This is another guest post from Joe Plemon from Plemon Financial Coaching. Joe is the Money Columnist for The Southern Illinoisan.
Q: Joe, I know the things I need to do in order to get out of debt such as quit borrowing money, take a second job temporarily, have a written cash flow plan, spend less than I make and use the debt snowball. My problem is that I just get worn down in the process. Can you give me some encouragement?
A: Three thoughts come to mind.
Give Yourself Some Time
Give yourself a time line for becoming debt free. Examine your budget to determine what sacrifices you will need to make in order to get everything other than your house paid off in less than twenty-four months. Take a deep breath and go for it. Now that you have established an achievable goal, you will stay encouraged as you put each month behind you.
Write Them Out
Write out all of your debts from smallest to largest and stick them on your refrigerator. Then, as you move through your debt snowball, mark each one out with a big red marker. Instead of feeling worn down, you will gain momentum as you chart your victories. I have had some people, who have proven they can handle not getting more debt, surf their balance to a no APR credit card. This allows them to put their entire payments toward debt instead of paying interest.
Allow yourself the luxury of imagining what being debt free will feel like. Sit still for a few moments and imagine that you have zero debt. Soak up that feeling. Did your shoulders relax? Did you breathe easier? Could you taste that liberty? Capture that feeling and hang on to it. Having clarity of your goals will motivate you to stay the course.
I want to emphasize that the freedom of being debt free is even greater than you can ever imagine. Your marriage improves. Your job gets better. Bill collectors will become a distant memory. You will have new and exciting life choices. Continue doing the right things while focusing on your dream of financial liberty. You can do it. Your life will never ever be the same!
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