Finding Motivation to Pay Off Debt

It just sits there, building up day after day, year after year. Our personal debt. Paying it off takes years and we’ll have to painfully cut back on our spending. We list our excuses: I’ll deal with it later; I’m too busy; I don’t make enough money to pay them off; when I get a raise, I’ll start; or, it’s the creditors’ fault I’m in this mess. The reasons are truly endless. The credit counselors at our Consumer Credit Counseling Service (CCCS) agency have heard it all and offer the following tips for finding the motivation.

• Take stock.
  Total how much you owe. We can’t move forward without a starting point.
• Read success stories.
  Many Americans struggle with personal debt yet find ways to pay it off and move forward. The Oprah Winfrey Show, for instance, featured Oprah’s Debt Diet, and posted the debt success stories online.
• Research and post three supportive quotes.
  Good quotes give us insight that helps us see our money problems—and their solutions—from another perspective. Here are a few to get started:
  
  

  “Those who create wealth choose their good habits. Certain forms of discipline — typically small actions and incremental adjustments—become a part of their lives. Self-made successes keep their eyes on the prize and ‘automate’ decisions as often as possible.”
  -Susan Feitelberg; author of The Net Worth Workout

  “For financial stuff I always listened to my father, a Republican investment banker. He told me if I always pay my bills with one-third, save one-third and screw around with the last third, I’ll be okay, no matter how much I earn. It’s the one thing he said that I listened to, and I have never been in any financial trouble.”
  -Grace Slick; musician, as interviewed in Money magazine

  “Living in debt is nerve-wracking, insomnia-producing, and family-wrecking. Just don’t do it. There is nothing you can buy that feels as good as being in debt feels bad.”
  -Ben Stein; attorney, writer, and economic commentator

• Write down three long-term financial goals.
  What will you do when you can save the money you’re currently spending on debt? Fund your retirement? Take your family on a vacation to Italy? Help your kids pay for college? Or, set up and stock an art studio? Post yours where you’ll see them often.
• Devise interim goals.
  Reaching long-term financial goals takes years. So we don’t get too impatient and frustrated, it’s vital that we create and reward ourselves for smaller accomplishments. Short-term goals may include cutting your entertainment budget by $100 a month, taking your lunch to work for three months, or paying off your credit card with the lowest balance. Just as you wouldn’t treat yourself with a cake after losing 20 lbs., charging a pair of boots after paying off a credit card isn’t such a great idea. Consider low-cost alternatives like taking a weekend camping trip with a friend, exchanging massages with a spouse, hosting a game night, or treating yourself to a matinee.
• Develop an action plan.
  Wishing, alone, won’t improve our financial situations. Rather, we need to come up with a personalized plan. Which credit cards should we pay down first? How much should we pay toward each one? How long will this take?
  
  To feel confident that you can be successful, you need a spending plan (otherwise known as a budget), and an overall strategy. Credit counselors with a non-profit NFCC (National Foundation for Credit Counseling) member agency, such as our Consumer Credit Counseling Service (CCCS) agency, provide consumers with free credit counseling sessions where we work together to develop a plan that will address your household budget, creditors, and savings.
• Control what you can.
  Your dog gets in a fight and needs stitches. Your car breaks down and you need to have it towed to a mechanic who tells you your car needs new struts and tires. Your kitchen faucet starts leaking. Plenty of events are largely out of our control. We may even spurge on a nice meal or piece of clothing.

We need to keep our spirits up and not let an emergency or slip discourage us. The key to financial success is to accept when we get off track, and get right back on again. Paying down debt takes time and, as long as our spending habits get better, we’ll chip away at our debt and greatly improve our financial situations, one day, month, or year at a time.

To speak one of our CCCS agency consumer credit counselors for a free financial review and recommendations, call (888) 656-CCCS or visit our home page.