How To Stay Motivated To Pay Off Debt (10 Proven Tips That Actually Work)

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The right mindset and attitude can get you out of debt.

Are you looking for ways on how to stay motivated to pay off debt? You are not alone. It’s actually not easy staying positive when you keep working extra hours and having nothing to show for it. Debt has a way of sucking finances and making life very difficult.

A student loan is the most depressing as you find yourself paying off debt long after graduation. Just the thought of this is enough to make you break down.

Next to this, you have to worry about a mortgage as you don’t want to get stuck living in your parent’s basement till eternity. You’ve got to have your own space so you can design it however you want and have that special someone over.

Does this then beg the question, does life ever get better? Can you ever be debt-free?

Well, it sure gets better. You can completely live free with the right plan to settle all your debts. Sticking to rigid budgeting plans due to debt can be difficult, but you need to stay motivated while paying off debts.

Always remember, you are achievement-oriented, and the need to become financially stable comes naturally to you. You only need to stay strong while at it.

Fun Ways To Stay Motivated While You Pay Off Debt

1. Print Out A Debt-free Card And Hang It In A Visible Place

The main key to staying motivated while you pay off debt is to track your progress daily on a visible chart, as getting reminded of your progress daily makes you feel relaxed and motivated.

There are several printable charts to help you stay motivated while you ease into paying your debt. Print it, fill your figures in, color it up to make each new balance attractive, feel the burden lift and thrive. Repeat each step until all debt is paid off.

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2. Pen Down All The Reasons For Getting Out Of Debt

Knowing the “why” keeps you on your toes and motivated. The more you envision why you must get out of debt, the more motivated and focused you become to actually pay it off.

Things, when written down, are better actualized, and it is easy to continue the cause even when you are overwhelmed.

Write down why you want to become debt-free, visualize it, and walk the steps towards actualizing it. Written down “reasons” will help you get back up should you face any challenges.

3. Set A Time Bound Debt-free Date And Pin It

Just like setting smarter goals, the key to doing this is to set a realistic debt-free date. To do this effectively, you have to take into consideration your physical and mental health.

Do proper calculations of what you owe, break down the payments, pick a realistic date and pin it on your calendar.

A virtual calendar such as google calendar can be used to mark the date, and the advantage is you get to keep it with you, wherever you go, and access it whenever.

Alternatively, you can get a mini calendar, place it in a visible place and pin the date you select as your debt-free date after careful calculation.

Or, you can have this debt workbook help you do all just that.

4. Create An Expenses Journal

It is important to track expenses as this will help you track your spending. The moment you start spending too much, you can assess it. If you don’t check your spending, the amount allocated to clearing debts may be used too, leading you to incur more debt.

Documenting your expenses on a notepad clearly stating the things you spend money on helps you focus on essentials and think twice before making several purchases.

Those fancy sneakers may be nice, but can you really afford to purchase them now? Weighing your credit and deficit side by side will help you stay focused.

5. Indulge Yourself

Rewarding yourself for every accomplished milestone will go a long way. Split your debts and create milestones for yourself.

Reward yourself with gifts within your budget, no matter how little. Gifts will help prepare your mind for the next milestone. It’s okay to indulge yourself, and the trick is not to overdo it.

Have a plan, stick to it, and then celebrate at the end of the stipulated time to see the plan through. The treats can be tailored to preference, and the following are some examples:

a. Get chocolates each time you stick to a budget.

b. Go on a date after paying a thousand dollars debt.

c. Reduce takeout meals by 80% in a month, and you can order Chinese twice.

d. Completely pay off debt and get an accessory.

6. Listen To Podcasts

Podcasts are fun to listen to and can be a great source of motivation. Starting or ending each day with podcasts on being debt-free helps you stay determined.

Podcasts keep you motivated and goal-oriented. In the process, you also get to learn a thing or two about financial intelligence. In the long run, it will help you live a financially healthy life.

Check out these amazing and useful podcasts about money.

7. Get An Accountability Buddy

Get someone to support and motivate you during your journey to a debt-free life. It could be your significant other or a college friend also trying to settle student loans or mortgages.

Talking to someone can make you feel motivated on days you feel low. Schedule days to meet with your buddy and discuss your progress. The key is to enjoy your journey to being debt-free with an optimistic person who will help you stay high.

8. Study Finance Books

Reading, while it comes naturally to some, is extremely hard for others. Focus is essential when reading, and the benefits are unquantifiable. Check out these highly recommended personal finance books that you should read.

Due to tight schedules, reading a book might be difficult. Audiobooks are a fun way to read, regardless of your schedule.

The Hoopla app grants you access to listen to audiobooks from your local library. The best part of audiobooks? You get to listen anywhere and everywhere. Just plug in your AirPods or connect to your speaker and enjoy wherever you go.

You can even use it to prepare your mind as you get ready to sleep. Information keeps you motivated, and there is no feeling that tops being positive.

To have access to all the best audiobooks and podcasts, try Amazon Audible Plus for FREE.

9. Connect With Like-minded People

It’s one thing to want to pay off debt; it’s another thing to stay motivated and committed to the challenging journey.

Having friends who share similar goals will go a long way when you feel like quitting. You can discuss goals together, share views and gain insights from their journeys.

Above all, you will never feel alone, especially when the burden of having to pay so much debt gets to you.

Facebook has a lot of groups that are dedicated to financial freedom and paying off debt. All you have to do is search for the group, join and connect with like-minded people hoping to achieve the same goal as you. People get to discuss their struggles, and you can share your struggles too.

It also allows you to ask questions and get the necessary information from people with diverse backgrounds. The communities on Facebook are guilt-free and run by open-minded people, so it’s a safe zone.

10. Start Reading Finance Blogs

Follow your favorite blogs that discuss finance-related matters. Learn new strategies on how to cope with debts. Interact with the community as much as possible.

You will get to know more about managing finances, earning extra income, and ways to be financially free.

Like Facebook communities, finance blogs provide the opportunity to mingle with virtual friends on the same path as you. You can choose to be anonymous if you desire while interacting with other followers.

Quora is also a great platform to leverage. You can download the app and join communities that center around finance-related matters. Ask questions when you have any and get answers from like-minded people from all walks of life.

Final Thoughts On How To Stay Motivated TO Pay Off Debt

Paying off debts has its highs and lows. The highs include motivation and exhilaration as the debt peels off, and the lows come from the stress of working to raise your income and still having to sacrifice and live on a tight budget.

You just have to stay determined and optimistic as it is the easiest way to get through this phase. Ultimately, living a debt-free life is super fulfilling.

Knowing you don’t have to settle debts from your paycheck or work extra hours to augment your income. It is only a matter of time before you can finally live free, purchase those nice sneakers and go on that vacation.

Focus on the end goal. Keep your head up, grind consistently, pay off your debts and unlock the door to the life you crave to live.

Frequently Asked Question

Is it smarter to pay off debt or save?

The best option is to strike a balance between paying off your debt and saving. Saving will keep you out debt cycle as you get to sort out your expenses but interest increases in paying off your debt.

How can I pay off my debt fast?

It starts with having the right kind of motivation. You must discover both your extrinsic and intrinsic motivators to be able to get your debt paid quickly.

How do I pay my debt if I live paycheck to paycheck?

It starts with your attitude, in order words, your motivators. You need to write out a budget, differentiate your needs from wants, change your money habit, and stick to your plans.

Any other tips on how to stay motivated to pay off debt?