When you have debt to pay off it can take months to years depending on how much debt you have accumulated.
So, it is always good to learn as many tips as you can to make sure you can last the entire period of time you will need to get it all paid off.
I mean it is always easy when you sell things and boost your payments temporarily or when you get a bonus at work that you can throw at it. But, when you are just working through cash flowing it, it can get very monotonous at times.
Here are some tips on how to stay motivated to pay off your debt.
1. One of the most important things you want to do is to track how your progress is going. You can do this in Excel if you like to work in spreadsheets. There are apps that you can use to track paying off debt. You could even make a list of your debts and hang it on your fridge and mark through them one by one. The point is to find something that is motivating and works for you and your family.
2. Set some smaller goals. For example, if you have $15,000 to pay off, you could just focus on say $2,000 at a time. Just work towards that smaller amount and celebrate when you reach it. You could just splurge on something that isn’t really that expensive, like going out to eat if you have cut that out. Or, maybe taking the family out for fro-yo or something. It just needs to be something that isn’t too expensive, but will be a small reward that you can look forward to.
3. If cutting out everything that isn’t a need is just too much for you to stay on track and motivated for the long haul, then you might have to get your occasional Starbucks, or an occasional manicure. You don’t want to include these types of things all of the time. But, if it is going to cause you to give up all together because you feel deprived, then you might have to make just a little bit of wiggle room to get through it.
4. Research and read as much as you can about success stories. Listen to pod casts, radio shows, read books, articles, whatever you can about others who have traveled this road and paid off all of their debt. It is great to always have this positive information and the reminder of why you are doing it and how it is possible.
5. Imagine you future and life without debt, and how you will be able to change your family tree.