When you have large debts, and it is taking you a while to pay them off, it is hard to stay motivated to keep on going. It can be hard to keep living on a small budget and putting all your extra money towards your debts. These are some of the small things I do to stay motivated.
Reward yourself every now and then
For example buy yourself a little present every time you pay off a debt. Or when you’ve paid of half your debt, or maybe every time you’ve paid off another 20%. I buy myself a little gift, like I go out for a nice dinner, I buy a new computer game, or I think I will treat myself to a little trip to Spain when I’ve paid of the debt to my family, and before I start on my university loans. This sort of coincides with me paying of 20% of my debt, and I’m a massive travel addict. Then I will be totally motivated to continue paying off the rest of my debt.
Keep track of the numbers.
I am a total numbers nerd. I love calculating the percentage of debt I’ve already paid off, and to calculate what percentage of my income I’m using to pay off my debts. Looking at these numbers makes me want to improve them, and totally motivate me to keep going. Sometimes these numbers can be a bit daunting too though (if the percentage of paid off debt is only moving slowly), so if this gets you down, do not look at these numbers too often.
Share your thoughts with someone
If someone knows about your debts, and your goals to pay them off, this can really help. They can keep you accountable, and tell you you are doing great when you are, or that you should pay a little more attention when you’re not doing very well. It is best to buddy up with someone who is also trying to pay of debts, so they know what you are going through, and you can support each other.
Do you have any other suggestions? Let me know in the comments section, I would love to hear more!
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