Congratulations! You have decided to pay off debt! There is no greater feeling than being on the other side of debt and taking control of your finances. I applaud you for taking that first step toward debt freedom.
I’m not going to lie. Paying off debt is not easy. Coming from someone who’s paid it off twice, I know how frustrating it can get. Here’s the thing, this journey will change your life. It will shape your future and the future of generations to come.
When you start to feel a little weary remember these few things to push you through.
1. Remember Your Why
If you’ve already started this journey then you probably have a reason why you got committed. It may have been as simple as having extra money for beer or as great as freeing up money to stay at home with the kids.
Whatever your why was then or is now, keep that at the forefront of your journey. Put it on the lock screen in your phone, post it on the fridge, or tape it to the dashboard of your car. It is the easiest way (in my opinion) to refocus when your motivation has wained.
2. Stop Comparing Your Journey to Others
It’s hard to look on social media and realize that someone has propelled through their debt-free journey, while you are still fighting to build a mini emergency fund. The truth of the matter is you have already made great strides by setting this journey into motion.
No two paths, no two incomes, and no two expenses look alike. Your circumstances are yours. You will have to take what you are given and use it to propel you to debt freedom.
3. Highlight Your Strengths
What is that you have currently that you can optimize to help you pay off debt faster? It is common to think of all the things that are holding you back from reaching your goals faster, however, you should focus on all the things that will work in your favor.
That could be anything from free childcare with Nana, to the ability to work unlimited overtime as a Nurse, or if you’re a stay at home mom, being able to attentively cut costs by focusing on finding deals and meal planning. Maximize your strengths and use them to your advantage to pay off debt.
4. Build Discipline
The steps to debt freedom are fairly simple. Create a budget, build a small emergency fund, cut expenses and all extra monies go to debt. The steps are easy, the commitment is hard.
There will be days when you are not motivated and just don’t want to eat at home. You may have a YOLO moment when you decide you’re blowing the budget on that bag you want.
This is where discipline comes in. Setting yourself up with a financial routine keeps you out of financial ruins. Get in the habit of cooking regularly, check your budget weekly, write down your expenses as often as needed.
Making these things habitual ensures that when you don’t want to, its simply second nature to.
5. Create a Tracker
I love a good tracker. You don’t need anything fancy. Fill in circles or create a grid that you can color in each time you reach a new milestone. These are great visual reminders and motivate you to push harder.
During our debt-free journey, I included the entire family in the coloring of trackers. It was a simple way to keep the entire family involved and up to date on the progress of this family goal.
Now we use colorable trackers for everything. To count down an event, track vacation savings, and for paying down the mortgage on our rental. We keep these in a visible spot where everyone can see so that we are reminded of our goals and held accountable.
6. Get An Accountability Partner
An accountability partner is a great way to stay motivated. A coworker, your spouse, and even your 6-year-old can all remind you that you’re supposed to be eating at home or saving your money. As long as this person is positive and respects your journey, almost anyone can cheer you through this process.
There’s nothing like hitting the mark, and that special someone saying I see you.
7. Give Yourself A Break
It. Is. Exhausting! Paying off debt aggressively is no walk in the park. The working overtime, the selling things on Facebook, the working, and reworking your budget to find extra money to send to debt. I’ve been there and I know how tough it is.
You just want it gone, like yesterday! When you are feeling spent, give yourself a break. Take a weekend to do something you haven’t done in a while. We all need a breather.
The road to debt freedom is complex. No two journeys are similar. After doing the journey twice, I can tell you, you will need to discipline and a person or two to cheer you on.
