9 Things People Who Are Paying Off Debt Fast Are Doing


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Do you want to pay off debt fast? If so, you’ll want to pay close attention to this list. After paying off $71,000 of debt in less than 3 years myself, speaking with hundreds of people paying off debt fast, and coaching one-on-one clients, I’ve learned that there are a few things that nearly every person who is paying off debt fast is doing.

Though everyone has different circumstances, there are a few things that just make debt payoff happen fast!

This list is going to help you understand what it takes! Is what you’re doing enough? Is what you’re doing not working because you’re missing a couple of these things? Are you making huge progress and this confirms that you’re doing all you can?

Keep reading to find out…

9 Things People Who Are Paying Off Debt Fast Are Doing

1. Living Well Beneath Their Means

People who are paying off debt fast are spending much less than they make, and using the difference to make extra payments on their debt.

2. Following and Maintaining a Written Monthly Budget

It’s too easy to spend money without a budget! With a solid budget in hand, people who are paying off debt rapidly know how much they can spend and still have enough money to make extra payments on their debt.

They know that you have to tell your money what to do, or you’ll end up wondering where it went. A written monthly budget is the secret weapon of fast debt payoff!

Related reading: How to Make a Budget: Step-by-Step Guide + FREE Excel Template

3. Saying “No” to Wants That Don’t Align With the Budget

Don’t be fooled, people who are paying off debt rapidly don’t just get lucky.

They are being intentional every single day and saying “no” to hundreds of things they want and opportunities that pop up that don’t align with their written monthly budget.

People who are paying off debt fast know that every time they say “no” to wants that don’t align with the budget, they are saying “yes” to paying off their debt. They know this will set them up for a long future of “yeses” and they are willing to be patient for that.

Knowing it will all pay off soon, they make huge sacrifices every single day.

4. Sending Extra Money to Debt as Often As Possible

People who are paying off debt rapidly are not casually making extra payments toward their debt if they happen upon a few dollars of available cash. They are making extra payments toward debt at every possible opportunity!

After every pay period, every bonus, every tax refund, every scrap of extra cash! Every time they make an extra payment they’re getting that money out of their hands (so they don’t spend it) and watching their debt balances drop!

They make extra payments at every possible opportunity!

5. Staying Consistent Each Month

To pay off debt fast, it must be a true goal. Staying consistent and working the debt payoff plan is essential! That means sticking with it each month until the debt is paid off. Being indecisive about paying off debt will slow down the process.

Follow me on Instagram for daily motivation and inspiration!

6. Not Allowing Failures, Setbacks, or Unexpected Expenses Derail Them from Continuing

Even though they are super motivated, people who are paying off debt fast still experience “life” setbacks. Babies are born, moves and job losses occur, family deaths happen, and unexpected expenses pop up. This happens to all of us!

However, they don’t allow these setbacks to get them down and they don’t give up.

They pause if needed, take care of their obligations, and keep moving forward through the setbacks and difficulties and toward the ultimate goal: debt freedom!

7. Earning Money Through Side Hustles, Second Jobs, or Selling Things

Having extra money to pay off debt with is a huge boost! Most people who are paying off debt fast are doing everything in their power to earn extra money to get the debt paid off quicker. Even though it’s a lot of work, it’s only temporary!

Related reading: Side Hustle Guide: 60+ Ways to Make Extra Money in 2020

8. Have a Monthly Goal of How Much Debt to Pay Off

People who are paying off debt fast have a monthly target amount of how much debt to pay off. Like, a real number – $55, $900, $2,500, etc. They have this number in their mind all month and work hard to make it happen.

Without a monthly goal, it’s difficult to make real progress. If there’s nothing to shoot for, how can you stay on track?

Many people who are paying off debt fast plug their monthly goal amount into our Debt Snowball Calculator and determine their target debt-free date!

9. Have an Overall Target Date to Be Debt-Free By

People who are paying off debt rapidly have a monthly goal of how much debt to payoff and they know what their target debt-free date will be if they stick to that monthly goal. They are super motivated to hit their monthly payoff goal because they know it’s getting them closer to their target debt-free date!

With this kind of plan in mind, it’s so much easier to stick to your monthly payoff goal because you know how soon you’ll be able to be debt-free by! You can calculate this with our Debt Snowball Calculator.

This is really hard work, but people who are paying off debt rapidly are fierce and committed!

Most are doing all of these things, simultaneously.

“A true goal needs to become an obsession.”

It sounds like a lot, but the truth is that a few months of busting your bum could set you up for a lifetime of wealth, options, peace, and freedom to spend as you wish.

Doesn’t that sound worth it?

So, if you’re trying to kick debt to the curb, are you doing what it takes to pay it off fast?

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About the Author

Welcome! My name is Merilee and I’m the creator of Easy Budget. I started this blog to help other families like mine crush debt, budget, manage money, and meal plan like pros!

Everything you find here will be useful, motivating, and always easy. Need to contact me directly? Reach me here!

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