3 Sure Ways To Help You Get Out Of Debt

Today we’ll talk about debt, I’ll adapt my thoughts from the Richest Man in Babylon by George Clason(pg. 106-112).


So many people are dealing with indebtedness which is doing more damage than good to them. Especially if you’re a student, being in debt specifically bad debt, is something that is not desired and it does a lot to make you a person that’s backward.

Debt damages a person’s reputation and confidence which then affects their ability to make sound entrepreneurial decisions that could propel them forward. The Advent of mobile loans has made the situation even worse.

But like with all other challenges out there, having a sound plan can get you out of debt. Here are some few tips that are given in the Richest Man in Babylon by George Clason. My apologies if I show a form of biasness when it comes to financial books, this copy to me is the Bible of all financial matters.

1. Find a means of earning


You cannot get out of debt except only if you have a means of paying them. The first step that’s advised in this book is that you get a means of earning something so that you can pay off your creditors. You can look for employment or start a business, a word of advice though if you’re a student or a person that’s never started a business before, get employment first before considering a business. Running a business requires that you be in a certain frame of mind that being in debt and being a first-time business owner does not allow. Call the who and who you feel can help you get employment and apply to as many jobs as you can.

2. Make a plan:

Being in debt is like being on the losing end of a war, you need a strategy to turn the tables. A lot of people have debts but don’t have any concrete plans to help them get out of them. Forget the imaginary repayment plan you make in your head a few minutes before you borrow a loan, that is not a strategy but a means by which your mind seduces you into thinking you can get out of debt in a flash. Simply put it doesn’t happen, it takes time.
Budget for the money you earn in the following ways:

  • Savings

Set aside something for your savings, another for your usage and another for meeting your debts.
People will argue why save when you owe someone, but my thinking is this, Deni iko hapo already so why not shape your life before making it more miserable? Save something, this will help to build your confidence and also allow you to have a concrete idea of what you can invest in after you’ve cleared your debts.

  • Your usage

When you can’t meet your needs, you can’t meet another’s either and so you can’t work and you can’t pay up your debts. Budget for your spending and cater for all necessities, it’s best to keep of luxuries in this period though. So once you know you have your food catered for, your rent is being paid and not building up more debt, you can get to work and you can dress and not look tattered, then that gives you the confidence to work harder and repay your debts.

  • Debts

The last part of planning is the debts themselves and how you pay them. Take time and talk to those you owe and commit to a plan with them. This may be hard with lending apps but with people, it works well. Honor your part of the agreement to repay in installments until you can clear all your debts. Being committed helps soothe the heart of those you owe and in some instances, they can even write off a part of the debt for you. Don’t expect this to be so easy though, as some people don’t let go off debts easily.

3. Grow your potential to earn and build discipline:
In the process of repaying your debts, you need to make sure you work as hard as you can at your job and grow your earning potential by adding on to your skills and by looking for side hustles.


Ensure that you also build discipline, don’t get out of one debt rut and fall into another after some time. Make sure you’re disciplined in your spending, saving and investing.

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