One of the hardest things to maintain when you are trying to accomplish your get-out-of-debt goal is staying motivated. Not only are you trying to buck bad habits of living and spending too much, you need to keep the fire burning inside to see the task to completion.
For many, getting out of debt is your only option. You've been backed in to a corner due to the fact you are about to lose your house, a car or other valuable. This is your motivation.
For others, you've been at it awhile and are starting to lose hope or focus. The following are a few helpful ideas I trust will add some more fuel to your get-out-of-debt fire.
- Keep focused on the goal. It's easy to start thinking about other things and lose your focus. Bills are mounting. The kids want this or that. But, stick with your plan. Attack that debt and stay committed to your debt and your time-line for being debt-free.
- Pay the smallest debt first. The reason for doing this is simple. It will give you encouragement and boost your motivation. Realizing that you are meeting your goal is a huge emotional lift (more about this via Dave Ramsey).
- Check-in with your get-out-of-debt buddy. There is nothing like going through something challenging with someone else. If you have a friend or acquaintance who is also struggling with debt or who is free of debt, see if you can check-in with them now and again. You'll be able to feed off one another and offer hope and encouragement.
- Reward yourself. If you have accomplished some goals set for yourself in your outta-debt journey, don't be afraid to pat yourself on the back. Maybe a cheap date night with the spouse or an extra restaurant trip?
- Think about your legacy. For me, this was one of the key motivating tools I used to keep myself fighting. Reminding yourself why you want to be debt-free, what it will look like when you are and how it will affect your family can be great kindling for motivation.
Here's to debt-free living!