FLM2017 How to Stay Motivated When Dealing With DebtNov 02, 2017
By participating in Financial Literacy Month, you’ve committed to tackling your debt this November. Awesome! Now the tricky part—staying motivated to achieve this goal. Here are four tips that will help you stay on track, reduce your debt and find debt relief.
1.) Understand your debt
The first thing you need to do to set yourself up for debt relief success is to have a clear understanding of how much debt you owe and how long it will take to repay. A debt calculator is a handy tool that can help you figure this out. Using this tool, you can calculate the total amount of your debt, how long it will take to repay and the total interest that you will pay in the process. By adjusting your monthly payment, even by a few dollars, you’ll see how much you can save in interest to help pay off your debt sooner.
2.) Set realistic goals
Once you know how much you owe, it’s time to set some debt relief goals. As personal finance blogger Krystal Yee writes, the most important thing is that your goals should be realistic. For more tips on creating realistic debt relief goals, check out Krystal’s blog How To Stay On Track and Achieve Your Goals.
3.) Seek support
With the average British Columbian carrying $23,522 in consumer debt, you might not be the only one who’s looking to reduce debt. Connect with friends or family members who have similar goals. Sharing your goals will help make you accountable, and their support and encouragement can help you stay motivated and stay on track.
4.) Reward yourself
You’ve successfully reduced your debt—now it’s time to reward yourself for a job well done. Your reward doesn’t need to be anything fancy. A cup of coffee at a favourite coffee place or a night out at the movies are good ways to celebrate and keep you motivated to stay on top of your debt.