How To Stay Motivated When Paying Off Debt
The process of paying off debt is just as much a mindset thing, as it is a technical one.
Tell me if this sounds familiar:
You decide that you have had enough of the stress and anxiety that comes with carrying debt. The burden of it has pushed you to your limit and you are ready to pay it all off!
You start off strong in the first few weeks – or even the first few months.
You cut your expenses – saying no to friends’ invitations to dinner, making lunch instead of eating out, and canceling your cable and other subscriptions.
You are feeling good! You are paying off debt!
Then, after a while, all of this cutting back starts to wear on you. You see sales that you want to shop, new restaurants to try, and vacations to take.
Even worse, a surprise expense like a blown car tire pops up and sets you back in the hole.
You’re just about ready to give up on this paying off debt thing – again.
If you’re nodding your head “yes” to the scenario above, I get it.
I’ve been there and I know how much it can feel like a cycle that we can’t seem to break out of.
The secret to staying motivated when paying off debt is this:
You have to know WHY you want to be debt-free.
“Because I don’t want debt anymore” isn’t going to cut it.
Your WHY needs to be strong enough to snap you out of a slump and set you back on track.
Describe the way you would FEEL without debt weighing on you.
Close your eyes and see yourself experiencing a life without the burden of debt.
Okay – now how do we stay motivated while on this debt-free journey?
1. Understand motivation.
Motivation can be powered by external and internal influences.
Your sister says debt is bad. Society says a high credit score is important. These are external influences.
Internal influence comes from you. This type of motivation will yield the best results – and is why you need to know your WHY.
2. Identify your why.
Why do you want to pay off debt?
Maybe you are tired of the cloud of debt hovering over every purchase you make.
Or maybe you are starting a family and want to start with a fresh, clean slate.
My why was for peace of mind. Debt weighed on me like a ton of bricks. It affected my daily mood.
Whatever your WHY is, write it down and put it where you will see it all the time.
3. Know your BIG goal.
It isn’t enough to just say “I want to pay off debt.”
We need to know exactly what debt we are paying off and by when we want it paid off.
“I want to pay off $__________ by __mm/dd/yy___.”
Getting rid of debt is like going on a road trip – you need to know where you’re headed in order to create your road map.
4. Set smaller goals leading up to your BIG goal.
If you are trying to tackle all of your credit card debt, celebrate each time you pay off one card.
Heck, celebrate at the halfway mark for each card!
These little celebrations will help push you forward to achieving the next small goal, and eventually your big goal.
Use a tracker to visualize the progress because the journey can sometimes feel like you’re not moving forward.
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5. Have a plan for when you fall off track.
Because you will fall off track.
We are human and we do human things.
And that’s okay! We’ll prepare for it.
The first step is to build a small emergency fund before embarking on your debt payoff journey.
This will help take care of unexpected expenses.
The last thing you want is to add to the debt you’re trying to pay off.
6. Write your debt-free date where you will see it daily.
This is the ultimate motivation!
Seeing the exact date will make the idea of becoming debt-free that much more tangible.
My Debt Snowball Calculator will show you the exact date you should expect to become debt-free and which debt to tackle first – laying out a personalized strategy based on your unique situation.
Click here to learn more about the Debt Snowball Calculator.
Paying off debt isn’t an easy journey. But it is one that will be worth it. Remember you WHY when you need a little motivation. I know you can do this!
