Getting out of debt isn’t easy (surprise). Keeping up your morale is important. Every little bit of encouragement helps.
So here are some little bits of encouragement from fellow My Total Money Makeover (MyTMMO) members. How do they stay fired up while they are working Baby Step 2?
Nick and Heather in Iowa
To motivate our children, we promised once we were debt-free, we would save and take them to Disney World. They had their own thermometer to track the savings for the trip. It was a great way to explain to them why we couldn’t do certain things.
Sherry in Utah
We celebrate by buying some really good, but reasonable, steaks and grill out! It’s a small reward, but it’s something for us to look forward to as good steak is usually not in the budget.
Each month I get excited on the day that I can pay down or pay off a credit card. In the past year I have paid off five cards. When a card is paid off, I cut it up and put it in a jar that I can see from my computer. The pieces are really piling up!
Every time my wife and I permanently knock out another monthly payment, we celebrate the following month by taking the money we would have paid on another payment for that debt, and use it for a night on the town. Dinners, desserts, movies, games, gifts, you name it. It temporarily pauses our snowball, but it gives us both the relief and excitement we need to do it again!
You know yourself and your family better than anyone, so take some time and figure out how you can keep yourself motivated on the cheap while paying off debt. It’s okay to give yourself those small rewards every so often.
You just need to earn them first.