Discipline and commitment are required in almost anything that you want to achieve in life. It could get be really discouraging to see the amount of time and sacrifice it takes to see results. Sticking to your game plan could be tough at times but if you remain consistent you can reach your goal, even on your debt payoff plan. Completing your personal loan balance and seeing you payable go down to 0 could be the most rewarding thing for most adults. They said that if you only have little money absolutely no debts then you are still rich than most people.
Set a Realistic Payoff Plan
It is close to impossible to stick to an unrealistic plan. You should assess closely your current financial situation, calculate the amount that you could really afford to set aside each month to pay off your debt. You can pay more when you can but create a plan that is based on a realistic amount.
Also, remember to put this into writing. You can not rely solely on your memory. Once you’ve done this you can put it somewhere that could easily be seen so you would be reminded of your commitment. Plus, writing it down could easily track your progress. Make sure to celebrate whatever milestone you’ve reached and stay committed to your debt journey. Just make sure not to splurge!
Get an Accountability Partner
It is easy to be derailed on setbacks this is why it is important to have someone that we are accountable for. Some people share the debt free journey online through blogs or by joining a community with people who are also working to get out of their own loans.
Partnering with people whom you know share the same journey with you will help motivate you to stick to your plan and actually succeed. The idea is to support one another whenever you feel discouraged.
You may also read success stories of other people to remind you that it is doable and that if they can do it there is absolutely no reason that you can’t.
Stick to the budget that you have set for yourself. Avoid unnecessary trips to the mall that could tempt you to buy something unplanned. Refer to your budget as often as possible to be sure you’re staying on course.
You should also stop acquiring more and more debts. Cut your credit card line if necessary. It could be discouraging to see that you are not making any progress because you are creating more debts. You should strive to live below your means. Ditch the card and pay in cash.