The economic downturn in the country has left many people overwhelmed by financial strain. How can you pay off all the debts when all the time you seem to be accumulating more and more debt? It is a daunting task, but you need to start somewhere before you find yourself drowning in debt.

1. Work out exactly how much you owe and be honest with yourself.

2. Draw up a budget. Work out a debt repayment schedule and living expenses. If you can’t afford repayment get professional advice on options for debt relief such as filing for bankruptcy.

3. Control your spending. Allocate an amount for daily expenses and stick to it. Avoid extravagant spending and work out a way to cut down expenses such as taking a packed lunch and car pooling.

4. Pay your utility bills on time to avoid any late payments. Shop for utility suppliers who offer a better package.

5. Pay more than the minimum amount due on your loan repayment and repay high interest loans first.

6. Minimize the use of your credit card; only leave it for an emergency. Don’t get tempted by special offers, they are unnecessary expenses.