While there is much expert advice in the news over the last few months about the best ways to get out of debt, essentially every individual’s debt situation is personal. What works for one family many not work for all but there are some common denominators those people who have found debt freedom have used to get debt free and pay off all balances hanging over their heads. These common threads are generally basic financial methods everyone can incorporate into the debt-free goals in some way.

Here is the top 5 list of the common threads for getting out of debt successfully:

1. Prioritize Your Debts
There are too many people who claim to have no money or the ability to get out from under personal debt. Many of those people have one thing in common – and no it is not a lack of money. It’s organization. There are many people who simply have no clue how much money they actually owe or to whom they owe that money. You can’t expect to get rid of your debt if you have no idea how much debt you have. Your first step should be to sit down with all your bills and list on a piece of paper where you stand with each account. Once the list is complete, go back to it ad start prioritizing what you need to pay first, such as mortgage, food, and other non-luxury expenses.

2. Put Yourself on a Budget
Once you have a clear understanding of what you owe, you need to figure out how much money you are bringing in and then mesh that information to produce a reasonable, workable, and flexible budget. Creating a budget is not enough – you must also stick to the budget to ensure its success. Budgeting will help you understand what bills you can pay and when and should give you an accurate amount of the money left over for savings or for entertainment. It may also require some additional thought as to what you need to cut out of your life if there is not money left over.

3. Increase Your Income
If you find after budgeting, your income is not as effective for reducing your debt in a reasonable period of time, it may be time to either find a new job, ask for a raise, or you might consider adding a temporary part-time job to supplement your income as you pay down your debt. Finding a second source of income does not necessarily mean throwing out resumes all over the local mall. As desperation is the mother of invention, so too can you find creative ways to increase your income. Capitalize on the skills you already have to develop another avenue for income – one you actually might enjoy.

4. Focus On Debts
While it can be a trying time as you seem to only work and live for your debts, the results will be a great reward for all of your hard work. Some encourage the use of the snowballing method, where you continue to pay the minimum on all bills but attribute a larger chunk of cash towards one of your debts until it is paid off. You then snowball the old debt’s payment into the next debt on your priority list and so on down the line until all debts are cleared. You may also choose to renegotiate terms with your creditors to reduce your monthly payments to more reasonable amounts. Whatever method your budget best supports should be the one you choose. Don’t be drawn in to thinking you can not do this on your own because some company offers cheap services to reduce your debts. Remember you likely will get what you pay for.

5. Stop Spending!
The only way to avoid future cases of debt is to stop spending now. After all of your hard work getting out of debt, it would seem a ridiculous notion to put yourself back in the same position by continuing to charge up your credit cards or juggle monthly bills just to survive. Learn to notice and then change your spending and shopping habits. Stop falling for impulse buys. Spend less than you earn and bank the extra into a high-interest savings account. Debt does not generate itself. Control your spending now for a debt-free, financially secure future.