How do you stop yourself from giving up?

LavenderLily_2

Right, between my husband and I , we owe about 10 grand on loans and credit cards. I just can't see the light at the end of the tunnel and even though we have now worked out a proper budget and have a debt free date and everything, I'm finding it hard to stay motivated because it feels like we are so far away from the end.

I am starting to collect 20p coins because that way I feel like I am saving something (which I have previously been really bad at) and my money is not all just slipping away.

What do you guys do to stay motivated? All suggestions welcome please!

hypno06

How about writing down all the things that you have achieved so far, to remind yourself just how far you have come.

Then write down all the things you will achieve in the future. Add pictures, cut outs from magazines etc to liven it up and to remind yourself why you are doing all this.

Finally, take a deep breath, and smile - it costs nothing and makes you feel better. Give hubby a hug, it does the same job!

Keep going.

seven-day-weekend

It would help me to mke plans for the future that I would be able to do when I was debt-free. Write it down, plan it, research it - have your dream!

And remember that it will be money of YOURS spent on things that YOU want to do and not money belonging to creditors and serving their interest rates.

Good luck!

themaccas

Is your debt mad up of several smaller loans/credit cards? If so then you have a real opportunity to break the debt down into smaller chunks - concentrate on a small debt first and try and aim to pay it off as soon as possible, then you will be able to snowball the next one. I found that really helped when I started paying off our debt at the beginning of the year. The feeling of paying off a cc or loan is an amazing feeling and it gets quite addictive - honestly!

The other thing I have found that helps is having a big white board in the kitchen with 'dream' things I want to buy/visit when we are debt free - I change the pictures regularly and that really helps me keep motivated too. Good luck, keep coming on here that wil help you too!

freebird65

Work out how much money you'll have to spare when you hit your debt-free date and then start searching for an affordable treat for yourselves to celebrate the fact. Maybe a weekend break. It'll give you something to look forward to.

Oh and do little things like every time you stop yourself from buying something you really don't need, stick the money saved in a jar and at the end of each week/month put it towards paying of debt - seeing sudden little lumps coming off will spur you on to do even more.

Do cheap treats for you and hubby - nice meals (candle-lit picnic in the park is always a winner), or a cheap-day just to wander around and see sights you don't normally bother with. A friend of mine went for a night-time cycle ride in the City of London and said the difference to daytime was amazing.

Stay positive - it's worth it - honest!

chocaholic110

I look in my little book of finances where everything to so with everything is scribbled (sometimes several times!). I look back over how much has been paid and do calculations of how much needs to be paid and how long it will take. Every month I can cut off my debt free date is a victory!

Or I come on here and read my own or other people's debt diaries and that give me inspiration.

savememorecashmartin

Keeping me motivated is this place - full of interesting people, some with unfortunate stories, some with happy ones (and some with both!). It's a big support network full of caring members with a big pool of collective knowledge and experience.

The thing is we're all pulling in the same direction, we all want (in a roundabout kind of way) the same thing - to owe less and to make our lives better and more financially stable. Every penny you can shave of any balance is all going in the right direction.

I've finally realised this year that if I want to make life better for my family through having less debt, it's only me that's going to do it and that's motivation enough. It's coming here and reading and learning that has helped me and I could never thank everyone enough.

All the best for 2007 :-)

Headintheclouds_3

freebird65 wrote:

Work out how much money you'll have to spare when you hit your debt-free date...

This is a great motivator, for sure! One of the great things about MSE for me has been to completely change my attitude - to make the move away from spending money on rubbish; after a while it becomes a way of life rather than something which you need to work on. So stick around here for long enough and it'll become second nature.

As mentioned above, reading other peoples' stories helps keep you focused too...and finally, once you've bought that piece of kitchen equipment/item of clothing with your Pigsback vouchers (which have cost you nothing but a few weeks' of clickthroughs) rather than your hard-earned cash, you'll be hooked on being a DFW!

Ali-OK

Break it down to bite size chunks and focus on a day or a week at a time, then review as a month and plan the next month.

- Pay off small odd amounts from building up 20ps, or loose change over and above your budgeted payments

- Have goals, declutter a room, eBay, join Quidco and the challenges on here

- Get anal over your internet banking - if you come in under budget on anything, pay that little bit off straight away. It may not be much, but it comes off the bottom line.

- You could do a spreadsheet for your cc's with int, min payment, your payment, balance and so on..I did this and it really focused me to bringing my debt free date forward.

Review everything in sight! I spend alot of time doing this and have just found another £4.53 per month for an assurance policy that covers £5K for a loan..but I don't have a loan, so I've cancelled it!

You could set up a diary on this forum - I get lots of inspiration from others on here as they're full of ideas and good points.

Kazonline

If your debts are credit cards use the snowball calculator to see how much paying only the minimum payments would've cost you - and how long it would've taken you to pay it off. Probably quite an eye opener.
Also if you get tempted to buy something there is a calculator on there that will tell you the true cost of buying that item now while you have your debt.
August 2008 will soon come around if you stick with it.
Also, you could think of perhaps devising a graph for the fridge door or similar that shows (in code if you like) where you are in debt, and then each month you can mark the new position.
Good luck,
Kaz x
Ps - also, if it is credit cards, don't forget to contact your lenders after a few months of making averpayments - apparently they are more likely to reduce your interest rate for you at this point! (hoping you'll feel happier to spend - but you won't )

In_Search_Of_Me

Agree with all of the above. It is hard to be motivated (esp when you're going to be here for years!!) but I think the best thing to do is take it a day at a time. Some will be god, some bad & some downright ugly but regardless you can start afresh the next day. Plus I bet if you really went for it you could get your debt free date down loads! Big hugs...it does get easier & becomes a way of life after a while & you realise that you've wasted money on things that are the same (like M&S food!), rediscover the joys of cooking etc..