertainment$100 per month
Groceries (buying generic)$50 per month

How Do I Get Out of Debt With No Money

Getting out of debt can be challenging, but it is possible, even with no money. Here are some steps you can take to get started:

Seek Professional Financial Counseling

  • Contact a non-profit credit counseling agency: They can provide free or low-cost financial counseling and debt management plans.
  • Speak to a financial advisor: They can help you create a personalized debt repayment plan and provide guidance on budgeting and money management.

Create a Budget

  • Track your income and expenses: Knowing where your money is going will help you identify areas where you can cut back.
  • Prioritize your expenses: Focus on paying off high-interest debts first and making minimum payments on others.
  • Negotiate with creditors: Contact your creditors and explain your situation. They may be willing to work with you on a payment plan.

Increase Your Income

  • Get a part-time job: Consider taking on extra hours or finding a second part-time job to earn additional income.
  • Sell unwanted items: Declutter your home and sell items you no longer need to make extra cash.
  • Start a side hustle: Use your skills or hobbies to start a small business or offer freelance services.

Reduce Your Expenses

  • Negotiate lower bills: Contact your service providers (e.g., phone, internet, utilities) and ask for discounts or payment plans.
  • Cut back on unnecessary expenses: Identify discretionary expenses (e.g., entertainment, dining out) and reduce or eliminate them.
  • Use coupons and discounts: Take advantage of coupons, discounts, and sales to save money on purchases.

Other Tips

  • Avoid taking on new debt: Only borrow money if absolutely necessary and have a plan for repayment.
  • Seek emotional support: Getting out of debt can be stressful. Seek support from friends, family, or support groups.
  • Stay positive: It takes time and effort to get out of debt. Stay positive and don’t give up.
Debt Repayment Prioritization
PriorityType of DebtReasons
1High-interest debts (e.g., credit cards, payday loans)Accumulate interest quickly, exacerbating debt
2Secured debts (e.g., mortgage, car loan)Failure to repay could result in loss of assets
3Unsecured debts (e.g., medical bills, personal loans)Typically have lower interest rates, can be negotiated

Thanks for sticking it out with me through this debt-crushing journey! Remember, getting out of debt takes time and effort, but it’s definitely doable. Keep your chin up, take it one step at a time, and don’t give up on yourself. I’ll be here cheering you on from the debt-free sidelines. Until next time, keep hustling, stay positive, and may your finances flourish!