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If you’re reading this, I’m guessing you either want to start paying off your debt or you’re already doing so but get sidetracked from time to time.

You’re not alone, to be sure.

Depending on your circumstances, becoming debt-free might take a long time. Some people feel that the greatest approach to get out of debt is to pay it off quickly, I also agree, but this needs a lot of drive.

There are several things you can do to stay motivated and reach your debt-free goals:

READ BOOKS

If this is not the best way to clear your mind, focus on learning new things depending on the book genre then I don’t know what will. Here are some of my personal favorites. If I’m not reading a financial book, I’m reading a self-development book or a biography of someone. I’m always curious to hear different perspectives.

Let’s not forget about the various advantages of reading.

CONTINUE TO FOCUS ON YOUR PURPOSE

Because we’re still in the first month of the year, I’ll use this example to illustrate the difference between a “New Year’s resolution” and “financial independence.” According to a study, 80% of New Year’s resolutions fail by mid-February, ranging from losing weight to cutting back on spending.

It’s simple: we tend to punish ourselves rather than gradually adopting healthy behaviors. They morph into short-term objectives on their own.

However, sticking to a budget might take years to achieve a financial objective. At the very least, you’ll have a reasonable notion of how long it will take you to reach your debt-reduction objectives.

Focus on your why.

TRACK YOUR REPAYMENT PROGRESS

Seeing your debt balance decrease can be such a thrill. It doesn’t have to be complicated. I still keep track of them using Excel spreadsheets. It doesn’t have to be difficult to put together.

Here’s a screenshot of one of my debt payback excel spreadsheets in progress.

YNAB and MINT are two financial software applications that you can download and use right away to get a quick snapshot of your finances. My particular favorite is Personal Capital. It helps me keep track of my net worth and identify areas where I need to adjust.

TALK ABOUT IT [FINANCIAL FREEDOM]

While speaking with a financial advisor might be beneficial, it is difficult for any expert to understand your situation. You might be more informed about financial matters if you are receptive to having talks about money.

Apart from properly conversing with family members, friends, and even coworkers, one of the finest tools for sharing ideas and learning diverse tactics is social media. There’s a fantastic FI community where you can learn about anything from how to pay off debt, invest, and buy real estate to taxes.

As usual, do your research before taking any action.

LISTEN TO PERSONAL FINANCE PODCAST

I’m still a big music enthusiast, but since I started listening to personal finance podcasts, I’ve changed my habits and patterns. The information you discover from folks who have a track record will lead you to believe that the contents are a life hack.

They ARE, as a matter of fact.

Here are four podcasts that I listen to on a regular basis:

Choose FI
Earn&Invest
The Mental Wealth Show
Marriage Kids and Money

SET A DAILY GOAL

My daily fresh cup of coffee is something I can’t live without. Before relocating hours from the city, I used to purchase a cup of Dunkin’ Donuts for $2.76 as soon as I left the house for work. You could think that’s not awful because it’s not as expensive as Starbucks, but consider this: $2.07 x 5 = $10.35 per week, or $41.4 per month.

Considering how little I was earning at the time, that was a significant sum of money.

So, I bought a quality coffee maker and started making my own coffee. The best part is that four bags of Café Bustelo cost me only $10.88 at my local grocery and last me three months. In other words, $10.88 divided by 60 working days equals $0.18 cents every day. Nothing comes close to it.

Yes, making your own coffee is beneficial.

JOIN OUR FACEBOOK GROUP

I created a FREE Facebook group for the sole purpose of getting out of debt. A place where we may all benefit from one another’s knowledge.

So, tell me, what motivates you?

**Valuable Resources I Use Daily:

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