7 Ways to Motivate Yourself to Get Out of Debtmoney4u
When medical bills overflow from your mailbox or the credit card company bombards you with calls, you might feel like there’s no way to get out of your debt. Maybe you took out a pay-day loan to cover your bills, but now you can’t cover the interest charges. You don’t want to get caught in the vicious cycle of debt, but you can’t see a solution.
When debt takes over your life, you lose control of your financial situation. You also lose the freedom to do what you want with your money or to save for your future. To get out of debt, you’ll need the courage and motivation to persevere. With these seven motivational tricks, you can do just that.
The journey to freedom from debt starts with your decision to act. You have the power to choose what to do with your future, and no one can make up your mind for you. Choose today to eliminate your debt, and don’t go back on your decision.
Additionally, write down your commitment and place it somewhere you’ll see it every day. This tip will inspire you to stay on track.
2. Set Goals
Once you know what you want, goals will help you determine how you’ll succeed. Specific and concrete goals can help you accomplish your commitment faster, so establish a time frame to get rid of your debt. You could aim to pay off one credit card by the end of the year, or to double the payments on your payday loan each month to cut back on interest.
- Plan Measurable Steps
As badly as you’d like to, don’t try to accomplish everything at once. Plan and take baby steps as you try to reduce your debt. What regular things do you do each day that cost money? Do you go out to eat with coworkers or spend change in vending machines? Cut back on small expenses like these. Over time, you’ll see that extra money add up. You can then use this “additional income” to pay off debts.
Small actions every day will stop you from losing motivation when it gets tough.
4. Find a Partner
When you have someone you can rely on, you can accomplish anything. Talk to a spouse, friend, or family member and inform them of your efforts to wipe out your debt. Your teammate can give you encouragement and remind you of your goals.
5. Make New Habits
You can’t simply change your finances with good intentions. You need to act as well. If you want to transform your budget, you’ll have to change the way you think about money. Stop bad spending habits and replace them with positive, money-saving options.
Try some of the following tips:
- Cut your expenses. Stop eating out, invest in couponing, or take the bus to work. Every penny you save means a penny you won’t have to pay interest on later.
- Start a spending fast. For people who prefer to go cold turkey instead of taking a more moderate approach, set apart a week (or maybe a whole month) of no spending. And if you really want to see how much money you can save, take the money you would have spent and place it in a savings jar or apply it to your loans.
- Sell rather than buy. If retail therapy put you into debt in the first place, consider selling some of your clothing or furniture to a consignment or second-hand shop. You’ll still enjoy the sensation of shopping-but this time you’ll make money rather than lose it.
It can take several weeks to make a new habit permanent, so don’t feel discouraged if your first attempts don’t work out. Remind yourself that change takes time, and reevaluate your goals as necessary.
6. Track Your Progress
Keep a record of the money you save and the payments you make. A careful financial record will help you directly confront your spending habits. In the process, you might even notice bookkeeping errors you’ve made in the past.
When you track your finances, you’ll also notice changes in your personal life. Over time, you’ll find it easier to save money and make loan payments on time.
7. Treat Yourself-Responsibly
No matter how long it takes you to accomplish your goals, you deserve congratulations. Once you reach your objective, take the time to celebrate your victory. Buy yourself a modest prize, take your significant other out to dinner, or treat yourself to a day of relaxation. But don’t splurge too much, otherwise you could reverse all of your hard work.
The next time you want to get out of debt but don’t know where to start, remember these seven tips. Give yourself the motivation you need, and you’ll gain the discipline to earn freedom from debt.