Personalize Your Debt to Motivate Yourself to Pay It Back
When you accumulate debt, you know exactly what you want to spend your future money on. However, when it comes time to pay off, it’s just one big number. To motivate you to pay off the debt, first remind yourself what you bought with it.
As pointed out by a blog on personal finance Money After Graduation, you probably got into debt because of some things. If you’re not the type to invest in abstract concepts, you can probably point to the tangible thing you spent your money on: college education, a car, new shoes, or even paying some bills. With this in mind, you can motivate yourself to pay the price:
If you’ve read Money After Graduation for several years, you may remember how I wrote posts like “ financially, I’m still in my freshman year at university, ” because I measured my progress in paying off my debt by where the money actually went. …
Of course, this strategy works in two ways: if the thing that got you into debt was positive, remembering it while paying off the debt can make you feel better. You value what you buy and associate your progress with something tangible that you enjoy. On the other hand, if you’ve accumulated credit card debt paying for junk you don’t even use, remembering exactly why you got into debt can help deter you from using your credit card in the future.
Personalize Your Debt and Pay It Off Faster | Post-release money via Rockstar Finance