A lifestyle of instant gratification makes paying down debt more challenging.
There are times when everything has gone awry. You get hit with an unexpected expense.
Even when you are on a roll and everything is going as it should. That debt you have been paying off doesn’t seem to get any smaller.
It’s in these times when one’s financial motivation can wane.
We all go through these times. But how do we bounce back when they hit?
Here is my list of things that I do to get me through the tough times.
- Take a step back: Sometimes you have to get away from the numbers. All the planning, calculating and paying can make the most discipline of us waiver from time to time. When these times come around, I usually take this as a sign that it’s time to step back from the numbers. I will do the monthly planning and make sure that my money management strategy is being worked. But a lot of the weekly checks, I will let slide. Those numbers aren’t going anywhere and will be there when I return to them.
- Visualize the future: What would your life look like if you didn’t have this debt? That’s the question I ask myself when the debt seems to linger. What could I do with this money that I’m paying to all my debtors? Save up for vacations for the family or invest and grow my net worth. All these things are possible when I no longer have debts to pay.
- Celebrate the small wins: I reward myself for making progress in my debt pay down. For every $1500 that I debt I pay down I take the next debt pay down and spend it on something enjoyable. Also every Oct financial freedom pay down distribution is spent on Christmas presents.
Now that you know what I do to keep my motivation up, what are some things that you do?