How To Keep Your Debt Repayment Motivation

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Keeping your debt repayment motivation can be tough!  I started this journey to become debt free, to gain financial freedom about three months ago.

Debt repayment, motivation, plan, credit score, tracker, worksheet, personal finance

Some days I wonder how I am going to do it.  As I have said before, I have a substantial amount of credit card debt, as well as a couple of personal loans.  What makes this so hard?

Firstly, there isn’t any instant gratification so if your looking for that you will be disappointed.  Doing all this planning and budgeting, research, etc. can be super stressful at times.  This journey can weigh heavily on us!

Secondly, if your anything like me, you find it super hard to NOT spend money on stuff you DON’T need!  Further, I am trying to cut some stuff out that I do need, or at least keep telling myself I need, to achieve my goals!

However, I see the benefits, as I am sure you all do, of pressing on and achieving financial freedom!  It can open so many doors for what we do in life!  Most importantly, it will lower our stress, and in some of our cases, it will improve our family life!

Below are some of the things I am working on to keep myself motivated on this journey.  Above all, I hope I stay motivated and help you stay motivated as well!

Set Goals for Your Debt Repayment

I believe that one must set goals in this journey.  To clarify, we need to set goals on ourselves for lots of different reasons!  Not just paying off debt, but even for things like your bucket list, or your health, etc.

Firstly, set some short term goals.  I set monthly goals on myself.  Currently, I have those goals in my head, but I have found that I don’t hold myself accountable enough by doing it that way.  When you set your goals, write them down, and put them where you will see them frequently.

Secondly, set some long term goals.  For me, these are yearly goals.  For example, it could be one goal as simple as pay off one particular debt you have this year.  Again, write these goals down and review them periodically!

Above all, remember that you don’t have to accomplish all of your goals!  Just do the best you can with each one and hold yourself accountable for your failures.  That will make us better! 

Celebrate Goal Successes

In addition to holding yourself accountable for goal failures, you need to celebrate your successes!

However, you need to use your imagination here and come up with ways to celebrate that make you feel good without counteracting your goal of debt repayment!

For instance, if your goal was to save 500 dollars in one month, don’t celebrate by buying something you don’t need for 500 dollars!!

My way of celebrating is just telling my friends and family.  Hearing someone say that you did a good job in addition to you telling yourself how good you did is all I need for celebrating my monthly goals.

However, for my yearly goals, I will come up with something way more significant for celebration!

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Keep a Debt Repayment Timeline

This is an area I haven’t started yet.  I have this grand master plan in my head, but I haven’t written it down.

Firstly, what I plan on doing within the next few days is create a spreadsheet.  I am going to put all my debt on there.

Secondly, I will plug in the numbers of what I plan to pay each month to each one.  With a few formulas and some work, I think I can make this spreadsheet show me my financial freedom date.

After that, if I can make this work, I will be sure to share it for any of you to utilize as well.

Above all, I think if this will show me my progress and a date for final success, it will keep me motivated!

Know How Much Interest You Pay

The interest you pay out each month can be an ultimate motivation tool and lessening that is an extremely important part of debt repayment!

For example, according to this calculator, I save over 150 dollars per month after moving some of my credit card debt to a 0 percent interest card.  Yes, I still have the obligation, but for 15 months I don’t have to give any of my money to the bank!

Knowing how much money you throw away in the form of interest, and therefore, knowing how much money you are saving once you pay that debt off is such an excellent feeling!

So for me, I keep track of my interest!  Most importantly, I want to know how much money I am throwing in the trash!

Stay Focused on the End Game

Remind yourself why you are doing this.  Why do you want financial freedom?

For me, there are several reasons!

For example, as I previously discussed in one of my first blog articles, I want a boat!  There are so many other reasons, though!

I want to be able to take a vacation and travel without any fear of how much money I am spending.

I want to be able to buy things because I want those things, not because I need those things!

I want to be able to start saving for retirement, and I want to retire early!

As long as I am working, I want to have a job I love no matter how much it pays!

I could list so many other reasons!

Now you might be thinking, with some of the things I listed, I am just going to go right back into debt.  Nope, my ultimate goal, the absolute end game, is to live the way my grandparents live and have for a long time now.  They save for what they want and pay cash for everything!

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To sum up, please find a way to keep yourself motivated and working towards your debt repayment, and ultimately financial freedom! So far, these things are working for me, and if they work for you too, that’s even better.

Big News Next Week!

Next week, I am going to start a new monthly goals post.  Each month I will post my goals for the following month, and I will post results from the previous month!

I also have some big news for next week as long as things keep going the way they are now until then!

YOUR TURN – What are some ways you keep yourself motivated?  Let us know in the comments!  Also, please share this article with your friends and family if you found it helpful!

Survey Junkie

4 thoughts on “How To Keep Your Debt Repayment Motivation

  1. Setting goals is so important, not just for debt repayment, but for everything. So many people do not do that. Keep up the hard work as will I.

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