Debt management can feel like a lonely process. However, the average household has $15,799 in credit card debt. But, despite how many American families are facing consumer debt, staying motivated as you navigate debt management is difficult. This Tuesday Tip from the Talking Cents blog offers tips to stay motivated during debt management.
Stay Motivated During Debt Management
Getting out of debt is a long, frustrating process. You may have thought “what’s the point?” or wanted to give up all together. Everyone has their moments, but staying motivated as you navigate debt management is crucial to your success. Here are some Do’s and Don’ts to stay motivated throughout your debt management plan.
- Record how much you have set aside/payed back so far. Even if you are the only one who sees it, keep track of how much you have paid back. A visual representation is proof that you are making progress, even when it feels like you are stuck in a rut. Use a pad of paper, create an Excel sheet, or use the notepad in your phone to record how much progress you are making. Even if it is slow, progress is progress.
- Talk to a family member or friend. Keeping your thoughts bottled inside is not healthy. Discuss the struggles of your debt management process and get reassurance. Having a support system is so important to not feel so alone with your finances. Sometimes all you need to stay motivated during debt management is understanding and a word of encouragement.
- Think about your goals. Think of the goals you have set up for yourself and how badly you want to achieve them. Keep your goals in mind as motivation in the day-to-day hustle. If it helps, keep your goals in a visible spot in your house, car, or even your wallet for an extra push in staying motivated to become debt free.
- Punish yourself. Yes, you are cutting back, but entering a debt management program is not a punishment. It’ a way to move forward. Try to keep up morale. You can still enjoy your life while on a budget!
- Go off the rails. You may be discouraged, but don’t sabotage the progress you have made. If you are going to indulge, plan it in advance, get excited, and really enjoy it rather than buying something on a whim and regretting it later.
When you stay motivated, it helps you to stay on track with achieving the ultimate goal of financial freedom.