How to Stop Feeling Like You’re Drowning in Debt


Dealing with debt and financial troubles can often be incredibly overwhelming. Many people feel like they cannot escape their debt and are not sure where to turn. However, there are many ways you can begin to address the issue in an effective manner. You simply need to be dedicated to tackling your debt and doing the proper research. Of course, each person’s situation is different; however, some general tips you may want to consider include creating a detailed budget, reducing your spending, and finding a side gig to bring in some extra cash.

Reduce Your Spending

Many people do not fully understand how they are spending their money. This can often lead to overspending or making unnecessary purchases. Tracking your spending will help to paint a better picture of your habits and will allow you to make more well-informed decisions in the future. You can begin tracking your spending by looking over your credit and debit card purchase histories. You might also find it helpful to keep receipts and to create spreadsheets. Once you know where your money is actually going each month, you might be able to detect areas that need improvement, and you can begin to create realistic goals for yourself. If your spending has gotten out of control and you have no other options, when it comes to your debt, you might also want to look into filing for bankruptcy, which can prevent creditors from taking any further actions to collect payments.

Create a Budget

If you are able to create an effective and detailed budget, you can set goals for yourself and will likely be better able to stay on track. Having everything laid out in front of you and being able to allot funds for important things, such as your mortgage, utilities, and credit card payments will allow you to begin to develop a road map for getting out of debt. When creating a budget, you need to be able to effectively prioritize. Many people find that they spend excessive amounts of money each month on things like eating out or going on frivolous shopping trips. Everyone’s habits are different, and if you are able to pinpoint any waste, this will help you to free up some funds you can use to begin working on eliminating your debt.

Finding a Side Gig

Many people think that they may never get out of debt because their job simply does not pay enough. However, instead of focusing all of your energy on one job, if you are able to diversify and branch out, you can bring in income from multiple sources. If you have any hobbies you really enjoy, you might want to look into ways to monetize them. For example, if you enjoy painting, you might want to try selling some of your art online. Or, if you enjoy pets, you might want to find an app that allows you to pet sit in your spare time. Having a side gig does not necessarily have to be permanent. It could just be an option you explore to help you until your debt issues are resolved.

Overall, it is important not to get too stressed about your debt. You shouldn’t allow yourself to feel like you are drowning in it. While climbing out of debt can often be a tedious process, it is definitely doable with enough research and dedication. If you are patient and put the work in, you should be able to address the situation successfully.

Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2

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