How to Get Out of the Financial Pit of Despair
When you decide to work towards a big financial goal, motivation comes naturally from the start. You are thrilled to start giving up. As you near the end of your money marathon, you gain strength and start thinking about the endless possibilities of life after reaching your goal. But what about this seemingly endless part in the middle? How do you stay motivated to keep giving up on your progress?
When I was working on paying off the $ 50,000 debt that I had accumulated in a few short years, I did a lot of nail fixing. It was a period in my life when I felt like I should probably put every dollar in my debt, and the $ 30-60 I spent every month seemed a little wasteful. I could paint my nails at home or go the most humble way and leave them naked.
But the ritual of going to a nail salon about once a month gave me a reason to look forward to it. I had to spend an hour or so sitting in silence, unable to check my phone with middle hands, watching reruns of Below Deck and not thinking about anything. When I finished, I went back to work, freelancing, or doing odd jobs to speed up my payment plans. When I looked at my neat nails, I remembered that I deserve good things, although – and maybe especially because – I worked so hard.
I am still working to pay off the remaining student loan debt, and while the balance continues to shrink, it can feel tiresome at times. I asked several people who have hit big financial goals how they stay motivated during these turbid averages.
Document your progress (privately or publicly)
I found that I had to tell everyone about my purpose so that my word would make me accountable. I decided I was going to quit my job, buy a bus and travel with my dog for 3 months … sounds crazy! As the day drew closer, I started chatting about how crazy this is and all that if … [but] because I shared my goals on my blog and with friends, it helped me track and show my progress towards achieving my goals .
– Phil Richer,Young Adult Survival Guide blogger . Richer paid off a $ 30,000 student loan in 12 months.
When my husband and I paid off our student loans, at times I felt isolated and hopeless. I started my blog to share what I learned and encourage others to change their lives. Documenting my journey and seeing how far I came kept motivated and accountable for what we did.
– Jen Smith, Modern Frugality blogger and co-author of The Frugal Friends podcast . Smith and her husband paid off the $ 78,000 student loan debt over two years.
Set mini-goals within your big
By starting at the endpoint and creating steps back to my starting point, I can think about what I want to achieve and what I need to do to get there. It also helps me set realistic timelines for achieving these mini-goals and helps me stay focused.
– Liz Aishen, Kitchen Table Finances Blogger
If my goal is still far away, I will set smaller goals that I will achieve, and I will proportionally reward myself for achieving them. I always work to keep my spending under control, sometimes I make no-cost calls to change my spending habits. After each challenge, I reward myself with something that I have long wanted. It not only makes things interesting, but also motivates me to keep improving.
– Jen Smith
Allow yourself to take a break.
I learned this lesson only after we finished paying off the debt. There are times when you just need to show some grace and enjoy life a little. 110% movement is not sustainable in the long run, and giving yourself time to enjoy a good meal or go to the movies can be critical to your motivation.
– Chris Browning, Popcorn Finance blogger and podcaster . Browning and his wife paid off $ 27,000 of credit card debt in 2.5 years.
Try something new
I mix things up to stay on track as I move towards my financial goals. I am working on side income and have tried many new methods to make more money, from delivering food and staying at home to renting out household items and reselling furniture. Being creative in my methods allows me to stay focused and not get bored or stuck in a rut as I work towards my goals.
– Liz Aishen
Enlist the support of multiple cheerleaders
When people share their stories, it is so motivating. Whether it’s paying off a debt or saving for their first home, I feel elated to hear how someone who has been in a similar or worse situation has overcome it.
– Chris Browning recommends listening to personal finance podcasts and subscribing to online groups such as #debtfreecommunity.
How to stay motivated during a financial marathon? Share your strategies in the comments.