If you feel a lot of stress around the way you earn, spend and save money, you’re not alone. Some 73% of us have felt that money was the biggest unique stressor in our lives. With all this stress comes a lot of guilt — and people feel financial guilt about nearly everything. So, what can we do about it?

The problem is that debt repayment never seems quite so easy.

The big thing to remember when you’re looking at ways to pay off debt is just not to panic. While money worries can be a source of many a sleepless night, there are basic ways that you can take control of your finances and bring that debt right back down.

If you’re having worries about debt repayment, one thing that can say with certainty is that you’re not alone. Read on and get your finances back into the black.

1. budget budget budget

If you want to get on top of your debt repayment, you need to know what money you really have. You can commit to assigning money to pay off debt every month, but if you don’t really know where you are, month by month, you’re highly unlikely to be able to stick to your plans.

Lay out all of your income and expenses and make them extremely clear. You have numerous ways of doing this:

• Tap into the numerous budgeting apps that exist

• Explore all that Excel and Google Docs have to offer

• Get back to basics with a pen and paper — make sure you highlight all your incomings and outgoings

• Your budget has to be easy to follow, comprehensible and a little flexible

Remember that having a budget is the keystone for your financial habits, and it’s important that you check in with it regularly.

2. emergency savings

If your regular job just isn’t giving you enough to pay off debt, one way to tackle it is to earn more. Okay, so there aren’t many people who can walk into their boss, demand a pay rise, and be instantly wealthier. That’s where side hustles come in.

There are numerous ways of generating an income in your spare time. This extra income should, initially, be dedicated to debt repayment. Again, this is not easy and you may not have time to work an extra shift, but it’s worth considering it.

3. reflect and keep reflecting

If you want to pay off debt, you may need to reallocate some of your monthly spend. Take a look at where you could cut back. It may be the likes of:

• Netflix and Spotify

• Magazine subscriptions

• Switching phone and broadband suppliers

• Reducing your TV package

• Comparing energy suppliers

• Going down a brand when you shop

While cutting back isn’t something that any of us want to do, it’s a great way to focus on debt repayment. It’s worth looking at things as rewards for the future. For example, perhaps you could reward yourself with subscribing back to Netflix once you’ve cleared a certain amount of debt?

4. understand your money script

There are no quick-fixes. To pay down your debt, you have to make some sacrifices. The most important thing when it comes to debt is to face it and make a mental commitment to get rid of it as soon as you possibly can.

Further resources:

#Podcast: How Am I Repaying My £27k Credit Card Debt? with Clare Seal

How to untangle money issues and mental health, with Clare Francis

If you’re struggling with debt:

• StepChange: https://www.stepchange.org/

• Citizens Advice: https://www.citizensadvice.org.uk/ 

• Mind: https://www.mind.org.uk/

• Samaritans: https://www.samaritans.org/