How do you stay motivated when paying off debt?

GaLa15

katy_ann wrote: »

I try to see my friends for coffee or round theirs/my house once a month I'm struggling at the moment though, had a lot of outgoings this month and have spent every weekend/evening in the house watching TV/using the net. Feeling very low at the moment, next month will probably be the same as I've got to tax the car at the end of April! Oh well, not long left on my journey hopefully and then I can move on

Hang on in there. Every journey is full of ups and downs. April next year you will be in a much better position 😊

indesisiv

I have worked in some months where I can spend. I have just paid off a credit card and overdraft in the same month, next month instead of snowballing this money I am using it to treat myself. Then the month after it will be back to normal using that money to pay off other stuff.
Word of warning, only do this if you know you will:
a) Not overspend
b) Go back to using the money for debt payments immediately as planned

PuzzledDave

You know those old 'Age Concern' adverts, the ones where you see a very elderly lady or gentleman, pottering around their poorly furnished home wrapped in 100 layers as they cannot put on the heating ?

That will be you unless you pay off your debt and save for your retirement.

Every pound you borrow, you have robbed off your future self... twice. Once for the crap you brought with the debt and again as you pay the interest.

gallygirl

PuzzledDave wrote: »

You know those old 'Age Concern' adverts, the ones where you see a very elderly lady or gentleman, pottering around their poorly furnished home wrapped in 100 layers as they cannot put on the heating ?

That will be you unless you pay off your debt and save for your retirement.

Every pound you borrow, you have robbed off your future self... twice. Once for the crap you brought with the debt and again as you pay the interest.

Maybe we should all print out a copy of the ad and stick on our cards .

If you're trying to save for retirement rather than paying off debt, then have a look at your regular spending habits. So if you spend £1.50 a week on a cheap mag, that's £78 a year. To fund that in a long retirement, assuming a 3.5% withdrawal from your pot, you'd need around £2,250. Is it really worth £2,250 of your hard earned cash?