Keeping motivated.

BlueJ94

Just a quick one really..

How do you guys keep yourself "on track" I'm always paying minimum payments and seem like I'm never getting anywhere, next month I'll be focusing on the highest APR debt and paying as much as that off as I can each month. I know it sounds like a silly question but it feels like I've been in debt for years and I'll never be out of it. I'm hoping to be debt free by at least June.

Am I better off paying more to one debt and minimum on others?

Any advice or help would be greatly appreciated

[Deleted User]

Hi Jade

I know what you mean about feeling like you're not getting anywhere. I find that knowing what my current debt is as a percentage of my starting debt - updated monthly - helps me to feel like I'm making progress, even if I've only paid off the minimum payments that month.

I've been advised to focus on paying off the debt with highest interest first, whilst doing minimum payments on everything else (for me my other 2 CCs are 0% interest until next spring)..then once I've cleared (and hopefully closed..once I have an emergency fund set up too) the expensive credit card which has been propping me up this past couple of years I will focus on throwing money at the other two cards, again focusing on the one where the 0% offer finishes soonest. I believe this is called the avalanche approach, but for early motivation you might be better off trying the snowball approach.

The thing I struggle with is patience. I just want it all to be sorted right now!! Not a day goes by where I'm not worried about my debt, I'm so impatient to get it all paid off!

Willing2Learn

Hi Jade and hi debtfreefrom2020

jadewest94 wrote: »

Am I better off paying more to one debt and minimum on others?

Yes, definitely. Focus as much money toward one account, with minimum payments on the others, and then start a snowball rolling.


Which method of snowballing are you using? The Dave Ramsey method or the MSE method? I recommend the Dave Ramsey method if you are having difficulty with your motivation. The list of debts shorten quicker with the Dave Ramsey method.

https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633

@Jadewest94 - I just read your other thread (titled - I really need to sort myself out!). You are so close to the finishing line. You should be able to see it already...Just coming into view....

BlueJ94

debtfreefrom2020 wrote: »

Hi Jade

I know what you mean about feeling like you're not getting anywhere. I find that knowing what my current debt is as a percentage of my starting debt - updated monthly - helps me to feel like I'm making progress, even if I've only paid off the minimum payments that month.

I've been advised to focus on paying off the debt with highest interest first, whilst doing minimum payments on everything else (for me my other 2 CCs are 0% interest until next spring)..then once I've cleared (and hopefully closed..once I have an emergency fund set up too) the expensive credit card which has been propping me up this past couple of years I will focus on throwing money at the other two cards, again focusing on the one where the 0% offer finishes soonest. I believe this is called the avalanche approach, but for early motivation you might be better off trying the snowball approach.

The thing I struggle with is patience. I just want it all to be sorted right now!! Not a day goes by where I'm not worried about my debt, I'm so impatient to get it all paid off!

Thanks for the reply, maybe I’ll set up a chart so I can physically see myself paying off the debts to motivate myself! It seems like it’s going to be ages! I’m determined to get it all paid by June.

BlueJ94

Willing2Learn wrote: »

Hi Jade and hi debtfreefrom2020Yes, definitely. Focus as much money toward one account, with minimum payments on the others, and then start a snowball rolling.


Which method of snowballing are you using? The Dave Ramsey method or the MSE method? I recommend the Dave Ramsey method if you are having difficulty with your motivation. The list of debts shorten quicker with the Dave Ramsey method.

https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633

@Jadewest94 - I just read your other thread (titled - I really need to sort myself out!). You are so close to the finishing line. You should be able to see it already...Just coming into view....

Okay thanks! I’m not currently using any method, I’m just paying off all minimum payments at the minute. Next month I’ll start focusing on the higher apr debt first and then snowball the rest. Thank you for the help! Just can’t wait to see the finish line and not be paying back all my wages to debts I owe! :j

SusieT

jadewest94 wrote: »

Okay thanks! I’m not currently using any method, I’m just paying off all minimum payments at the minute. Next month I’ll start focusing on the higher apr debt first and then snowball the rest. Thank you for the help! Just can’t wait to see the finish line and not be paying back all my wages to debts I owe! :j

You could do 2 charts if you pay back the highest interest first, one for every % of the debt that goes, and another to track the reduction in interest as a % of the debt.
That will give you a target to aim at, and if you can carry on paying at the current rate and targeting the highest interest, the interest may drop faster than you might expect.

BlueJ94

SusieT wrote: »

You could do 2 charts if you pay back the highest interest first, one for every % of the debt that goes, and another to track the reduction in interest as a % of the debt.
That will give you a target to aim at, and if you can carry on paying at the current rate and targeting the highest interest, the interest may drop faster than you might expect.

Thank you, I just downloaded an app on my iPad, it tracks my debt % and when my last payments will be made.

db2016

a lot of people use a visual aid, such as,



coloured grid, every 1% paid you colour in etc, so eg on £10000 of debt every £100 is a coloured in area.

[Deleted User]

jadewest94 wrote: »

Thank you, I just downloaded an app on my iPad, it tracks my debt % and when my last payments will be made.

Which app have you downloaded and have you found it useful? Thanks

BlueJ94

debtfreefrom2020 wrote: »

Which app have you downloaded and have you found it useful? Thanks

It’s called “debts break” I paid 99p for the upgraded version, yes it’s very useful. Tells me things like when my last payment would be, how much interest I’ll be paying back based on aprs.