Paying off debt is an important step towards financial freedom, but it can be one of the hardest. Becoming debt free takes a lot of patience and discipline. It’s easy to get discouraged or distracted. Today, I’m going to be sharing my tops tips that will help you out with staying motivated while paying off debt.
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1. Write Out Your Financial Goals
You are more likely to achieve your goals if you write them down! Take the time to write out your goals AND the plan you’re going to achieve them. If you create a step by step plan for reaching your goal, it will be much easier to get back on track if you get distracted or face a set back.
Also make sure to build a rewards system into your plan! When you reach certain milestones, give yourself a minute to celebrate. This will help you stay motivated and looking toward the next milestone.
2. Use a Visual Tracking System
Find a way that you can track your progress toward your goals. You want it to be really easy to see your progress at a glance so you can easily stay motivated by seeing your progress. You could use a spreadsheet, graph, or chart to easily watch your debt balance go down. I have a debt track you can color in as you make payments available in my shop!
Make sure to check your progress often! I fill in my charts every time I make a payment. I never thought coloring in a few lines would be so motivating, but it really is!
3. Find Accountability
Accountability is one of the most important things to find for yourself when you’re working on paying off debt. It takes so much discipline and patience for most people that it is very easy to give in to impulse spending. Find a friend or family member that will support your financial goals and call you out when you start getting off track!
I recently started a financial membership called Flamingo Fundamentals that is meant to help members stay accountable to their financial goals! It has been great to bounce ideas off each other and share goals that others will ask about and hold us accountable to. If you’re interested in joining Flamingo Fundamentals, you can sign up for the waiting list here!
4. Watch and Listen to Motivation Content
Surround yourself with content that is going to motivate you. I have gone through and deleted a lot of lifestyle accounts that make me want to spend money and replaced them with accounts that push me to reach my goals.
The #debtfreecommunity on Instagram is a great place to get regular motivation on your debt free journey. That’s where my entire Financial Flamingo business got started! I also watch a lot of YouTube – there are a ton of accounts (including mine!) that share their budget setups and how they’re working toward financial freedom.
Seeing others achieve their financial goals and pay down their debt is definitely a great way to keep yourself motivated!
5. Find a Supportive Community
Everyone needs a support group to hold them accountable. Find a group, whether in real life or online, that you can share your financial journey with. This could be a friend or family member or people you meet in financial Facebook groups or through the debt-free community on Instagram. You want to find a community that will not only support you and help you work on your financial goals but will also call you out when you start straying from the plan!