How to Get Out of Debt with No Money

Having debt can make you feel like it controls you. Is it possible to get out of debt with no money? It’s so easy to spend money you don’t have. With the swipe of a credit card, it’s out of your mind until you get the statement through the mail. Once you see the balance you owe you start worrying about how you’re going to pay it. If you can’t pay it then you start worrying about the consequences of falling behind.

The constant worrying about debt can make you feel overwhelmed and it becomes a vicious cycle every month.

It’s time to get your finances under control and start regaining your peace of mind.

Before I continue, I’d like to share that links below may contain my affiliate links. What it means is that I could receive a small commission if you click on a link to the product or service that I use myself and recommend to you.

The road to becoming debt free won’t be easy. There have been many times when I myself, fell off the wagon. But I always dusted myself off, learned my lesson, and hopped back on.

So, is it possible to get out of debt with no money?


The main point is to NOT give up.

Let’s go over and see how we can get your finances under control and how you can get out of debt with no money.

Figure Out Who You Owe and How Much You Owe

Make a list of all the companies that you owe to such as credit cards, bank loans, and your friend that you borrowed money from, and so on.

Then see which loan has the highest interest rate and list it from highest to lowest. Don’t forget to include the total balance on each loan that you owe.

Actually seeing your debt written out and broken down, you’ll have a better visualization of what you’ll be tackling from now on.

You’ve now taken the first step on how to get out of debt with no money.

Take a Break from Using Cards and Use Cash

Pull out your wallet and remove every single credit card you have in there other than your debit card. Now dump them in a container filled with water and put the container in the freezer.

Okay, so the freezer part is optional but the point is to make it hard for yourself to access these cards.

The goal is to stop using your credit cards so that you stop adding more debt to it. Just use cash to help keep your finances under control.

Don’t use plastic if you don’t have the cash to pay for it.

Keep that saying in mind as it will help you get out of debt with no money.

Do Not Take Out Any More Loans…Unless You’re Consolidating

This step requires a more analyzed thinking and it depends on how many loans you have and the balances that you have left to pay.

You don’t want to take out any more loans because it’ll add more to your debt, BUT if you are looking to consolidate your loans then it might help.

If you have student loans, I recommend checking out…..

If you have other types of loans with various interest rates then it also might help.

Take my personal experience for example.

I had one student loan but it was a weird one. It was separated into 3 different sequences which mean it also had 3 different interest rates. My monthly payment would be divided into these 3 sequenced loans. So you can just imagine it will take forever to pay off. I also had my best buy credit card that I used to buy myself a laptop to use for school. That laptop was $2 thousand something and I was only making minimum payments. I also had a Macy’s credit card that I kept using to buy clothes.

The time I decided to take out a loan to consolidate my payments was when I had less than $10K left on my student loan. I rather just deal with one interest rate instead of 5. Once I took out that loan, I paid off all outstanding balances and I put all those payments towards my loan. It was the smartest move I had made for myself and I was able to pay off that loan quickly too. Consolidating your loans can help get your finances under control.

Our situations may be different, so do what you think is right for you. I wasn’t that deep in debt during my college years but at the same time, I wasn’t too smart with my money either.

Create a Budget Plan

Now that you have a list of debt to tackle. It’s time to create a budget plan. You can either plan monthly or bi-weekly. I choose to budget bi-weekly because it’s a lot easier for me to create my budget plan based on when I’m going to get paid.

You also want to see where you can cut your budget. If you have unused gym memberships, magazine subscriptions, and such, cancel it. This will free up some money each month that you can put towards debt.

Since you’ll be using only cash, you can plan on how much money you want to spend for each category such as gas, groceries, bills, rent/mortgage, and spending money. This way, you stick to your budget and will be conscious enough to know that you can’t over spend.

Continue Reading...  Genius Hacks on How to Save Money on Groceries at Home and at the Store
  • Use Free Resources to Help You Track Your Goals: Having a visual can help you on your journey. Here are some examples that I like to use.
  • Expense tracker: I’m the type that likes to track where my money goes. I like to use the Money Lover App that I downloaded onto my phone. Once I spend money, I track it in the app. It’s super handy to have because at the end of the month you can see which category your money is being spent on.
  • No spend month challenge: Challenge yourself and see how many days in a month you can go without spending any money. Nerds Guide to Wellness has an awesome tracker that you can download for this challenge.
  • Loan Spread Sheet tracker: Easy Budget has a cool spreadsheet that you can download that helps you track loans. If you have a mortgage loan, you can easily see all the details of your loan and how long it would take you to pay off.
Continue Reading...  Best Budgeting Apps That I Use to Help Me Track Expenses

Get a second job or find a side hustle

Tackle your debt faster with a second job. You can even find a side hustle like selling items on eBay or even dog walking.

Continue Reading...  9 Side Hustles to Make Money this Weekend

Sell your belongings that you don’t need anymore

In relation to the above suggestion, you can sell stuff you have around your house on eBay or Facebook marketplace. This will help you de-clutter your home and have some extra cash in your pocket.

Save for an emergency fund

Save towards $1,000. Now that you laid out a plan to tackle your debt and you found ways to where you can cut back on your spending, it’s time to save for an emergency fund before you can go full force into tackling your debt.

You’ll be surprised at how many people don’t have an emergency fund for unexpected events. What if your car breaks down and it will cost $600 to fix? Where will you get the money to pay for it? Will you use a credit card or take out a loan? The answer is no. Save $1,000 in cash and put it on the side. Unexpected events that require a payment can be pulled from this fund so that you will never add more towards your debt.

Put the extra cash towards the highest interest rate loan

Look at your list of loans and credit cards that you wrote up earlier. Can you see which one has the highest interest rate? If so, you should put more cash towards that loan and keep paying the minimum for the rest of your loans.

Once that is paid off, put the extra cash and the payment of that loan into the next highest interest rate loan

This is the snowball effect. You work towards paying off the highest interest loan until it’s paid off and then concentrate on the next. This will help you crush your debt quickly. Once all debt is paid off, you can concentrate all of your money into investments and savings.

Whew, I didn’t realize this would end up being such a long post. But thanks for sticking with me until the end. Tackling debt is never easy. Saving money is never easy. But there is always a way to get out of debt with no money as long as there is someone to guide you and help you along the way

Have I missed anything else on this list? Feel free to add in the comments section below that can help get your finances under control!

Helpful Resources that I’d Like to Share:

Below you’ll find my top resources for blogging, saving money & more!

Blog Resources: Here is a list of tools that I personally use for my own blog. See all the courses I took to improve how I blog and the list of plugins that help keep my blog running smoothly.

Save Money on Groceries: This has been such a struggle for me since day 1 and I always go over budget with grocery shopping on certain weeks. But as long as I stick with my plan, I have my shopping list, and I leave the boyfriend home then I’ll be fine.

$5 Meal Plan: This has been such a time saver for me! This relates to my resource above on grocery shopping. I struggled with meal prepping because I just don’t have the time to spend looking for recipes. I decided to try this out because I have seen popular bloggers mention it and curiosity got the best of me. The system sends me recipes and a shopping list weekly. The recipes are so easy to cook and it helps me save time.

Personal Capital: Do you know what your net worth is currently? Instead of logging into many accounts to track my net worth, I rely on one service. Personal Capital tracks your investments, expenses, and savings. The best thing about this? It’s free!

Free Printables: I went a bit crazy and created a bunch of my own printables that I use for myself to help keep me organized. I also find some amazing printables online that I’d like to share with you. You access everything if you sign up below. I’ll send you the password and the library is yours to enjoy!

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Hi! Welcome to Mommy Finance. I'm a full-time working mom of one. Finance can drive anyone crazy and I try to keep it together. Join me as I write about budgeting, money and family.
Join Me On

Hi! Welcome to Mommy Finance. I'm a full-time working mom of one. Finance can drive anyone crazy and I try to keep it together. Join me as I write about budgeting, money and family.

Comments (4)

  1. Such a great list! And the wonderful thing is that just picking one of those ideas to begin with can really make a huge difference if you stick with it! Eventually it will become second nature and you can start stacking positive habits to really transform your finances!

    1. Thanks Cato! And yes, you’re right. Start of with one and continue from there. Thanks for commenting!

    1. I agree! Living within our means is basically one of the main ways to stay in budget and get out of debt.

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