How do you cope with boredom of paying down long-standing debt?

Poppy1984

I started my official Debt busting journey in Feb 2018. I used the snowballing method to pay some of my smaller debts and found all sorts of ways of raising money to pay them off as fast as possible.
I'm now left with one large debt (a loan) which has 60 months remaining on its term. I want to start overpaying it and reducing its term but I'm running out of ways to raise extra cash. I've cut back as much as possible on spending and reduced my bills as much as I can but I've ran out of things to sell.
I guess this is just the long haul now. I have to suck it up and get on with it. I'm in a much calmer place than I was in Feb 2018 and before, and I'm in far more control so I'm really happy about that but need to find some ways to pay this loan down faster.
How do you combat the boredom once the initial debt paying frenzy calms down?
I am applying for higher paid jobs which would help but so far have been unsuccessful.
Any advice would be appreciated thank you

comeandgo

Could you get a part time job to fit in with your full time commitments? I always fell back on bar work to get extra money.

NeverendingDMP

well done on debt busting so far. im not sure i have the complete answer as my debt free date is about 25/30 years away but am hoping for 8....wishful thinking.
the 1 % challenge helps as you are looking to pay the next percent which is more managable and comes round quicker. a second job does help it go quicker as well but does zap your time x

sourcrates

NeverendingDMP wrote: »

my debt free date is about 25/30 years away but am hoping for 8....wishful thinking.

Really, that long ?


Any particular reason for this ?

Poppy1984

My current debt free date is August 2024 I really want to cut this by a couple of years if possible!
I could maybe get an extra job but my day job is quite full on and I have a son and a long distance relationship who I could only see at the weekends so have put off the additional job but might be the way I'm gona have to go to get my debt paid off quicker

NeverendingDMP

Sourcrates im paying a fairly low dmp payment at the moment compared to amount owed due to circumstances and am a home owner with equity. IVA or bankruptcy didnt really work as an option.

poppy1984 time is precious too. try the 1% challenge and ignore the big total for a bit. youve done well do far. font feel disheartened.

enthusiasticsaver

Poppy1984 wrote: »

My current debt free date is August 2024 I really want to cut this by a couple of years if possible!
I could maybe get an extra job but my day job is quite full on and I have a son and a long distance relationship who I could only see at the weekends so have put off the additional job but might be the way I'm gona have to go to get my debt paid off quicker

Can you use a loan calculator to see what affect overpaying the loan would have now the smaller debts have gone? Alternatively save as much as you can and either use the money for a short break to give you things to look forward to or make lump sum repayments to get your DFD nearer.

Debt busting is never easy and it can be relentless if you have a lot of debt. Giving yourself incentives like a takeaway when you clear 10% of it or a short break away or new item for yourself or the house may keep you motivated. The thing is though if it were easy you would not learn the lesson that sticking within a budget and saving rather than borrowing is the best way to go. Presumably you built the debt up over a long period so it is not going to go overnight.

Poppy1984

NeverendingDMP wrote: »

Sourcrates im paying a fairly low dmp payment at the moment compared to amount owed due to circumstances and am a home owner with equity. IVA or bankruptcy didnt really work as an option.

poppy1984 time is precious too. try the 1% challenge and ignore the big total for a bit. youve done well do far. font feel disheartened.

Thank you, I will give the 1% challenge a go x

Poppy1984

enthusiasticsaver wrote: »

Can you use a loan calculator to see what affect overpaying the loan would have now the smaller debts have gone? Alternatively save as much as you can and either use the money for a short break to give you things to look forward to or make lump sum repayments to get your DFD nearer.

Debt busting is never easy and it can be relentless if you have a lot of debt. Giving yourself incentives like a takeaway when you clear 10% of it or a short break away or new item for yourself or the house may keep you motivated. The thing is though if it were easy you would not learn the lesson that sticking within a budget and saving rather than borrowing is the best way to go. Presumably you built the debt up over a long period so it is not going to go overnight.

I like the reward idea, totally agree it's a hard lesson to learn but I have certainly leaned it. I will never get more debt again and I will always stick to budgeting.

HonmaDP

I didn’t fancy paying back the £100k ish so pushed back, ducked & dived and managed to side step and huge majority of it. £3.2k on my credit file that drop off in a couple of years. Good luck!!

tori.k

I really struggled with the plod near the end, ended up with an incredibly tidy house, use to track down all the free or really low cost things we could do, to help alleviate the boredom, challenged myself you make meals as tasty and cheap as possible. Even started teaching myself Spanish using a free online service.
Start thinking about the next goal, whats the plan when your debt free anything that just keeps you plodding on.
Good luck