Have you ever conquered a mountain of debt? Are you planning to pay down debt in the near future? Let’s look at the traits of those who tackle their debt successfully, and see what we can learn.
Believe in the Goal
Doing anything challenging requires a fundamental belief that we can succeed. If we have an escape plan, a list of excuses of why we can’t do it….we are destined to fail. On the other hand, believing that our BHAG (Big Hairy Audacious Goal) is attainable will empower us to start well. Spend time reading inspirational stories such as Slaying the Debt Dragon, by Cheri Lowe.
Also check out how this family paid down personal debt in record time: Getting Out of Debt – One Family’s Amazing Success
Get Mad at the Debt
Emotion can drive us to make significant change, depending on how we direct it. Don’t waste energy getting mad at yourself. That is counterproductive and discouraging. Instead, acknowledge the decisions or mistakes that led to the debt, and use the emotion to propel you to change.
From her popular show Til Debt Do Us Part, Gail Vaz-Oxlade helps clients experience the weight of their debt in tangible ways, like carrying around backpacks full of weights. Realizing that debt is the enemy of having peace of mind, can motivate us to strive for change.
David Ramsay also talks about having “gazelle intensity” where everything else fades in the background to tackle debt effectively.
In order to aggressively pay down debt, consider making more money. I know that may seem impossible, but a bit of creativity can make it attainable. And having a tangible time frame will allow you to push hard for 3 months, 6 months etc. Better to blitz paying down debt quickly, if at all possible. Selling items can also bring in money to go towards debt reduction quickly.
Mrsjanuary.com is a wealth of ideas for ways to spend less. Trimming spending in big and small ways, can add up to a lot of saving. And saving money means freeing up resources to pay down debt.
Want to try couponing? Get started here: 7 Habits of Highly Effective Couponers
Set up Accountability
Most significant life change requires accountability. Who will help you set goals for paying off your debt? Who will check in regularly to make sure you are staying on track? This is an important step in reaching your goal.
Paying off debt is challenging but this should not be surprising. Since we don’t accumulate debt overnight, we need to be patient in paying it off. Implementing these 5 traits will help you become a debt conqueror.
What is your best tip for paying down debt successfully?