Paying off debt will free up your finances and help reduce a lot of your daily stress. It may take some time and some careful planning, but the benefits are certainly worth the effort.

If you are feeling overwhelmed by debt, you aren’t alone. Many Canadian households are struggling to pay off credit cards and other types of debt, keeping them from saving, investing, and putting aside emergency funds. Getting out of the debt cycle starts with having a good plan, which you can create by following the steps below.

1. Calculate Your Debt

To start reducing your debt, you need to take stock of exactly how much you owe. Make a spreadsheet if you have to, and ensure that it includes every type of debt you have, how much is owed, and what the minimum payment is every month. Getting this step done is key to moving on and dealing with it.

2. Make a Detailed Budget

The only way to know how much you can afford to pay towards your debt every month is to make a complete budget. Pull up another spreadsheet and add up all of your income and all of your spending. The more detailed and accurate you are, the more effective your plan will be. After you have covered your necessary expenses, you will know how much to allot to debt payments.

3. Identify Expenses You Can Cut

The more places you save, the more money you can put towards your debts every month. With a detailed budget in front of you, you will be able to identify places where you overspend or where you can afford to cut back. For example, maybe you can eat out less and make more meals at home, find a better deal on your internet, or take steps to lower your energy bill.

4. Prioritize Your Debts

With your debts laid out in front of you, it may be helpful to organize them in terms of priority. Generally, debts with higher interest rates should be paid off sooner to prevent paying more interest over the long term. Alternatively, paying off the debt with the lowest balance may seem like a more attainable goal. Consider which strategy will provide you with the most motivation.

5. Focus on One Debt at a Time

After prioritizing your debts, you can focus on paying down one debt at a time in order of importance. You will still have to make minimum payments on your other debts, but you’ll want to pay as much as you are able on the most important one. This is often a more effective strategy than dividing the same amount of money equally between all debts.

6. Consider a Balance Transfer Offer

Sometimes, one of your credit cards may offer a balance transfer promotion, allowing you to move over your debt from other cards. The promotion will also typically include a much lower interest rate–sometimes as low as 0%–for a fixed length of time. This can be an excellent option for clearing away debt more quickly, but be sure that you are able to make substantial payments during the promotional period before making the transfer.

There is no quick fix for getting out of debt, but a good plan, good financial habits, and a bit of patience can make it happen. Once you are debt-free, you can use the habits you formed and the skills you earned to start saving.