5 Ways To Keep Yourself Motivated When Paying Off Debt

Paying off debt is like any other life-changing habit; it requires sacrifice and motivation.

After all, getting paid, then immediately diverting a serious chunk of “your” money to your creditors doesn’t come naturally for many of us.

And like any other habit, the habit of debt repayment takes time to adopt.

At least to begin with, the process will feel somewhat alien as you sacrifice your short-term comfort for long-term financial freedom.

The problem with all this self-sacrifice is that sooner or later it can start to wear a bit thin.

Like the dieter who has lived on nothing but salad for months on end while their friends enjoy pizza and chocolate, sooner or later, we hit a wall. The dieter binges on so many calories that they wipe out months of hard work. The debtor, if they’re unlucky, has a similar “blow-out” finally giving into temptation and buying themselves something they’ve been pining for.

Their debt repayments go out of the window (at least temporarily).

It’s perfectly natural; even Newton reported that when a force is applied to an object, it tends to push back with an equal and opposite force. It’s basic physics; or basic psychology at least. However these “financial binges” aren’t inevitable.

There are ways to stay the course and keep yourself motivated from beginning to end. If you’re trying to become debt-free right now but can feel your resolve weakening here are some top tips for pushing on to the finish line…

“Cheat Meals”

I have an admission to make; since Christmas I’ve been on a weight loss diet. Yep, I’m not proud of having put on weight but at least I’ve been making solid steps to get back down to my svelt former self (ahem!). Built into my diet is the concept of “cheat meals” or “free meals”. Here’s how it works…

Imagine giving up all your favorite foods for ever more. Tough, right? Some might say it was next to impossible for the vast majority of us. But what if you only have to go without candy or fried chicken until the weekend? Could you go for just six days without junk, if one the seventh day you could eat whatever you want?

I certainly can, and that’s been one of the secrets to my dietary success this year. I eat one “cheat meal” of anything I want each week, and then eat right for the rest of the week. Not only do I not have to control my cravings quite so much but my diet doesn’t feel like a life sentence. A matter of days and I’ll be back on the stir-fried crispy chilli beef and egg-fried rice (I kid you not).

The same principle can be applied to getting out of debt. While in a perfect world we would dedicate 100% of our disposable income to debt repayment, the reality is that this may not be reasonable for many of us. Better, perhaps, is to factor in a few “treats” along the way.

Imagine if you had $500 a month for a debt repayment. You could either put all this $500 towards your debts each month, or you could send $450 a month to your creditors and keep back $50 to treat yourself. The odd posh coffee. A meal out. A new t-shirt. Whatever appeals to you. The only fine print is that you only get to treat yourself once you’ve already made your debt repayments for that month.

Try it; you’ll be surprised just how much you appreciate those little opportunities to cheat – and how much easier it can make it to stay the course.

Plan For “Time Out”

Three days a week I get up at 5.30am.

It’s not something I do for pleasure; I go and hit the gym every Tuesday, Wednesday and Thursday as part of my weight loss plan.

By the time I’ve had my 60 minute workout, a shower, driven to work, completed a full day at work and then driven home again I’m almost ready for bed.

By the weekend I’m shattered, yet I know I have just a couple of days to recover before I start my regime again.

Why do I keep doing it? Simply because it’s working. I’m willing to put in the work while the results are on offer.

But there’s a problem; not only do I get bored very easily, but over the course of some weeks, trying to lift ever more weight and run ever quicker, my body starts to pay a price.

I get more and more tired, and feel less and less like going to the gym.

This is the danger zone. Handle these feelings wrong and you might end up quitting altogether – just like all those other people who signed up for the gym on January 1st, only to drop out a matter of weeks later.

Don’t be that person; with your health or your finances.

Instead, I deliberately factor in breaks in my exercise plan. Personally I find that working out for six long weeks, then taking one off, works for me. It keeps me fresh and lets my body recover. We’re all different though and what works for me may not work for you.

The point, though, when it comes to getting out debt, is giving yourself the opportunity to take a break from time to time. Now – this should be a planned break – one you’ve deliberately budgeted for rather than just a “oh I can’t be bothered today” type of plan.

When I was paying off debt I took two months off each year. I’d give myself July off, take a two week vacation and just go have fun in the sun with my girlfriend. I’d also take November off so I could do my Christmas shopping without guilt and plan for a spectacular Yuletide. The rest of the year? Yep, full-throttle debt repayment.

Rather like “cheat meals”, deliberately planning to take short “payment vacations” to recharge and rejuvenate can be excellent ways to stay motivated when paying off debt.

Try Out Your Debt Free Life

Life without debt is pretty darn awesome; if you’re currently trying to get out of debt then I don’t want to rub your nose in it; rather I want to motivate you to achieve the ultimate goal. Consider just how much better you’ll sleep at night without debt.

Imagine just how much extra cash you’ll have available; and all the things you can achieve with this money.

Another useful way of staying motivating when you’re repaying debt is to try to visualize what this life will feel like.

What will you do with the freedom and the extra money? Will you go on more vacations? Save for a house? Start your own business? Cut down your working hours? The possibilities are almost endless.

What I found when I was struggling to pay off my debt was that imagining this “alternative reality” could help to fill me with energy and fire to get that next repayment sent off.

Even better, if you opt to take a “repayment break” as already covered, why not try living your “debt free life” for a week or two. Pay just the minimum on your debt once month and experience what it feels like to have all that “extra” cash. Do whatever you want with it – guilt free. Then try to keep this feeling in mind; and use it to keep you motivated. This is what your life can be very soon indeed.

Debt Repayment Success Stories

No matter how bad your current financial situation may seem I can virtually guarantee that you’re far from the first person to have experienced it. The world is full of ex-debtors who “got their sh*t together” and managed to pay off their debt. Understandably, when people have accomplished something truly monumental like this they like to tell other people about it. Which is why there are all manner of debt elimination success stories online.

Paying off debt is hard; that I know. Remember, I’ve been there myself. But it is possible. If you find your motivation draining away consider spending some time reading the many debt repayment success stories that can be found online. If you want somewhere to start then I have published a collection here and my friend Hayley has published an entire series of debt repayment stories.

Create Targets – And Track Your Progress

You know why companies produce targets for their sales people? Because it motivates and inspires them. The best sales people will do whatever it takes to meet – or beat – those sales targets. The same can apply to repaying debt; setting – and then meeting – debt repayment targets can feel good.

It can help to keep you focused on the next target and make paying off debt fun. Each month you get to tick off your current balance and make sure you hit the target you set for yourself.

The process is quite simple; work out how much debt you have in total and how much you can realistically pay off each month.

Assuming you accurately factor any interest that will be accruing on the outstanding debt you’ll then be able to work out not only how long it will take to become debt-free, but also what your outstanding balance should be each month.

Then, as your statements arrive on the doormat each month, you can tick off these met targets. The more ticks you have, the closer you will be to your goal.

And if you really want to have some fun with this technique, try to see if you can beat your target each month. Consider it a race; see how much sooner you can become debt-free than you planned. Here every extra dollar in debt repayments counts and brings you that tiny step closer to your debt-free lifestyle.

Bonus: It Gets Easier With Time

Adopting a new habit is tough. I can’t tell you how much time I spent procrastinating before I finally joined the gym and started my diet. Hey, nobody’s perfect.

But what I have found – with getting in shape and with getting out of debt – is that they both get much easier with time. The longer I diet for, the easier it is to buy the right foods or get up for the gym in the morning. After a while you can stop thinking about it; it becomes an ingrained habit.

So if you’re just starting your journey to a debt free life and are struggling with the new lifestyle don’t fret. Keep on keeping on and over time you’ll find it easier and easier. Even better, you’ll find the process of living on a budget and paying off debt becomes second nature.

You’ll barely worry about the sacrifice because this becomes your “new norm”. Keep at it – and if you want any help, advice or support then you’re more than welcome to drop me a line – I’m happy to share any advice I can.

What do you struggle with when paying off debt? What helps to keep your mind focused? Please leave your thoughts in the comments section below…