It can be challenging to stay motivated when you’re paying down debt. However, by taking note of the following suggestions, you can up your motivation during the process.
Write Down Your Reasons for Wanting to Get Out of Debt
It’s always good to pay down debt to get out of debt, but you may have other reasons for reducing or eliminating the money you owe. For instance, you might want to save up for a deposit to buy a house, get cheaper car insurance by having a better credit score, or get your finances under control to retire early.
Whatever your reasons are for paying down your debt, write down those reasons so that you can focus on them more. When you have clear objectives for reducing or eliminating your debts and have the reasons listed in black and white, staying focused and motivated will be much easier.
Whenever you feel demotivated, overwhelmed, or stressed, look over what you have written down to give yourself a motivational boost and stay on track.
Track Your Progress
You’ll be able to stay positive and more motivated if you regularly check your progress, so find a way to look over the results of your efforts.
You could keep a notebook or spreadsheet that monitors your progress in paying down your debt. But using something like a drawing of a thermometer that you color in each time you make a payment or hit a milestone can help you to stay even more motivated.
So, use a fun way to track your progress. For example, you could add a brick to a Lego tower each time you make a payment or add a song to a “debt-free playlist.”
Find a Friend to Support You in Your Debt-paying-down Journey
Finding an accountability buddy is one of the best ways to ensure you remain positive during your debt-paying-down journey. That means having a friend, family member, or colleague that can support you throughout the process.
A good accountability buddy is someone you can share your successes, failures, struggles, and stresses to help you maintain a positive frame of mind. When you have someone who can encourage and listen to you, it will be much easier to remain motivated as you gradually pay down your debt.
Celebrate Reaching Milestones
It’s a good idea to celebrate reaching milestones, such as every time you pay off $1,000 of debt. So, make sure you treat yourself with a gift at regular intervals.
You might be tempted not to spend any additional money during your paying-down-debt journey, but it will usually take time to pay off all of your debt, and if you feel the strain during that journey, you’re likely to feel stressed and unmotivated at times.
Therefore, you need to look after yourself, and one way of doing that is to treat yourself.
For example, you could buy a new outfit, visit a health spa, or get aquamarine rings. Purchasing the best gift you could ever think of will help you stay happy and motivated throughout your journey of paying down debt, so make sure you celebrate when you reach milestones.
Sell Items to Pay Down Your Debt Faster
The sooner you pay off your debt, the sooner you can relax and be worry-free. So, to stay motivated and positive and pay off your debt quicker, consider selling items you own and no longer need.
You could do that regularly, such as each time you reach milestones. Whether you sell excess furniture or workout equipment, those additional payments could soon add up to help you pay down your debt faster.
