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It sometimes seems like taking on debt is unavoidable, unless you happen to be independently wealthy already. If you want to go to college you probably need student loans to get through. If you want a car to get you to work, chances are you won’t have thousands of dollars lying around to spend on a reliable vehicle, which means you’ll need an auto loan. When you’re ready to buy a home, a mortgage loan is the easiest route. And then there are the credit cards that somehow end up becoming a necessary part of your everyday purchases. Before you know it, you’re laden with debt and little hope of digging your way out. And if you lose your job, suffer an injury, accident, or illness that leaves you with astronomical medical bills, or face some other personal tragedy that sets you back, you could find yourself facing financial ruin, bankruptcy, and even homelessness.

Before it gets to this point, it’s probably a good idea to take stock of your situation and look into the prospect of creating a debt elimination plan. The truth is that we’ve been raised in a consumer culture that drives us to live beyond our means. And keeping up with the Joneses can quickly get you in hot water where your finances are concerned. So the place to start with any type of debt elimination plan is by figuring out what you owe, what you’re spending, and where you can cut back. Your plan should begin with a budget.

Unfortunately, most of us never learn how to manage our finances, and that includes basic budget creation. But it starts simply enough by accounting for your income in one column, your expenses in another, and then comparing the two. Chances are your debt has placed you in a situation where you’re spending more than you earn each month. But there’s also a good chance that a lot of your expenditures are unnecessary. So once you have your current situation spelled out, you’ll need to start trimming the fat. Extras like dining out should be removed immediately, along with unnecessary shopping trips. And if you can’t afford your mortgage, it might be time to consider downsizing.

Changing your lifestyle is not going to be easy, but you have to start the debt elimination process somewhere. Luckily, you might be able to get some help with the process. If you’re making at least minimum payments in good faith and you’re abstaining from additional spending on credit, you can speak with creditors, medical facilities, and others you owe money to about the potential to reduce what you owe. You might be surprised to find that many vendors are willing to work with you, setting up payment plans at a minimum, in order to recover at least a portion of what you owe. And if you’re having trouble, you can contact a debt elimination specialist for help.

Debt reduction can be a difficult process, and at times it can feel like it’s taking forever. But acting hastily, without thought for future consequences, is what landed you in debt in the first place. Keep in mind the old adage “slow and steady wins the race”. If eliminating debt is your ultimate goal, making a plan and sticking to it is essential. And with determination you’ll get there.