3 Motivational Strategies to Restart Your Debt Free Plan


Blonde holding glasses cropHave you ever started to get serious about paying off your debt and then quit?  Frustrating isn’t it?

Whenever I interview people why that is, I typically hear things like, “I ran out of gas” or, “I feel like I am getting no traction.”  Sometimes life has hit you with a few unexpected curve balls like car repairs, medical expenses or even loss of income.  Does this sound like you?  If it does, you may need a good swift kick in the pants to get back in the game.   Here are three ideas that I believe will motivate you to restart your debt free plan.

This past week I had a former client reach out and asked for help to get back on track with their debt free plan.  When I worked with them earlier they paid off $10,000 in 100 days.  However, they began to fall flat and get back into old habits.  After meeting with me for one hour, they were reenergized to get after it.  A few hours later here is what they said on Facebook…

“Gonna get the finances in check again!”

So how can you get motivated, reengaged and take action so you can become debt free?  There are three ways I have found that can immediately get you back on track and take back control over your finances.

  1. Reset your game plan – Sometimes we just need a fresh start. Instead of kicking yourself for not accomplishing your goals, look forward, reset your game plan and do not look back.  Based on where you are at today and the goals you have, set a new date for you to be debt free.  Act as if this is the first time you are doing this.  Once you have your new goal in place, you will be more excited to get started.
  2. Reward positive habits and mile markers – It is no secret that everyone likes to receive a reward when they accomplish something. Consider having a small reward each time you pay off a debt.  Be sure the reward is proportionate to what you achieve (i.e. no trip to Hawaii for paying off a $500 medical bill).  What is a small reward that you can give yourself that would be enjoyable, affordable and keep the motivation going strong?  By having a reward in place this will help you create a positive habit and increase your chance of success.
  3. Remember your why – When your why is stronger than your how, you will do this. Ask yourself, “Why do I want to be debt free?”  Is it because it would be less stressful or you can do more things in life?  Keep digging until you hit the main reason why you want to become debt free and then you have your why to handle any road blocks that will come your way.

As I learned from leadership training expert Scott Black, when you get knocked down you have to pick yourself up, dust yourself off and hit it again.  Or as Rocky says in the movie Rocky Balboa, “It ain’t about how hard you hit, it’s about how hard you can get hit and keep moving forward.  That’s how winning is done!”

boxing.gloves.01“It ain’t about how hard you hit, it’s about how hard you can get hit and keep moving forward.  That’s how
winning is done!” – Rocky Balboa

Exercise:  Add up all of your payments that you pay every month towards debt.  Take that total and consider what you do with that money if you were debt free today.  Would you take a trip, invest it for retirement or your children’s education, or give more to church or your favorite charity?

Most of the families I see have at least $1,000/month (or more) in non-mortgage monthly debt payments.  If you took half of that ($500/month) and invested that for thirty years, you would have just under 1.5 million dollars.

Do not wait for your next raise or tax refund!  Start today.  Get your life back.  If you need help staying accountable or do not know where to start, take advantage of a free coaching session!  I have shown most of my clients how to put an extra $500 to $1,000 per month on to their debts and how to be debt free in three years or less.  This can be you.  The time is now!

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Justin Bennett

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