What keeps you motivated?

Byebyedebthellolife

I'm new to all this and am amazed at how well you have all done or are doing.

At the moment I am feeling really motivated as I have only just started but am worried that it will start getting really hard soon.

How do you all keep motivated? Any hints and tips will be greatly received.

Thank you all

FireWyrm

For me, it is the thought that one day very soon, every single penny that I earn will be allocated as I see fit, not to some debt or other. My ultimate goal is actually further reaching than simple debt repayment. I have no pension and I have no intention of paying into a workplace pension beyond the absolute minimum required by law, simply because I dont trust the government not to steal it at some point in the future. I prefer to make my own arrangements. To that end, my first job is paying off the debt, then paying off the mortgage in the next five years and then, financial independence through savings and investments of my own. I own our house, my OH has no actual legal claim to it and if I die, the house would be sold as the mortgage could not be maintained. It is therefore important to me to pay off the mortgage as fast as possible and secure the future of not only my OH, but the children too who have a right to a stable life. I cant foresee every eventuality and life is just that, life, but I can at least do all I can to mitigate the fallout should the worst happen. That is my motivation.

leicestersq

I am not in debt.

But I will tell you what motivates me to keep me out of debt, maybe someone can use it to help themselves get out of debt.

Most debt is a deliberate trap. Someone, with a better understanding of numbers and human nature, and the legal system, wants to take advantage of others. They do this by inducing you to take on debt, particularly at high rates of interest (more than 5% is high in my opinion). If they can achieve that, and keep those in debt paying, then they have managed to earn themselves a free living, a portion of the debtors hard work goes to them. They no longer have to work, they can just wait patiently whilst others make them rich. Of course if they pull this trick off, the debtor will be poorer, they have to give a big slice of their cake to someone else each month.

Want to make someone else rich and yourself poorer? Want the stress that goes with someone else owning a portion of your income each month? Sign that credit agreement and get that loan now.

PeacefulSlumber

I was in debt until January this year to the tune of 50k. I was desperate to emigrate and start a new life in another country, this was my motivation to sell my house and clear my crippling debts with the equity. My husband and I have spent the last six months saving the £1000 a month we used to spend on debt repayments and we emigrate on saturday where upon I won't have to work and can be a stay at home mum for my two beautiful kids.
I guess what I'm saying is financial freedom was my motivation and being debt free has given us the freedom to make our dreams come true.

Good luck x

StressedSteph

Wow great thread, and love reading peoples reason for getting out of debt.


I have many little things that keep me motivated:-


In my purse:-
A 100 table where I colour in each square as I pay off the debt.
(1 square = £100 paid off) I have paid 62% since January 2014


A little card with "Reasons to be debt free" written on it.


My list is:


Free up £1000 per month
Can Have family holidays
Finish house renovations
replace old car
Financial security
Less stress
No Sleepless nights
Stop being afraid of the post/postman
More financial Security / savings


If I ever have a wobble in a shop, I make myself get my list out and read how miserable I was in my darkest hour last January. I never want to go back there ever again.


YNAB - You Need a Budget". The most amazing software that makes budgeting fun.


And finally Dave Ramsey - love him soooo much.
I have his Free app on my phone and I listen to his archived radio shows about debt busting etc. He is a daily constant inspiration to me and keep me motivated.


xxxx

sourcrates

leicestersq wrote: »

I am not in debt.

But I will tell you what motivates me to keep me out of debt, maybe someone can use it to help themselves get out of debt.

Most debt is a deliberate trap. Someone, with a better understanding of numbers and human nature, and the legal system, wants to take advantage of others. They do this by inducing you to take on debt, particularly at high rates of interest (more than 5% is high in my opinion). If they can achieve that, and keep those in debt paying, then they have managed to earn themselves a free living, a portion of the debtors hard work goes to them. They no longer have to work, they can just wait patiently whilst others make them rich. Of course if they pull this trick off, the debtor will be poorer, they have to give a big slice of their cake to someone else each month.

Want to make someone else rich and yourself poorer? Want the stress that goes with someone else owning a portion of your income each month? Sign that credit agreement and get that loan now.

Its called "capitalism" the Bain of modern society unfortunately,
where it is considered "normal" to have thousands of pounds worth of debt.


Where you must have the next "new toy" that comes on the market, and companies are only too happy to sell it to us, weather we can afford it or not.
Or borrowing money we cant afford to buy a new car, when we have a perfectly good "old car" already.


I am now debt free, and intend to stay that way, but reading some of the horror stories on this forum does concern me.


Time and time again people are asking the same questions, posed differently, but essentially the same, "im in debt and I need help".
I try to offer good advice, mostly from personal experience, and what I have learned along the way, and hopefully someone can use that advice to help turn there lives around, that is what motivates me.

scrimper88

My beautiful one year old daughters smile and the knowledge that once my card is paid off il have an extra 200 a month to play with / put away