Last week I discussed the first rule to escaping debt, which is to acknowledge the situation you are in and that the source of the problem is no one but yourself.

Rule 2 to escaping debt is to create a plan or in other words a budget.

You will have to go through your finances and examine what is actually essential to your daily living, and what is a luxury. From there create a budget in which you can allocate a certain amount of your pay to accommodate those needs.

The reality of things is that if you want to get out of debt quickly, you should be taking out any spending that is not necessary completely, however it is hard to completely stop. Take everything in steps; lower the amount you might spend eating out, or how much you spend on buying new clothes.

Slowly reduce the amount to the bare minimum and use the portion you are not using to pay off your debt.

Let us be realistic here, if you have the will power to stop spending completely on unnecessary items, you would not be in the situation you are in. Take your time lowering your expenses and you will find yourself paying off more of your debt every month.

Make it a goal to lower your spending, and increase the amount you pay off your debt each month and you will find yourself debt free in no time.