How to Eliminate Debt in 2019

How to Eliminate Debt in 2019

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2019 has just begun!

Have you written your New Year’s Resolutions?

If so, is getting out of debt for 2019 on the list?

I really hope so.

Truth is, no one wants to be debt.

We are so caught up in the latest trends trying to be current, we dig our own graves so to speak.

So are you ready to kick debt in the a** once and for all for 2019?

If so, get ready!

This article is not only going to help you get out of debt  but it’s going to change the way you think about money.

Below are 6 ways you can get out of debt permanently. 

1. Have a Side Hustle. 

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If you currently have a job, that’s great!

Now it’s time to look for a “Side Hustle”.

Having a Side Hustle” simply means finding another part time job to supplement your income.

This can help greatly when you have debt because not only will you have your full time income to throw at your debt, but each month you will also be putting additional money towards your debt, reducing the repayment time significantly versus having only one source of income.

2. Live Within Your Means.

The opposite is true as to why so many of us are in debt. Many of us live above our means just to try to impress everyone else. Truth is, everyone is so caught up in their own lives that many of us do not realize we’re doing this in vain and sinking ourselves in debt.

Purchasing high end vehicles, designer clothing and the latest gadgets just to “look” as if we have money.

Now do not get me wrong, if you have the income to purchase these items, then by all means. I have nothing against anyone wanting to have the best in life especially if they’ve worked their butt off all their life to achieve this.

But do not and I mean DO NOT purchase these items if you cannot afford it. Don’t go broke trying to look rich. Or as the saying goes, “Fake it till you make it”.

You will only be putting yourself in debt just to impress the same people who do not care.

Live within your means. This means having a monthly budget and writing down all your expenses each time you get paid.

A good rule of thumb in the financial world is to budget using the 50-30-20 rule.

The 50-30-20 rule indicates you spend 50% of your income towards your basic needs such as food, rent, utilities and bills. 30% of your income goes towards your wants or entertainment such as dining out or movies and the last 20% goes towards debt repayment, savings and investing.

Follow this rule and you will be debt free and taking charge of your finances in no time!

3. Use the Debt Snowball Method

So you have all this debt and you do not know where to start.

Massive student loans, huge credit card debt and loans up to your eyeballs.


Yep I’ve been there. Not a nice feeling at all.

Having so much debt you feel as though you are drowning with no one to throw a buoy.

Tackle your debt head on using the Debt Snowball Method.

What is the Debt Snowball Method? This method suggests you list your debt from smallest to largest and make minimum payments on each of them.

Here’s where you use your side hustle income to further reduce your Debt Snowball making the debt repayment process easier.

This method is effective because when you begin to see your small debts being paid, it gives you the motivation to want to clear the rest of your debt until you reach the very end.

It will come almost as a game to you; the “How fast I can become debt free” game.

And what an awesome feeling when all of your debt except your home is cleared off.

At that point, you will feel like you’ve gotten a raise as you will have more money back in your pocket to do whatever you like.

4. Pay Cash for EVERYTHING!

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I cannot stress this enough.

If you have to take an item on terms otherwise known as Hire Purchase or have to make monthly payments, then you cannot afford to buy the item.

Believe it or not but this is the reason we are in so much debt.

We finance everything from cars to electronics and then our monthly salary has to cover the cost because we did not save up the money to purchase it cash.

In turn, each month our bills are so high and we are so broke, we can’t even afford to pay attention (pun intended)

I mean seriously??? Why are we continuing to live this way?

Pay cash for everything you buy.

DO NOT take out an item on hire purchase. You will be paying a lot of interest for the same item you can get cheaper at the cost price.

5. Save for Big Purchases.

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So you may be wondering, if I have to pay cash for everything, then how can I afford a home or a vehicle?

These are very big purchases!

I cannot afford to buy a home cash! That’s too much money! Isn’t that what mortgages are for?

So by that, I assume you want to spend at least 30 years of your life paying off for your home..

Absolutely ludacris!

I’m here to tell you there’s another way to tackle the 30 year mortgage plan or a vehicle purchase and that’s saving up to purchase it cash.

It will be extremely difficult in the beginning because you will have a lot of sacrificing to do to reach those goals.

A lot of hard work, extra jobs, no sleep, dedication and commitment to sticking to your plan and not quitting no matter how tough the road gets.

But as my favorite financial mentor and guide Dave Ramsey always says, “You gotta live like no one else so that later you can live and give like no one else.”

Absolutely love this guy!

In a nutshell, what he means is stop following what everyone is doing with their money and be different.

Normal is broke.

Be weird and you will reap great financial rewards.

6. Invest In Stocks and Bonds.

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So after you’ve followed the steps above, the next step to getting rid of debt permanently is to invest in stocks and bonds.

You can also invest in a ROTH IRA and 401K plan which are excellent investing accounts for retirement.

It’s never too late to start thinking about retirement either.

The earlier you can start investing, the better for you and your financial future.

For more information on Investing, you can check out Investopedia’s A Beginner’s Guide to Investing.


Accumulating debt is very easy. Getting out of debt permanently is tricky.

Once you develop your side hustle to bring in extra income, you will be paying off a greater chunk of your debt faster using the Debt Snowball Method.

By living within your means and paying cash for everything, it ensures you don’t put yourself in any debt that will eat away your income.

Saving for big purchases can be extremely difficult, but it’s up to you to decide if you want to make the sacrifice now for a better future or spend money in interest with car loans, mortgages student loans and credit card debt.

I hope this article helps you get eliminate your debt for 2019.

If you really want to tackle your finances head on for the new year, I suggest you check out Dave Ramsey’s Financial Peace University Course.

It’s one of the best financial courses on the market helping millions of people around the world get out of debt and build wealth using his Baby Step System.

I highly recommend it to anyone!

As always, I’d love to hear what you think about my content.

Please leave a comment below or send me a message with any questions, comments or feedback and I will be more than happy to help you out.

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12 thoughts on “How to Eliminate Debt in 2019

  1. Great advice. I will take it all to heart and eliminate my debt in 2019.
    Have a great day!

  2. Nancy

    What a great article. I love Dave Ramsey!
    I love the idea of a side hustle. Do you have a side hustle that you’re working? Every little bit helps to pay down the debt.
    My Dad always used to say to me, “If you can’t pay cash for it, you don’t need it”. I need to get back to that. He was very smart. 🙂

    1. Hi Nancy,

      Yes, Dave Ramsey is awesome! I have learnt quite a lot from following him on YouTube. You should check out his channel!

      Yes I presently have a side hustle. I work doing sales part time for a media advertising company.

  3. I love these practical tips! I have been abiding by most since college (somehow), but I’m really working at a side-hustle now. It is by far the most challenging in my opinion, but it’s also the most fun as well. Thanks for steering people in the right direction. I think it’s a crime how poorly we educate people on personal financial responsibility.

    1. Hi Christian,

      You are welcome and thank you very much for your feedback. I hope my article has provided you with some great information on how to improve your financial life.

      If you have any questions, please feel free to message me!

      Kind Regards,


  4. Hi Keisha,

    Wow, was this article an eye opener! I hadn’t heard about the 50-30-20 rule, but I sure am going to endeavour to use it now. And I love the debt snowball method!

    You have inspired me to stop sticking my head in the sand and try my best to get debt free this year!

    In terms of a side hustle, do you have any suggestions? I’m a member of WA but it may be a little while until I’m making money as I’m still a newbie. Any suggestions for temporary side hustle ideas?

  5. Thank you Keisha, for your comprehensive and pertinent opinions on how to eliminate the debts.
    It means a lot to me. I get great burden of loan as i purchase a house last year. And i’m seeking ways to increase my income and reduce my outcome.

    Thanks for sharing your opinions about the debt eliminating.

    Have a nice day!

    1. Hi Shaun,

      You are welcome. Glad I can provide some great insight that can help you financially.

      Have a great one!

      Kind Regards,


  6. Keisha,
    These steps are very important to those who want out of the debt rat race this year. I have a plan that will leave me with a house payment only after this year, it will be paid for in 5 years. The side hustle is the key to this, putting all of its funds towards debt and not using it to buy more stuff.
    My side hustle has given me enough funds to get my debt down to be paid off this year. I have always told the kids that if they want something big to save their money for it. Some have listened and some have not.
    Thanks for the information and the link to the book. I think I will pass this along to the kids that have debt problems.

    1. Hi John,

      Thank you very much for your feedback. Glad you have a plan put in place to tackle your house payment and I hope it works out for you. Wish you all the best in your endeavors and please feel free to message me if you have any questions or comments.

      I hope your kids heed this advice as it can help them greatly.


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