How Can I Get Out of Debt Fast With No Money?

When you realize you are in debt over your head, you may be asking yourself, “how can I get out of debt fast with no money?”

It may feel overwhelming to wonder how you can pay off your debt and manage your daily expenses AND still find a way to build an emergency fund, but it is possible. And I promise it doesn’t involve selling your blood and eating food from the dented can aisle (which I don’t recommend, by the way!). Read on for some tips on how you can get out of debt fast with no money while still enjoying your life.

How Can I Get Out of Debt Fast With No Money?

The important thing is not to panic. When you are feeling flustered, anxious, or depressed about your financial situation, you are likely to make decisions that aren’t based in your best interest. Remember your situation is fixable. There is a way out, and you can do it. I know because I’ve been there.

If you have a partner, you’ll want to get them involved in this process. They need to understand what’s going on financially now and moving forward. You both need to be on the same page with full transparency. I recommend setting aside a day together. Have someone else watch the kids if you have them so you and your partner can focus without distractions. I also encourage you to plan a dinner afterward, like a celebratory pizza. Forbes talks about the idea of a “budgeting date night.” It might sound odd, but it reinforces the idea of coming together for a common goal and alleviating some of the stress from the money topic.

How do I get out of debt with no money?

One of the first steps is to create a financial bucket list. This seems almost counterintuitive, but trust me on this! Dreaming is an important part of the process. You want to be on the same page about what you want your money to be able to do for you. It shows that you have future goals for your money, and it can be a valuable tool on those days when you feel like giving up.

The most important thing when you are trying to budget with no money is to make your budget a reflection of their values. What do I mean by that? Well, in the moment, as a spender you think you value a girls’ day out at the spa.  But the truth is, it’s not really at the heart of what you put on your financial bucket list above.  Instead, you listed out things like being out of debt, retiring early, maybe having an investment property, taking a real vacation, and so on.

How can I get out of debt if I live paycheck to paycheck?

It might feel like you’re living paycheck to paycheck, but it may not be the reality. You’ll want to take the time to get a clear vision of your finances. This exercise will take some time, but it’s worth it especially as you start to gain clarity of your unconscious spending and your unnecessary expenses each month. I still remember when I first did this exercise; I was hitting the drive-thru for a Coke every time I was in the car. A dollar or two a few times a week quickly became almost $50 in soda a month! Once you have written down all of your spending, is there anything you can cut out?

So many times we just keep doing what we’re doing because it’s our habit. You might realize there are a lot of things you can streamline in your monthly budget that will save thousands! Your budget is probably leaking a lot through car payments, cable, cell phone bills, grocery spending, subscriptions, and more.

Make a Debt Payoff Plan

As you have a clear understanding of where your money goes each month, what your monthly bills are, and what your income is, you can begin to make a debt payoff plan. There are options for how you choose to do this whether a Debt Snowball Method or the Largest Interest Rate First Debt Payoff Method.  Whichever you choose, just be consistent in working to pay down your debt each month.

Will unpaid debt ever go away?

The short answer is, “yes, your unpaid debt will go away.”  BUT,  only if you start making some lifestyle changes.

When I started this journey, I was over $40,000 in credit card debt. I’ve come a long way in changing my spending habits and learning how to handle money. There have been some adjustments, and it hasn’t happened overnight. But the end result of being debt-free AND  living a life of freedom in alignment with my values and what is truly important to me is so worth it.

It’s possible to pay down your debt even if you are a household with only one income.  You may choose to explore ways to increase your income through side hustles or using money-making apps or reselling on Poshmark. Get creative with making some extra money, and use this to get out of debt fast with no money. You’ll also want to start building your emergency fund as soon as possible so you have that cushion available when needed and can stop the debt cycle from reoccurring.

To get a jumpstart on getting out of debt fast with no money, I invite you to join my Crush Your Debt Course where I go over step by step everything you need to know about financial freedom and instilling lasting change. Everything from debt payoff to budgeting to meal planning to thrift store shopping for reselling. This is exactly how I changed my life and you can too.

Let’s Review How to Get Out of Debt Fast With No Money:

1. Start by creating a positive vision for your financial future with your partner if you have one.
2. Ensure you make financial decisions based on your shared values and goals.
3. Get a clear vision of your finances including regular expenses, miscellaneous spending, and income.
4. Decide where items can be streamlined to create fewer expenses and allow for more income each month. Look at things like meal planning, cable, subscriptions, cell phones, etc.
5. Explore ways to earn additional income like side hustles. money-earning apps, or reselling to pay off debt faster.
6. Choose a debt payoff method. I like either the debt snowball or the highest interest first debt payoff method. Be consistent.
7. Commit to regular budget planning date nights where you review and plan and celebrate your budget together.
8. Know that your debt will not last forever. It’s temporary and fixable. You can change your mindset about a spending lifestyle and build a life of freedom!

Other Articles You Might Like:

How to Stay Debt Free and Stop the Cycle of Getting In and Out of Debt

How to Break the Cycle of Living Paycheck to Paycheck

7 Ways to Save Money on a Tight Budget

How to Budget When Your Money is Running Out

How to Budget Monthly in 5 Easy Steps