Sis, let’s talk about getting out of debt

My sister, how are you doing? I mean, how are you really doing? Life in Nigeria is not for the faint-hearted. Between taking care of family, running a business or working a 9-to-5, and trying to have a small life for yourself, money can become a major headache. And when debt is added to the mix, it can feel like you’re carrying a heavy load on your own. But I want you to know you are not alone, and you can get out of it. Let’s talk about some simple, practical ways to start that journey.

Step 1: Face the Music, No Judgement

The first step is always the hardest: you need to know exactly how much you owe and to whom. I know it can be scary. You might want to just close your eyes and pretend the debit alerts aren’t real. But we can’t solve a problem we don’t understand.

Grab a notebook and a pen (or your phone). List down everything — the loan from the app, the money you borrowed from your aunty, the Aso Ebi you bought on credit, the contribution you haven’t paid. Write down the total amount for each one.

Seeing the full picture is not to shame you; it’s to empower you. Now you know what you’re up against.

Step 2: Where is Your Money Going?

The next thing is to create a simple budget. Don’t worry, this isn’t some complicated accounting exercise. For one month, just track your spending. From the N5,000 airtime to the N100,000 grocery run, write it all down. You will be surprised at where your money is actually going. You might discover that the small, daily purchases of snacks or data are adding up to a lot.

Once you see your spending habits, you can create a simple plan. A good rule is the 50/30/20 rule:

• 50% for Needs: Rent, food, school fees, transport.
• 30% for Wants: A new dress, eating out, entertainment.
• 20% for Savings & Debt: This is the money you’ll use to attack your debt.

Step 3: Attack the Smallest Debt First (The “Snowball” Method)

Look at your list of debts. Instead of trying to pay a little bit on all of them, focus your energy on the smallest one first. Pay the minimum required on all your other debts, but throw every extra naira you can find at that smallest debt until it’s gone.

Why? Because clearing that first debt will give you a powerful feeling of victory! It will motivate you to keep going. Once it’s paid off, take the money you were paying on it and add it to the payment for the next smallest debt. This is the “snowball” method — your payment amount grows bigger and bigger as you knock out each debt.

Step 4: Increase Your Income, Even by a Little

Sometimes, cutting costs isn’t enough. Think about what you can do to bring in a little extra cash. Can you cook delicious meals? Maybe offer lunch delivery to a few colleagues at work. Are you good at organising things? Offer your services to a friend for a small fee. Do you have clothes or items at home you no longer use? Sell them online. Every extra N5,000 or N10,000 can make a huge difference when you put it directly towards your debt.

Final Word: Be Kind to Yourself

Getting out of debt is a marathon, not a sprint. There will be good months and tough months. The goal is progress, not perfection. Learning to say “no” to some requests (yes, even from family) is not being selfish; it’s being responsible for your financial future.

You are strong, resourceful, and more than capable of handling this. Take it one step at a time, one day at a time.

You’ve got this, I am rooting for you!