5 Ways to Stay Motivated While Paying Off Debt

paying off debtPaying off your debt can seem like a massive feat. Unless you randomly win the lottery, it’s bound to be a slow process. At times, paying off debt can seem never-ending and discouraging. It can be tempting to stray from your path, especially if you’re cutting out things you love in order to accomplish your goal more quickly. However, it’s in your best interest to stay strong and stick to it. That being said, here are five ways to stay motivated while paying off debt.

Start with the Easy Ones

Don’t overwhelm yourself by trying to tackle your biggest debts first. Make a list of all the debt you need to pay off and start with the smallest one first and continue to pay the minimums on the rest. Then move on to the next smallest one and then the next, leaving your biggest balance until last. You’ll see your debt being eliminated more quickly, which will keep you motivated. This is commonly called the snowball method, and there’s a reason that it works for so many people.

Break Things Down into Smaller Pieces

If you only have one large debt, or a few larger debts to pay off, break your balance down into smaller chunks to pay off. By giving yourself smaller goals, you won’t get as overwhelmed by the larger number.

People rarely achieve goals that are too large, which is why a few bite-size pieces seem more manageable and will be sure to keep you motivated while working towards your goal.

Make Yourself Accountable

Let friends and family know about your goal. Accountability can be a great driver towards success. If others know about your plan, you’re much more likely to stick to it; let’s be honest, it’s never fun to have to tell others that you failed to stick to your goal.

Celebrate Your Successes

Give yourself some smaller goals to complete along your path to debt freedom. Then once you achieve those goals, reward yourself. Don’t go crazy and reward yourself with anything too big, as that’ll only add to your debt. Instead think of something small that will get you excited to complete your goal, like a manicure or an item of clothing you’ve had your eye on.

Don’t Cut Out Fun Completely

Although it’s important to cut your spending to pay off debt, it’s also important to make sure you don’t completely deprive yourself either. If you take all the fun out of your life, paying off debt will just seem that much harder. Allow yourself a treat every now and then, so you don’t give up. Go out to dinner once a month or go see a movie; by still having fun, you’ll be more likely to stick to your goal.

No matter what your goal is, it can often be hard to stay motivated. More often than not, it’s all too easy to give up when things get difficult. This is especially true when that goal is paying off thousands of dollars in debt on your way to financial freedom. Instead of getting discouraged, keep your eye on the prize and follow a few easy tips to stay motivated.

What are some ways you stay motivated in your goal to be debt free? How do you keep yourself from getting discouraged?


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