Once you’ve created a realistic budget, you should factor in the maximum amount of money you can use to pay back on your loans and credit cards. You may need to prioritize those with the highest interest rates. If you have any windfalls, like a large tax return or an annual bonus, use some of it to pay back your debt! Don’t be tempted to spend it all on a new cell phone or designer handbag. It’s more important to get out of debt first.