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If you’re in debt, paying it off may seem daunting, especially if the debt has accumulated over the months or years. However, being in too much debt can negatively impact your life, which is why it’s essential that you have a repayment plan.

Unsure how to go about a personal debt repayment plan? Here are 7 of our best money-saving tips when it comes to creating the right repayment strategy:

1. Categorize Your Debts

The first thing you need to do is know and understand precisely where you are with your financial responsibilities. A good way to do this is to categorize your debts on a spreadsheet or a list, which will allow you to see where you stand. At first, this will be a bit overwhelming, but doing this will help get you on track of your debts.

2. Prioritize Repayments

Now that you have a clear picture of all your debts, it’s time that you prioritize which debts you should pay off first. You might think that this is a tiny step compared to all the other things that you can do to fix your debts, but it’s one of the most important things that you need to do. There are actually several ways you can go about this. For example, you can either focus first on eliminating the debt with the highest interest, or you can try to pay off the smallest balances first before tackling the big ones.

3. Create a Strategy

After prioritizing your debts, choose which repayment strategy will work for you. Maximize the amount that you’re putting toward your debt every month and concentrate all your financial efforts toward paying it off. Once you have eliminated a debt, redirect your money toward the next debt on the list.

4. Be Consistent

If you want to be successful in your repayment strategy, you need to be consistent. Pay your debt and be relentless about it. Keep in mind that paying off one debt doesn’t mean you can relax—continue working towards other debts until they’re completely gone from your life.

5. Consider Using an App

There are a lot of mobile apps that can help you manage and track your repayment plan for your debts. You can use any of these apps, and some can even help you identify which debts would be the best to pay off first or how you can maximize your financial efforts.

6. Try to Find Another Source of Income

If you can take a part-time job or pick up overtime hours to earn more money, go ahead and do so. You can also sell some of your old or unused items to make extra money to help pay off your debts. When you have an additional source of income, though it’ll cost you precious time, in return you’ll be able to pay off your debts much quicker.

7. Start Your Savings

When you have finally paid off all your debt, it’s time to build a savings account. Consider this a preventative measure. By doing this, it’ll help motivate you to save instead of going into debt. Set up an emergency fund and you’ll find that you’ll be better able to take control of your finances.


Paying off debt is difficult when you don’t have a plan. When you find that you’re ready to tackle your debts head-on, follow the tips above to help you come up with the right repayment plan. You can also reach out to a debt coach for more expert advice on how you can sort out your finances.

At A Debt Coach, we offer debt coaching programs in Cincinnati, Ohio. With our services, we can help you overcome a financial crisis in your life. Visit us today and let us know how we can help you.