How To Stay Motivated When Paying Off Debt

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How to stay motivated when paying off debt. Includes a free printable #debtpayoff #freeprintable #debtpayoffmotivation #motivation


In 2019 I want to start writing a LOT more about personal finance topics. My goal is to have enough actionable content on this blog that people will be able to create their own financial plan for free.

But before I get there, well before we get there, we need to talk about something.

Motivation. See without motivation, a why, something… when you’re going through the process of paying off debt, creating and adjusting your budget, and accumulating wealth/investing… You won’t make it.

Seriously, you need to be able to motivate yourself, and if you aren’t willing to do the work and find your why and aren’t willing to self-motivate. Then just go read something else. No amount of personal finance blogs, youtube videos, books, stories from your buddies, or Facebook groups will help you. None of those things have anything that you haven’t heard before or that isn’t common sense.

If you are willing to do the work, then let’s get going!

Let’s find your “why”. The thing that will push you forwards when things get hard. I’ve created a printable you can use while reading this article (put it up someplace where you can see it often).

Where Are You Now?

Before you know where want to be, you have to get really honest about where you are now. And not just with how much debt you have etc.

You need to be honest about how you feel about your finances.

So step one, and this doesn’t have to be super to-the-second-decimal-place accurate, but try to get really close. Write down how much debt you have (if you don’t have any debt, write down your current net worth [congrats on the no debt thing buddy!])..

Okay, you got it down?

Now, step two for this, is tell me how you feel about your finances. Scared? Worried? Overwhelmed? Something else? Do you avoid checking your account balance because you feel fearful?

Write down your current feelings regarding your finances.

Here’s mine:
I currently have $35,000 in debt. Right now I feel a bit lost, there’s so many things to pay off and take care of, I don’t know where to start sometimes

Yeah, stuff just got real.

Where Do You Want To Be?

We now know where we are, and the good news is, that’s really the hardest step. Admitting you have debt (however much it is), and writing down the possibly negative feelings you have towards your finances… It’s tough.

But now that we’ve done that part, we can start trying to move forward.

Here’s where we will start figuring out our “why” or the thing that will keep us going.

It’s going to be different for every single person that reads this – and that’s totally fine.

Okay, so I just want you to start thinking about where you want to be. Do you want the freedom to travel? To change jobs? Start a family? Something else?

What do you want your life to look like once you’ve gotten your financial life under control?

If that’s a bit too abstract/hard to think about let’s try something else.

Here’s mine:
I want to be completely debt free, and I’d like to have enough money to be able to travel a few times a year (internationally), and also enough money to cover my bills so I don’t have to have a traditional job.

Your Perfect Day

Just think for a second about your perfect day (if you didn’t have to worry about money), start to finish. What time do you wake up? Where do you wake up (House, condo, farm? Nice hotel in a city?) Who’s with you? What do you have for breakfast?

Do you go somewhere to work? Are you working from home? Do you even do any work at all (maybe you’ve retired early)?

How long do you work for that day?

What are you doing in the afternoon/early evening? Exploring your city? Staying in at home? Playing with your kids?

What do you have for dinner? Do you go out? Cook something special? Have someone cook for you?

What do you do for the rest of the night?

What time do you go to bed?

After you’ve thought about those things, jot down a bit about your perfect day / where you want to be.

How Do You Want To Feel?

You’ve wrote down where you are, you know where you want to be.

Now think about how you want to feel on a daily basis.

Free? Content?

How will it feel when you’re debt free? How will it feel to actually have your perfect day?

You can be as detailed as you want.

Here’s mine:
I want to feel satisfied.

Your Word And Your Number

Last but not least, your word and your number.

Let me explain.

Your word is the word you will use to describe how you feel when you finally get to the place that you want to be (financially).

Your number is the amount of debt you want to pay off.
So write both of those things down.

Here’s mine:
Delighted.

$35,000 of debt

Summary

Now you have your motivation for getting your financial life together. I’m so happy for you! Please comment on this post, or email me at [email protected] if you have any questions or comments.

Other good Articles About Motivation For Paying Off Debt:

19 Ways to Stay Motivated While Paying Off Debt – Funding Cloud Nine
10 Ways to Stay Motivated When Paying Off Debt – Penny Pinchin’ Mom
Staying Motivated During Your Debt Payoff Journey – My Debt Epiphany
How To Stay Motivated While Paying Off Debt – Millennial Money Man

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