How To Be Debt-Free In 6 Months: 13 Fast And Effective Tips

If you are debt-free then you are likely to add 2–3 years more to your lifespan because You will have peace of mind and you can pursue your goals and hobbies. There will be multiple aspects in this question and importantly, why we take debt?

First, it depends on the reason for which we took the debt like Educational loan, home loan, Marriage, Gazette loan, and many others.

I believe that if you have everything that you need to run a decent life, it is always wise to live life without the debt because debt makes you sad and makes your life tougher. You will be having no peace with yourself if you have debt. To realize this happiness, you need to take the loan once, and trust me you don’t need someone else to define peace and happiness for you because debt-free life is the best life. Getting into debt is one of the biggest problems ever. we might face in our life. You may find challenges in paying off debt, but if you take the right decision, then you can easily get rid out of debt and you can live a stress-free life.

Here, I will be going to share ideas on how to be debt-free in 6 months.

1. Track and Analyse Your Spending

Tracking your expense is the first thing you need to do to make yourself a debt-free person for life and at least, for a month, keep a check and record on all kinds of expenses you have made in the past. By doing this, you will have an idea about how much you spend and where you need to crunch your expenditure in that situation.

2. Make a Spending Plan

A spending plan helps in different ways because it let you know where to spend or not. It not only controls your expenses but also directs you to save a good amount of money for the future. While making your spending plan think about your monthly expenses like food and rent bills, transport expenses, shopping, and many other expenses along with your current debts if any. once you make your expense list make your saving list too because it helps you to save more.  Think of short-term and long-term goals that you wish you to achieve, after doing this and how you can make an investment plan. But, before investing, you need to save first and have to be debt-free.


3. Build an Investment Plan

When you make an investment plan, you not only save for tough times but also intend to secure your future through it. However, many people today still fail to understand the importance of investing and debt-free life. Well, the main idea behind investing or investment is to generate a regular income or returns in a specific period so, you can live a stress-free life.

This makes sure you are prepared for your upcoming future. People do invest their money for various reasons such as for retirement, to make a short term and long-term investment as per their goals and needs, for the purchase of assets like house, plans for marriage, creating an emergency fund, prepare for business, and so on. While making a financial plan you should also know the various avenues for investment and chose appropriately the ones that best suit your financial requirements.

4. Spend Money Only On Essentials

In order to pay off your debt and be debt free in very little time, you need to spend money on the essential stuff only. Specify a budget if what amount of money you need to survive in your daily life. If your earning is less than what you have debt off then you need to get a clear overview of what is possible and what is not. You may need to refrain from some luxuries for some time. If you will keep on spending more than your budget then you will never be debt free.

5. Pay off Credit Card Transactions on Time

For many people, credit cards are a great option to fulfill their needs, but if not paid on time, this can become a huge loss. If you are using a credit card, make sure you pay your monthly interest on the given date or submit your fund before 4-5 business days at least. Unlike other loans, the interest rate on default of payments on credit card outstandings are very high, so choose your life decision wisely. If you want to be a debt-free person in life, you can instruct your bank to pay off the credit card outstanding on the due date, by debiting from your bank account.

6. Find Side Income to Pay off Debt

We must have a side income to make our life happy. I have seen many people who work little to generate side income to have a smooth life like they are earning from online work. As there are various income ideas that you can start applying from today. For instance, Freelancing work can be more interesting if you want to make money online from home the only requirement is your computer. You can use your knowledge and skills and start getting freelancing work.

7. Integrity

Imagine you go to the grocery store and you buy some coffee and they forgot to scan it for you. You don’t realize it until you get home. Do you return and pay for it or do you say, oh well they gave it to me? Your answer to that question shows where your integrity meter currently is. When it comes to other integrity issues, how likely are you to admit when you are wrong or when you broke something? It all comes down to doing the right thing and being responsible for your mistakes.

8. Rinse and Repeat

Once your budget and debt pay-off plan are in motion, don’t want to get too comfortable. Track your spending and habits closely to make sure you’re making progress. And make adjustments when needed. Revisit your budget and adjust as you can to stay the course until your debt is paid off.

9. Keep Track Of Money Every Month

Paying debt in 6 months is easy if you keep track of money every month. If you want to pay your debt in 6 months then you need to make sure that your income and financial status are a good situation. If you have credit card debt then call the bank and ask them if they can reduce the interest on the balance amount. Tell the bank that you have a debt and you want to clear your loans. Bank may listen to you and give you suggestions according to your financial situation. Now, most banks won’t even listen and you will have to deal with your debt on your own.

10. Convert Your Credit Card Payment Into Equated Monthly Installments (EMI)

EMI is a great way to get rid of credit card debts. You will be paying an installment every month for your credit card bill and that amount will be deducted from your total credit card bill. This will help you get rid of any further interest that you may have to face if you don’t pay the balance amount. A minimum payment option is never a good option if you want to get rid of credit card debt as you are only paying interest on your credit card bill that way.

11. Start Saving Money

Stop using your credit card. Forget that you even have a credit card. Even if you want to use it use to it pay for grocery only as that is essential. Use your debit card for 6 months. This way you will not paying for stuff that you won’t need. By using debit cards people become aware of what money they are paying for what stuff. By using credit cards people tend to spend more than what they usually earn. Don’t use your credit card to withdraw money. Cash withdrawals from credit cards have more interest.

12. Don’t Take Loans To Help Clear Your Current Loan

Don’t use Loans to clear other loans. This is a possibility but never do this until or unless you are aware of how you will be paying the new loan. What a new loan will do is put your debts in front of you for a longer period. If your budget per month allows you to take a new loan then go for it otherwise refrain from doing so.

13. Don’t Stress Too Much

Free your mind first in order to be debt-free. A free mind will make you think much better about how to better manage your budget and balance. Don’t let debt get to your mind. I am aware of the debt and I have faced a lot of stress due to debt. One thing I can assure you is that you will be debt-free one day. You need to keep track of your budget and balance every single day. You need to make sure you don’t use your cards to get into more debt. A debt free mind will help to maintain balance in life but in order to maintain that balance, you will need to get rid of debt first. Don’t let debt get to your mind. Debt gives you a lot of stress if it gets to your mind. Don’t use debt as an excuse for other things. The sooner you will save to pay off your debt the sooner you will have peace of mind.

The best way to get rid of debt is to pay it as soon as you can. Debt is something that you can get deep into and getting out of debt is never easy.

Now if your question means that you have many credit card debts and ran out of money and want to pay off all those outstanding then you may follow tips and tricks:

  1. Restrict your card usage to only one card so that you can keep a strong vigil on the expenses and try to control unnecessary expenses.
  2. To stop late fine charges, finance charges just pay off all card dues by a single card which gives you the best offer in terms of charges and interests, and transfer those all balance on this card. You may contact customer care for the best offers and also convert these payments into EMIs or your installment. Though loan on the card is the best option as it gives you better returns in terms of all other modes of payments.
  3. Pay more attention to the small amount outstanding on cards as many a time you might be convoluted in arranging money and on the other side credit card companies would be busy slapping you with fines and charges more than your outstanding amount itself so, be careful where you spend.
  4. Seek support from customer care as they may reverse your amount based on your good history and if you ask them for help regarding any queries they will help you.

But, in no case ever think of leaving those outstanding unattended as it will harm your creditworthiness only which might make you vulnerable to loans and facilities from financial institutions and may demotivate you to feel low in life.


When you have a low income, still it can be possible for you to come out of debt by determining your life goals. Because remaining in debt is like facing suffocation which keeps on killing you every moment and also, you can apply for financial services. But there can be no possibility of getting the approval due to your pending debts and start saving. So, debt-free life is the best life.

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