How to Stay Motivated when Getting out of Debt

Starting a plan to get out of debt and keeping that plan are often two different things. It’s a lot like starting a diet when the New Year starts. You start off good, but then a week or two into it, you quickly fizzle and go back to your old habits.

So how do you stop this from happening when you’re trying to get out of debt?

Here are many ways to stay motivated to get out of debt.

Track your Progress

Sometimes it can be hard to see the big picture when you’re focused on the large amount of debt you carry. Instead of looking at totals – focus on the small wins.

  • Did you pay off $100? Celebrate.
  • Did you pay off an entire credit card? Celebrate.
  • Did you make 5 payments in a row? Celebrate.

You get the idea – any little wins, celebrate so you stay motivated.

Create a Budget and Stick to It

The best way to stick to your debt payoff plan is to add it to your budget. Make it a bill you have to pay. When you have the money set aside for your debt payoff plan, you’ll be less likely to veer away from it.

For example, if you budgeted $200 a month to pay toward your debt, pay that amount on the same date each month. This will keep you on track and make it feel effortless to get out of debt.

Get an Accountability Partner

Let other people know you are trying to get out of debt or better yet, partner up with someone that is in the same boat.

Together you can keep each other accountable. If you don’t know anyone trying to get out of debt, just work with someone that will help you say ‘no’ to unnecessary purchases and who will help you stay motivated to be on track to pay off your debt.

It’s a lot harder to make impulse purchases or spend your money elsewhere when you know you have someone to answer to.

Work with a Credit Professional

If you can’t stay motivated to pay off your debt, work with a licensed credit professional who can help you. Together, you can come up with an affordable plan to get you out of debt. You can work out monthly payments and even the order in which you’ll pay off your debts.

Knowing you have professional support can be reason enough to stay motivated.

Final Thoughts

Staying motivated when you’re trying to get out of debt can feel difficult, but at the same time, there is a lot of support available.

The key is to set up the support that works the best for you. For example, if you work well having an accountability partner, do that. If you’re more of a Type A personality and like things in order, creating a budget and setting up a debt payoff plan may be more up your alley.

Do what works for you so that you can say goodbye to debt and hello to saving money for the future.