With all of the talk of student loans and millennial debt, the nation has seen a resurgence in interest in personal finance. One major tenet of personal finance is becoming debt-free. That’s because many exciting opportunities open up to you when you no longer have bills to pay. You’ll still always have some utilities to pay, but once you have paid off your mortgage as well as any other credit card or student loan payments, you’ll truly be making the most of your earnings by taking home as much income as possible instead of earmarking it for minimum payments on credit cards and other debt. If you’re trying to get out of debt fast, here are three strategies to try.

Increase your income with a side job

Sometimes your debt problems are actually an income problem. In these kinds of situations, it’s best to find ways to increase your take-home pay, as any extra money you make each month can be put towards paying down your debt. For some people, that may look like picking up a part-time job stocking grocery store shelves or delivering pizzas at night. Picking up a side job with tips can be a great way to get even more of a boost, because at times you make even more money from large parties or generous customers. It may even be worth picking up a completely different line of work and pursuing franchising opportunities to really build your income. Especially if you have experience in a specific industry for a larger brand, you may be a great candidate to become a franchisee and double or triple your income working for a company you love.

Cut back on frivolous spending

This is a common tip when it comes to personal finance, but it bears repeating: you need to live below your means if you’re going to build wealth. This doesn’t mean cutting out your daily latte run, especially if you truly rely on that cup of coffee every day. Instead, think of places to sacrifice in your budget that don’t make that much difference either way. If you subscribe to multiple streaming searches but only use one, cancel your subscriptions to the others. Think about buying generic brands on household staples and groceries when the quality doesn’t matter as much to you, and eat out less at restaurants and only order water when you do go out. By analyzing your spending habits, you can begin to cut back on behaviors that are harming your efforts to become debt free.

Sell your life insurance if you qualify

Many times, people realize that they don’t have enough of a nest egg saved to retire. Sometimes this happens in your 50s as you start taking stock of your life and your finances and looking for ways to maximize your returns so that you can retire. If you find that that debt is holding your retirement investing back, you’ll want to act quickly to get rid of it so you can begin to accumulate wealth through the magic of compound interest. If you no longer need your life insurance policy or have accumulated multiple policies over the years, it may be worth investigating life settlement companies who can assist you with selling your life insurance policy for cash, allowing you to access extra equity and pay down your debt or invest in retirement more quickly. Note that to qualify as someone who can sell their life insurance policy, you need to have a policy worth at least $100,000 and be at least 70 years old or have a terminal illness. In these kinds of situations, you can access money to build your wealth quickly, tapping into a policy you no longer need, eliminating the need to qualify for a loan with high interest rates.

To pay down your debt, you need to have a plan. Once you’ve made one, you’ll need to get to work tackling your debts one at a time, using all the extra income you can generate to do so. With dedication and careful planning, you’ll soon be able to live your life without a minimum payment haunting you around every corner. Just imagine what you’ll be able to achieve with your newfound financial security.