If you are in debt, then you may feel that you would like to very quickly be out of debt again. This is quite a natural feeling but it is worth thinking to start with whether getting out of debt is actually a good thing. It can actually depend on what type of loan you have. If you have a student loan, for example, the debt may be written off if it is not all paid by the time you have had the loan for thirty years. This means that if you do pay it off early you could actually be paying more back than you need to. Also with some loans, such as a mortgage, it might be better to invest the money that you would use for paying it off and you could get a better return than if you pay it off early. This will very much depend on the interest rates, the investment you choose and there is a risk with all investments that they may not increase in value, but it is something worth thinking about.
Most debt is probably better paid off though. You will save money in the long run, as you will not be paying so much out in interest and costs and you will also be free of the worry of being in debt. To start with you need to look into what debts you have and how much you owe, then find out whether there are any penalties for paying them off early. It is worth then calculating to see whether it is worth paying it off early or not. If the penalty for paying it off early is very high and you do not have long left to pay, then it may not be worth it, but in most cases it is likely you will be better off financially if you repay it quickly.
Repaying something quickly can seem almost impossible if you owe a lot of money. It will not be possible to magic up a whole lot of money of course, but once you start getting into the habit of paying off debt, it can be easier to pay it off more quickly. It is just a matter of being able to find a way to do it that suits you and your lifestyle.
Obviously if you can earn more money and pay out less on other things then you will have more ability to repay the loan. You will need to think about not only how you will be able to achieve this but how you will be able to keep motivated to continue to do it. Although you may been keen now and have your goal firmly in mind, it can be hard to continue with this especially into the long term. It is therefore wise to write down your goal and keep it nearby, making sure you also have a note of why you want to achieve the goal so that each time you feel disheartened you can remind yourself of why you are doing it.
If you are working extra hours and spending less money on yourself or on luxury and fun things it can be easy to feel sorry for yourself. We get used to being able to treat ourselves and having a certain amount of leisure time and giving that up is not easy. It is important to make sure that we still manage our stress levels and still make time to have fun, this does not need to be costly. It is just a matter of finding a balance and learning what works for us. It might be that we want to reward ourselves by buying one thing a month or that we decide to treat ourselves to ten minutes of meditation a day, which is free of charge or go on a lovely, free walk each weekend. There are many ways that you can manage the situation but it is important to plan ahead so that it works for you. So think about how you will spend less and earn more to pay off the debt but also think about what you will do to manage any stress created by this and how you will make sure that you stay enthusiastic and keen about the idea.