Introduction
Paying off debt can frequently feel like an endless journey.
It’s perfectly normal to feel overwhelmed, defeated, or think about quitting. Staying motivated is key to finding your financial independence.
The key is to focus on what got you started in the first place, recognize your positive growth and accomplishments, and remember it is the little wins in life that help us achieve the bigger wins.
Paying off debt is manageable if you segment your timeframes, set reasonable expectations, and stay absolutely committed.
Your positivity, self-belief, adaptability, and like-minded social interactions will help keep you moving in a progressive direction.
In this section you will learn some practical concepts to try or tweak with your inner voice that will make it possible and help relight your motivational spark.
Break into Goals
While repaying debt can feel overwhelming, it can also feel more approachable and fun if you break a large debt repayment goal into smaller pieces to accomplish the larger goal of being debt-free.
Instead of thinking about your debt as a whole, it becomes helpful to create goals toward the journey of repaying debt that are smaller and more manageable, no matter how small.
Utilize checks, an app, homework, or a chart to show you how far you have accomplished so you can evaluate what you have accomplished each week.
Celebrate each piece of success no matter how small, and utilize that piece of success again to motivate you to keep stepping forward. It may also be beneficial to remind yourself why, in-between all of the planning, you are taking the steps to achieve the larger goal of being debt-free and eventually achieving financial freedom in order to motivate you to continue along the journey of accomplishing your overall goal.
Finally, while you have to take ownership of accomplishing the specific goals yourself, you might want other people (friends, family, or community resources) to help and hold you accountable to make the entire process more realistic and doable.
Track Progress
\ Tracking your success in eliminating your debt is a good motivator and reinforcement.
Watching every little debt reduction accumulate over time feels awesome when you can actually see the fruits of the labor.
Use your favorite method (spreadsheet, budgeting app, or paper chart) to visualize your debt reduction over time.
Break your debt into goals; for example, if you owe $10,000, you can break the total debt into chunks of paying off $1,000.
Then, cross the $1,000 off and repeat as you work through all the chunks.
You will succeed with that method, giving you a sense of accomplishment. It will also help you focus and help with self-discipline to remain devoted to your debt repayment strategy.
In addition to verifying once again that you are working towards an objective, as you review your accumulated progress, you will be inspired to make some changes in your debt repayment plan or at least be sure that every little payment is a step towards financial freedom.
Reward Wins
It is important to keep your motivation level high while paying off debt by recognizing and rewarding yourself for every milestone—big or small! Every victory is an opportunity to reinforce your journey, whether you finish paying off one of your credit cards, create a cushion of savings, or reach your goal of making your weekly payment.
Going out to dinner, treating yourself to something special, or simple validation of the accomplishment all constitute self-reward.
Your journey feels like less of a grind and more like a series of accomplishments, in part because you gave yourself some positive reinforcement by self-rewarding.
Investing the time and effort to self-reward ultimately pays dividends in keeping your momentum, raising your self-esteem, and reminding you that every step takes you closer to your larger goal of financial freedom.
Positive People
Surrounding yourself with supportive individuals can be incredibly beneficial as you maintain motivation in your debt repayment journey.
When obstacles arise, your family, friends (both in-person and online), and possibly an online support service you belong to can ensure you stay accountable and motivated and provide helpful tidbits and tricks.
Being trained to notice and appreciate your victories, large or small, and enhancements toward the same ultimate goals will make you happier, less isolated, and more motivated.
Moreover, this positive influence in your life will keep your mind positive and motivate you to try things that are generally outside of your comfort zone, even when you feel so far away from the finish line.
Achieving financial freedom is made much easier in the presence of positive and uplifting individuals.
You will create a culture of success, and any challenges you face will feel less pronounced.
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Conclusion
In conclusion, mindset, progress, and consistency are the trifecta to self-motivate as you make progress in repayment.
You can set yourself up for success, or at least feel empowered, by tracking your progress, celebrating your wins, and seeking support from your friends and family.
Taking those steps leads you to confidence, and every payment you make, no matter how small, gets you closer to your goal of being debt-free. There will be failures. But consistency and self-discipline will help you grow and improve.
With consistency and discipline, you will be celebrating small wins, engaged in your plan, and proud of where you are in your progress of debt repayment.
When you commit to the journey and use the right tools, the debt repayment process can become a stepping stone to achieve sound growth financially.