Debt, to put it frankly, is a fact of life. Most people reading this are probably struggling to work their way out of debt right now. It can come in many forms – from mortgages to student loans, from credit card bills to car payments. And it doesn't end there. Many, when looking at the proverbial mountain of debts facing them, feel overwhelmed. But that's all perception – allowing yourself to be intimidated by debt is an act in creating that proverbial mountain out of a molehill.

To borrow from the Pulitzer Prize-winning musical "Rent", there's no day but today when it comes to fixing your finances and eliminating your debt – you simply have to make the decision to do so, then put in the diligence and hard work to plan your finances better, and put some good ideas and habits into everyday practice.

As with most paths to change, the hardest part is beginning it. Conquering debt means you'll have to sit down with a lot of time to spare and all of your financial documents, then go through and take stock of every paycheck and payment until you can paint a comprehensive and organized picture of your finances. How much are you bringing in, how much have you saved, and how much of your money are you spending Get specific – write down amounts whenever you can, and estimates when you cannot. Log receipts and past bills, and file pay stubs. These will not only come in handy when it comes time to file your taxes, but also in terms of viewing your progress and continuing to better understand your financial habits.

Start with your savings. How much do you have in your savings account, and how many savings vehicles overall do you have going at once No matter whether it's one, none, or many, write down whatever resources you have put aside. After you've done that, go through and chronicle each and every debt you have. Every single bill, every loan, and the payment plans you're working through need to be written down in an organized fashion (including how much you owe, and when). And finally, examine how much you have coming in. Take your income and figure out a reasonable way to disperse these funds among your savings accounts and financial obligations. Even if they're small amounts, they will begin to erode your outstanding balances until, at last, there are none. Make sure, as you budget, to leave money for necessary expenses, such as commuting costs and groceries.

Unless you have specific deadlines looming, take all the time you need to tackle your debts, month by month. And use the resources available to you by talking in an open and honest fashion with creditors to whom you owe money. Once you have a system established, the only thing you need to do from there is keep with it.

When you're starting out, the process may feel prohibitive, daunting and downright annoying. But as you begin to chip at the proverbial mountain, you'll find yourself affording more, planning better and breathing easier. The results will be worth the efforts you put it.