I’m sure you’ve heard just about every scheme and program to help eliminate your debt whether it is from credit cards, student loans, personal loans, medical bills, or other unforeseen circumstances. What about a debt relief plan that’s simple, easy to follow, free, and best of all, designed by someone who’s had success with it? Keep reading and you’ll discover that these five ways to manage and eliminate your debt will help you in one way or another.

Stop Spending

First and foremost cut out any completely unnecessary spending. I know it can be tough to not have all the extras and the “wants” that have become part of your daily life. Understand though that buying things you don’t need is likely what helped get you in the situation you’re in now with your debt, or at the very least, it has kept you from getting out of debt in the past. Magazine subscriptions, cable TV, cell phone extras, and clothing expenses are some great examples of expenses that are fairly easy to identify and cut out. Make a real change. Sit down and decide exactly what you need to survive and what you don’t. Stick to this list. I know it’s extremely hard, but a few months of sacrifice can really save you in the long run.

Make a Budget

I know that the word “budget” sounds really lame coming out of anyone’s mouth, but in order to understand where your financial ship is leaking from, you have to figure out what you can and can’t afford on a daily, weekly, and monthly basis. Budgeting doesn’t have to be boring, make a budget spreadsheet or chart for your monthly expenses and tape it to your wall. Tracking your progress on this chart can help motivate you when you’re having trouble sticking to your budget. Just remember, your short-term sacrifice leads to a long-term benefit.

Make a Game Out of It

Remember when you were a kid and you had the amazing ability to have fun no matter where you were and what you were doing? Remember how you accomplished that? Make saving as much money as possible into a game for yourself. When all else fails, playing the “how much can I not spend” game can pull you out of a slump and help you refocus on your financial goals.

The Snowball Effect

Start off by setting aside a lump sum of money to pay down your bills. Pay off the highest interest debt first, and as you erase your debt, keep rolling the extra money that you now have from not having to pay that bill into other payments. In this way, you will see your payments snowball and your debt will begin to decrease exponentially. Also, by paying off your highest interest rate debts first you are saving as much money as possible on interest payments and late fees. If you stick to this snowball effect and are able to pay a little more each month toward your debts, you’ll see them vanish in no time. There’s no better motivation to get yourself out of debt than seeing progress being made toward your financial goals.