In the early days, paying off debt can seem almost exciting. You do all the hard work, collect data, and set out a plan for how you will pay it off. You start looking forward to your payday for an entirely new reason: because you’re excited to see the total “amount owing” reduce once more.
As time passes, however, the early excitement fades. Paying off debt can be a long, arduous task, and there will always be a few setbacks along the way - an unexpected bill or a sudden expense that complicates your original plans. Thankfully, it is possible to recapture that early energy with the following ideas…
#1 - Focus on the positives
Even if you have not been able to repay as much as you had hoped, remind yourself that any reduction in the amount you owe is a win. Go through the figures, highlight the progress you have made, and remind yourself of the fact that debt takes a long time to build up, so it’s natural that it might take awhile to repay.
#2 - Repay every day for a month
Making a daily debt repayment - even if the amount you repay is just $1 - can really help to boost your spirits, even if you would have repaid that $30/31 in the month anyway. Daily repayments provide a constant sense that the problem is being addressed and that you’re on the right track.
#3 - Consider a fresh approach
Finally, if you are finding your original plans strenuous to manage, then it may be worth investigating different debt repayment methods. Options such as home refinancing, which is explained in more depth in the infographic below, are definitely worth considering, and can help to reassure you that the matter is completely in control.
Infographic Design By Quantum Finance