How do you deal with debt fatigue?

legogingerninja

Hi guys, hoping to get some thoughts on how to stay motivated during a long journey to debt-free.

I've been paying down debts for around three years now. I've come a long way but it's so hard to maintain that steely focus.

I've been careful to treat myself every now and again to make sure I don't end up feeling too deprived - but any other suggestions for how to stay motivated?

Bobarella

Hi there
I'd recommend joining a few challenges on here. I love the sense of belonging to a group of other debt free wannabee and having to check in about how I am doing. Have you ever signed up to the grocery challenge or one of the no spend day challenges?

Bob

Ellieseleven

I enter the challenges on here as Bobarella says and I set myself lots of achievable milestones along the way e.g. percentage paid back. Breaking things down into smaller chunks helps to keep me motivated and on track.

In the early days rather than look at the whole amount (46k) I would aim for paying back the first 6k, then the next 5k and so on.

I also use spreadsheets so I can see how far I have come. Now that I'm into my last 10k I have more milestones, my debts will all finish one after the other over the next 12-14 months and my defaults will start to drop off so 2016 is quite an eventful year for me.

Ellie x

northerner999

I read this forum. Never fails to focus my mind.

crazy_cat_lady

I wish I'd signed up and joined in here 5 years ago. I've been much more focussed since I started keeping a diary on here and joining in with some of the challenges.

tealady

Hi when I was in debt I set myself a debt free date and targets along the way, also having the occasional (budgeted for) treat helped

DandelionPatrol

legogingerninja wrote: »

Hi guys, hoping to get some thoughts on how to stay motivated during a long journey to debt-free.

I've been paying down debts for around three years now. I've come a long way but it's so hard to maintain that steely focus.

I've been careful to treat myself every now and again to make sure I don't end up feeling too deprived - but any other suggestions for how to stay motivated?

One of the things you could do is to redo your SoA. [I have just taken a look at the one from 2012]

Looking back, most of your debt reduction has occurred naturally with paying the car loan, but you have had an important success in clearing the overdraft. Your credit card debt has gone up a little.

Going forward, I suggest you redo your SoA for when the car loan is paid off - which will be in 3 months time. The things you need to address are

• keeping out of the overdraft - this is important for keeping control in the long run
• planning for a replacement car - the current one won't last forever
• Getting credit card debt on to the lowest APR

you can shuffle credit card debt by

• putting new expenditure on the lowest APR Card
• always paying minimums on each card
• paying at least as much as you spend each month plus overpayments to the highest APR card

Sorry, it is a long hard grind, and unless you can increase your income, it is going to stay that way. You cannot afford to let up. But you will have more money to pay down debt in 3 months time when the car loan is cleared.

It would be good to have the credit cards cleared and some savings by the time you need a new car, so that you will not need to borrow so much - and you can focus on overpaying a future car loan.

But look where you are now. You can begin planning for after debt!

legogingerninja

Thanks a lot, really helpful. I'll definitely do another SoA in three months' time.

LittleDutchgirl

I learned to love these boards. Definitely key in keeping up morale. And like Ellie I became the spreadsheet queen. I found it very motivating to look back and see how much progress I'd made in the last year.
I also did a fair amount of daydreaming about the 'stuff' I'd buy when I was debt free and guess what I didn't want any of it when I finally got there!
Good luck
LDg

andyfromotley

I listen to Dave Ramsey everyday. Its simple repetetive advice which never changes!! Somehow it has become quite addictive!!

I also seek out other money blogs.
Living Stingy
Mr Money Moustache