A debt pay-off procedure is a marathon, not a sprint. You can’t expect overnight success. Is running a marathon difficult? Yes. Is it worth it? Undoubtedly yes. But what do you need to run a marathon? You need to keep yourself going, despite all odds. Exactly what you need to do for your debts – just keep going, irrespective of anything. If you are also being contacted by a global debt collection company, this article is for you. I know sometimes, you lose the stint of spark and motivation. The reason why I have figured a few techniques which would always keep you inspired all throughout:
Appreciate your progress
I know there’s still a lot to repay as the number keeps on hounding you, but amidst that don’t forget to look back and acknowledge the progress you have made. We always tend to look at the marks which are yet to be covered and forget to appreciate ourselves for the boxes that we have achieved. If you are able to save your stipulated amount every month, repay more than the minimum required amount for your student loans, or housing loans, or have been trimming your luxury expenses, you deserve a pat on the back. Every effort truly counts.
Celebrate your hustle
Every now and then, when we achieve smaller goals that we have aligned to reach the ultimate goal, it is important to celebrate them. This would not only keep you motivated throughout but also help you keep the momentum alive. You know what you are working for and keep reminding that to yourself in the process. And of course plan your journey with small milestones. For instance, keep a target to repay Rs 30,000 in the next 3 months, and once you achieve that treat yourself with a movie night, dinner, or a book or an inexpensive gadget.
Read personal finance blogs
The idea behind this step is to read financial blogs, other people’s stories and interact with them. It can lend you help in various ways. Firstly, it boosts your confidence immediately when you come across a person who has been in a similar situation like yours and has successfully overcome it. Secondly, it guides you with the process, operations, techniques, and various other things. Basically, it gives you an idea that if they can, you can make it through too. You strategize well, organize better, and strive even harder. Here are some of the best personal finance blogs.
Create a Visual
No, I am not being silly, but this has really kept some people motivated in the process. Craft a visual. a visual representing your debt. And then, keep modifying throughout the journey. An example will give you a clear idea about it. Say, you have a car loan. Then, you place an image of a car on your fridge, and as you are making through its installments, you keep adding stickers to it. Divide it in a way that as you are done with your installments, so is the space left in the car. This would not only show what is left but also, what you have done.
Remember why you started
Often in the run of being debt-free and the hustle to reach the end goal, blurs the reason why you started in the first place. Don’t let the journey get into you, stick to your roots and keep going. You don’t want to set a bad example for your kids.
You are not perfect
You are not a perfectionist, infact, none of us are and as it is said ‘To err is human!’ Remember, the most important thing is you at least started, a lot of us fail to even take the first step forward. Now don’t overburden yourself with unrealistic expectations. Your financial decisions will not always be correct and there will be times you will think you have lost the direction. Don’t punish yourself for that, just keep moving forward and things will soon fall into place.
Add fun to your budget
Life is short and you are not born to pay your bills and die. Keep this in mind and always keep some space for fun and entertainment in your budget. Even if on some days you fall short of your debt collection. Trust me, the journey is long, you will not survive without this element.
So, before I wrap this up, here’s wishing you all the best, don’t give up. You’ve got this! The end line is nearly there.