How To Get Debt Down Faster Without Sacrificing Your Lifestyle – A Checklist

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Be Better With Money

Paying off debt is one of the best things you can do for your financial health. But let’s be real—most people don’t want to live off noodles and skip every social invite just to clear what they owe. The good news? You don’t have to! At Loansmart, we believe in smarter ways to get ahead without putting your life on pause.

Here’s how to pay off your debt faster while still living the life you enjoy.

1. Start with a Debt Snapshot

Before you can beat debt, you need to understand your financial situation.

Begin by listing every line of credit you have, including:

Credit cards
Personal loans
Overdrafts
Buy-now-pay-later services
Car loans

Make sure you include the interest rates, minimum repayments, and balances for each. This step is all about clarity – you can’t make smart moves if you don’t know what you’re working with!

2. Tackle the Highest Interest First

Interest is the silent killer of your progress. If you’re paying 20% on one credit card and 13% on a personal loan, start with the one draining your money faster.

This is called the avalanche method. You’ll:

Pay the minimum on all debts
Throw extra cash at the highest-interest one

Even putting an extra $20 per week towards your highest interest debt will make a difference. This is particularly important for credit cards, because if you just pay the minimum, it will probably take years to pay off. Getting rid of your high-interest debt first saves you more money long term, helping you get debt-free sooner.

3. Consider Debt Consolidation

A debt consolidation loan is one of the smartest moves you can make.

Instead of juggling multiple repayments, you combine all your debts into one easy-to-manage loan—often with a lower interest rate.

At Loansmart, we make this process simple:

One quick 2-minute application
Access to multiple lenders
Smart repayment options that suit your lifestyle
Approval within 1-2 hours* and same day payout*

You get to simplify, save, and speed up your debt-free journey. Check out this recent story from Sophie, one of our clients who saved $150 per week on her repayments thanks to a Loansmart debt consolidation loan.

4. Set a Realistic Weekly Repayment Plan

Don’t overcommit. Choose a weekly repayment amount that fits your budget and still lets you live.

Here’s a helpful way to do this:

Track your spending for two weeks
Cut out what doesn’t bring value
Allocate that money to debt repayment

You’ll be surprised how much you can free up without even feeling it.

5. Automate Your Payments

Life gets busy. Forgetting a repayment not only slows you down, but it can also add fees or harm your credit. This doesn’t just apply to loan payments, but also bills. If you pay your bills late, like your phone or power bill, that reflects badly on your credit score too.

The best idea is to set automatic payments on your bills and credit repayments to avoid:

Late fees
Missed deadlines
Dips in your credit score

Consistency is the key to getting ahead—without thinking about it every week.

6. Say No to New Debt (For Now)

This one’s tough, especially with tempting buy-now-pay-later offers or sales that seem “too good to miss.”

But here’s the truth: Every time you take on new debt, you’re undoing the hard work you’ve put in.

Instead, get into a habit of:

Saving for what you want
Delaying purchases by 48 hours
Asking yourself, “Do I need this, or just want it?”

This isn’t easy but trust us, your future self will thank you!

7. Refinance When It Makes Sense

If your financial situation has improved since you first took out a loan, you might be able to refinance to a better deal. This is a good time to have a chat to a loan broker like Loansmart, where you get:

Access to low-cost lenders
Flexible repayment terms
Same-day approval and payout options*

You could lower your repayments or pay the loan off faster—without changing your lifestyle.

8. Use Windfalls Wisely

Tax refund? Bonus from work? Unexpected gift?

Use at least a portion of it to make a lump-sum repayment. Even a small one can:

Reduce your interest
Cut months off your loan
Give you breathing room later

This helps you stay on track while still enjoying part of that extra cash.

9. Reward Yourself the Smart Way

Paying off debt is hard and sometimes unpleasant, but it shouldn’t feel like punishment. You need to be able to stick to your plan; otherwise, you’ll end up staying in that cycle of debt you’re trying to get out of.

Research indicates that positive reinforcement—like rewards—can be more effective in motivating individuals than negative consequences. For instance, a study highlighted in Harvard Business Review found that offering small incentives was more successful in changing behaviour than warnings about negative outcomes.

Using this approach to paying off your debt, you can set milestones and celebrate them—without spending too much. You could do things like:

A free beach day after three months of consistent repayments
A nice meal out after paying off a credit card
A mini getaway after you’ve cleared 50% of your debt

This keeps you motivated to keep paying down your debt without derailing your goals.

10. Get Expert Help From Loansmart (It’s Free!)

There’s no shame in asking for help. In fact, it’s one of the smartest things you can do.

Our friendly team at Loansmart can:

Review your current loans
Find better options
Help restructure your debt to save money

Plus, our service is 100% online, fast, and hassle-free. No hoops to jump through, no judgment—just help.

Get a free loan assessment

How Loansmart Can Help You Take Control Of Your Debt

You don’t need to give up your lifestyle to get ahead financially. With a few smart strategies—and the right support—you can knock down your debt faster while still living your life.

At Loansmart, we help you take control with: