One of the most common financial goals that many people have is paying down debt. Finding the money to pay down debt can be difficult, though. In order to be more effective as part of a debt pay down plan, you need to make some changes in the way you handle money. This way, you will be able to pay down your debt faster:

Move Debt Up the Priority List

The first thing you need to do is make paying down your debt a true priority. After you have paid for your needs — shelter, food, transportation to work — funded your retirement account at least a little, and set up a small emergency fund (Dave Ramsey recommends that you get $1,000 set aside), you should make tackling your debt a big priority. If you truly make it a priority, it will be easier to find the money you need to pay down your debt.

Cut Some of Your Expenses

Now that paying down your debt is a priority, it’s time to make a plan to achieve this goal. The first thing you can do is cut some of your expenses. There are some estimates that suggest that the average household wastes between 10% and 15% of its income each month. Set out to recapture some of that money. Look through your spending and evaluate which things could be cut. It’s likely that you will notice some money leaks. Plug those leaks, and you will have a little more to put toward debt reduction each month.

Earn More Money

If you really want to put your debt pay down into overdrive, you can look for ways to earn more money. Cutting your expenses can be a good way to reform your habits and reduce your debt, but earning more money is important as well. Consider a temporary part time job, or look for ways to earn money on a side hustle. There are plenty of opportunities available to you, if you look around. You can even hold a yard sale or auction your items off on eBay. Think of ways to bring in more money so that you can pay down your debt.

Bottom Line

Those who are truly serious about paying down their debt will find a way to do so. When deciding about what’s important in your budget, make debt reduction a top priority. Then, find creative ways to save money, and to earn money. You can take all of that cash, and put toward debt reduction.