Being trapped in a seemingly endless cycle of debt can feel like being buried alive, gasping for air as the weight of interest fees and penalties crushes down upon you. 

Every month you see chunks of your hard-earned money go to paying off your debts, you have little left to save and invest for your future. And yet, no matter how much you have tried paying off, the weight doesn’t seem to get lighter.

This is because the longer you take to conquer your debts, the more interest you'll have to pay. It's a vicious cycle - the slower you pay, the more it costs; the more it costs, the harder it becomes to pay it off.

While debt demolition can feel like an uphill battle, with a plan in hand and determination you can debt slay your path to debt-free freedom.

The sooner you act, the sooner you'll reap the rewards. Let's do this!

Four quick tips to overcome debt:

​Lifehack 1: Cash only - go on a cash diet 

One of the biggest culprits of overspending is the ease of swiping credit. Ditch the credit cards completely for now and go on an all-cash spending diet.

Completely stop using credit cards until your debt is paid off, as the ease of charging purchases enabled your debt buildup. Cash stuffing, debit cards or expenses-only account. Seeing your fixed amount of ‘physical cash depleting forces you to be mindful of your spending.  

Lifehack 2: Lifestyle deflation 

Cut expensive dine-outs and cafes, cook at home instead and bring your own coffee to work. Stop trying to live that curated  'Instagrammable' lifestyle that you can't afford right now.

Downgrade or cancel subscriptions/memberships for services that you don't truly need or use. Consider bigger downgrades like trading in your car for a less expensive one, renting cheaper housing, etc. 

Lifehack 3: Frugal mooching 

Get creative finding free or very cheap activities and entertainment instead of paying. For example, libraries or free eBooks if you are into reading.

Instead of paying to go to the gym, running around parks and your neighbourhood is a free alternative. For music, there are free (with ads) streaming services. You can simply ignore the ads and focus on how much you can save every month. With enough creativity, the fun doesn't have to cost much. 

Lifehack 4: Unsubscribe convenience! 

Unsubscribe from retailer emails advertising sales and deal notifications to remove those impulsive spending triggers. Delete shopping apps and get rid of apps that enable easy online purchasing when you're trying to spend minimally.

Remove payment details from online stores and platforms so there's more friction when you are tempted to press ‘Pay’. 

This content is part of the Temasek – Financial Times Challenge, a financial literacy education series in Singapore for youths.