Debt Relief: Tips for Sticking to Your Debt Payoff Plan

Deep down, you know that because you didn’t get into trouble overnight, solving your financial woes will take a great deal of patience and commitment. But if you can hang tough, you will see significant results. Here are tips for sticking to your debt payoff plan.

Be Realistic

It’s great to be excited and ambitious, but biting off more than you can nosh can not only set you up for disappointment. It can potentially put you in worse shape. Ensure you don’t overestimate the amount you can pay or underestimate the amount of time it will take to see results. It would help if you also were flexible because your financial circumstances may change, and you’ll need to adjust.

Take a clear-eyed look at your finances and figure out how much you can afford to pay each month on your obligations. Then spend more when you can.

It’s a good idea to use a debt payoff calculator to give you an idea of how long it will take to eliminate your debt.

Put It in Writing

It’s not a great idea to depend on your memory to keep up with your debt plan. Not only can you forget something important along the way, but something about writing the goal down makes you more likely to stick to it. Some scientists say the simple act of delineating your plan tells your brain you genuinely wish to get out of debt. Check out local debt relief programs.

You don’t need a remarkably detailed plan, so do not put off crafting one thinking that you do. List all debts, due dates, minimum payments, and the additional payment you’ll make on one of your debts. You want to focus on just one high-interest credit card, say while making minimum payments on the other cards. Repeat the process until you’ve paid your debts off.

Track Your Progress

Pat yourself on your back whenever you make a payment, be it minimum or otherwise. Slowly but surely, such payments will reflect that you are, indeed, working on your debt.

Occasionally look back at where you began and see how much progress you’ve made. Don’t become discouraged if you’re not yet where you want to be. Instead, be proud of your commitment.

Pay More When You Can

Stick with your plan, for sure, but whenever you have extra cash on hand, put it toward your debt. You might also want to consider getting a side gig or finding a way to use your hobby to bring in extra bucks. Watching that debt total shrink will keep you going.

Don’t Be Deterred

Sometimes life happens, and the next thing you know, you won’t be able to make that additional payment. Perhaps you’ll even have to make minimum payments for a few months. Just don’t give up. Adjust, and get back at it. 

Tell Others About Your Plan

Sometimes it’s good to tell others about our goals so that we can be held accountable. Perhaps you’d like to start a blog, which allows you to not only be held liable but to help others through your journey as well. Or maybe you can partner with someone who’s going through the same thing you are. You can encourage and support each other.

Stick to Your Budget

You can’t entirely separate your debt-paying goals from the rest of your finances. It would help if you planned for your expenses for each month, writing down the bills you’d need to pay and your expected outlay for things like transportation. Look at your budget throughout the month to make sure you’re on track.

Now you have some solid tips for sticking to your debt payoff plan. The main thing is to have patience and do not give up. You’ll be so glad you didn’t.