If you are reading this then I am sure you have enough debt to make you regularly think about it and looking for a way out. Figuring out exactly where you stand and creating a plan is a vital first step to attacking your debt but unfortunately, that is the easy step. The hard part of the process is having that Mindset Change that needs to occur, a strong enough “Why” that will help you change behaviors and provide you with enough motivation to get you across the finish line. Below are some tips to help you stay motivated throughout the process.
Declare your Why
Why are you doing this, why are you going to commit to a different life? This needs to be strong, detailed and clearly defined. Are you doing this for your children? Are you doing this so you can eventually retire? What will life look like the day after all your debts are gone? Will you sleep better? What is one thing you will save for that’s on your bucket list once you are out of debt? Use all of what you create here to fight your old behaviors that got you into this situation.
Make the decision to get out of debt as a family or household unit.
The actions of the entire family, not just one person determine how the budget looks at the end of each month. Majorities will not work neither; this needs to be a unanimous decision with everyone on board. On top of this, you will be each other’s biggest source of support through this process and everyone needs to be personally accountable and stay committed.
Let people know
Inform those closest to you in your life of your plan and intentions. Get the good news out there and let those closest to you such as family and friends know about the new journey. If you need to cut back on some of the old things you used to do it will not be awkward if you need to decline or suggest something different as they know what you are trying to do.
Develop a personal accountability plan
Most people are in debt because of bad habits – how are you going to hold yourself accountable? What daily, weekly and monthly goals do you have for yourself? What can you do to maximize your process to accomplish your debt free goal in the fastest amount of time? Can you work 10 hours of overtime each month – is that available to you and if so can you commit to it? Can you pick up a side job? Will you stop spending on a wasteful habit you currently have?
Smart Sheet is a good resource for creating S.M.A.R.T. goals which is a great goal setting methodology that we highly recommend.
If part of your personal accountability is to pick up a Side Hustle to earn more and pay off debt quicker then check out our post on the Best Side Hustles You Can Start Quickly
Join groups or communities of like minded people
If you hang out and follow people that want to buy a bunch of “wants” all the time, then you will inevitably experience regular urges to do the same. If you are constantly interacting with people that want to get out of debt, then you will find it easier to keep going and staying motivated.
This group right here is a good example of that so keep it up, get involved, respond to other’s questions as it will help you build more confidence over time and help other members of the group as well.
Charts and printouts
Tracking charts are a great way to track your progress and keep you motivated throughout your journey or a particular goal. Debt Free Charts is a great resource for all sorts of charts and I’m sure you can find one that will fit your personality and provide you that extra boost of will power when you feel like giving up.
Nothing good in life comes easy and getting out of debt is not an exception. The mental game is more important once the math has been figured out so do everything you can to stay in a positive and motivated mindset each day. Revisit your “Why” each morning so you are reminded throughout each day of why you are going to make certain decisions. Reflect each night on what small steps you took to speed up the process – if it’s been a rough day then do a bit of visualization of what life will be like each day WHEN you are out of debt.
Good Luck, You Got This, DO NOT QUIT!!!