Once you have formed a debt repayment plan, and begin working on it you will begin to see results. As you payoff your smaller debts a feeling of relief will wash over you. If you have a large amount of debt or debts of a larger size it may take you longer to fill the relief. It may also be difficult to stay motivated for the long haul. Here are five easy ways to stay motivated.
1) The best way is to create a chart of some kind in which you can mark off how much debt you have paid down. This could be a thermometer, and you fill in a line for every hundred or two hundred dollars that you repay. You may just have a list of debts hanging on your bedroom wall or refrigerator, as you pay one off you cross through it. The visual reminder of what you have already accomplished will help you to continue to work towards your goal.
2) Plan rewards along the way. Once you have paid off your first thousand dollars in debt have a mini-celebration. Once you reach ten thousand you can go out to a fancy restaurant. These rewards at the mile markers will continue to motivate you on the path.
3) Put a physical reminder of why you want to get out of debt somewhere you can see it. You may want to get out of debt so that you can better provide for your children. If you have a picture of your children taped to the front of your debit card, or check card, it will help you to think twice about spending the money that you do. If you want to be comfortable during retirement put a reminder of your retirement plans where you will see it often.
4) Make sure that your debt repayment plan allows you enough money to continue to live comfortably. This is especially true if it is going to take several years to repay the debt. By comfortably, I mean that you should still be able to have enough food that you do not feel like you are starving, or one movie a month that you go to as a couple. This will help to keep you from falling off the wagon and going crazy.
5) Find a mentor or a cheerleader who will help you along the way. Sometimes it helps to be accountable to someone, or you might need the encouraging words to continue to works towards your goal. Find someone who you can trust, that is debt free, and they can easily feel this role for you.
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