How do you stay consistent with paying off debt?

Question

Over the past year, I have paid off four credit cards and reduced my debt by half. However, I find my dedication wavering. How do I stay consistent and pay off the remaining debt?

Fireguy17 · Accepted Answer

that is so easy.
Never spend more than you can afford, which is called a budget.
Think of what you could have bought with all of that obscene interest they charge, or how much you actually paid for that shiny thing you just had to have with all of the interest piled on.
Sure, it was on sale, but how much did you really end up paying for it?
I also use cash a lot.
That way you actually see the actual money leave your hands, (small bills work really great for this) not just numbers on a piece of paper.
Forking out a fist full of bills make you think about it more.
And when you are out of money you are done buying anything until next payday. Hope you have enough bread and peanut butter in the house.
Granted there are emergencies that can come up from time to time that mess stuff up, but deal with it and get right back on budget.
Granted there are loans for vehicles, homes, large appliances, taxes, but you need to account for those in your monthly budget.
If you don't have it, don't spend it.
I haven't carried over a balance on a credit card for 30ish plus years.
All of my loans have always been paid off early.

blueonblack22 · Accepted Answer

Have you checked out Dave Ramsey yet? The best way is the snowball approach. You list all your debts from smallest to largest. You pay off the smallest first (regardless of the interest rate), keep monthly minimum payments on your other debts and then move onto the second smallest.

Psychologically this builds confidence. Best there is a sense of peace/accomplishment when you pay off a debt despite its size. It’s one less nagging issue to worry about.

You really need to check out Dave Ramsey.

Amy10223 · Accepted Answer

Lots of options here. Remember that a good credit score will look good, and banks and companies/stores will give you loans or let you pay little by little for things you may need for the future (car loan, mortgage, a new refrigerator). Pay your important things first, such as your rent/mortgage, utilities, and set aside for groceries. Then give whatever you can and maybe more, for those cards. Try and pay the ones with higher interest down first, and then pay the rest. This is the first thing I did when I sold my home--paid off about $11,000 in debt! Once you pay it off, build up that credit score by purchasing only emergency items. Dn't overspend. Become thrifty for a few years, and that will all help you become more money conscious.

juliaanita · Accepted Answer

Just know that making one's self debt free is very very cool! Just one more year, think about it, and you won't have to apologize to anyone! What a wonderful goal. After you have accomplished it, cut up all but one of those credit cards and then use your new found good credit score to fund only the big things. Or just learn to spend within your means. In the meantime, be proud of yourself and your determination!

Friendlybro79 · Answer

Not spending more than you make for one. Also, learning how to budget. Figure out how much you need for all bills utilities (phone, TV, Internet, streaming etc), set a certain amount away for retirement, emergency fund if you don't have fun (personal savings) then food, and see what's left over. From here you can set some away for entertainment/fun things like out to dinner, vacation etc.

Whatever is left you just can't spend more than that. So if you have 500 bucks left over if you're credit card bill is more than that you're never going to be paying interest on cards. Your goal should be to be able to pay them off in full every month. If you can't then you're overspending or need to bring in more income to do so.

exitseven · Answer

I wanted to have all my debts paid before I retired. I had a mortgage I wanted to pay off. I just kept putting my entire paycheck into the bank until I had enough to retire the debt. I paid it off and now own the house. It just took some discipline and living frugally.

RingOfFire · Answer

That's good progress keep it up

Keep thinking about scoring the goal and how nice it will be to be out from under the weight of that debt. When the day comes that you finally pay it off and you won't have to have that heavy burden on your mind. That should motivate you.

You know how to do it now. The hardest parts over. Stay on the track and get the ball in the basket. You're almost there.

Anonymous · Answer

I find the most helpful thing is to categorize my spend each month, identify the things I spend money on that are TOTALLY not worth it, and just cut those out. You'd be surprised how much money you piss away on stupid stuff.

On a totally unrelated topic, EPIC rack girl! What size are those?

CindyRuns · Answer

I avoid debt in the first place... If I can't pay off my cards at the end of the month, I stop spending !!!

AviatorTom · Answer

Think how you got here, and keep doing it. My goal is to limit the amount of debt I have, which makes it much easier to pay it off with as little pain as possible.

ProbablyClueless · Answer

Budgeting, mostly. If you have a well-thought-out budget, you'll be able to overcome most discipline issues because you've made it easy to do the smart thing.

CuriousHubby · Answer

By knowing the goal is no debt not paying it off!

quickquesocheese · Answer

Keep going. I have played of most of my student loans within 3-4 years instead of my prognos of 11 years.

ohsheeT · Answer

Will do whatever you're doing right now because it seems to be working

DrPepper12 · Answer

Congrats and keep up the fiction you must pay it off.  Set up another account for direct deposit separate from retirement for savings

the29thhuman · Answer

Call them. Say hey I’ve been diligent and I can’t afford the rest. I’d love to make a one time lump Sum payment. Then discus a reasonable time window to provide that to them.

Inthelines · Answer

Of course  Romans 13:8 " Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law."

Anonymous · Answer

Have it paid out of your account automatically each month.

elizamichale1 · Answer

Well i try to be but sometimes i m not so consistent tbh

jamesgoldman · Answer

Snowballing is the only thing I've heard from Dave Ramsey that's actually worthwhile

zagor · Answer

Make more money and/or cut spending. I try to avoid going into debt in the first place.

Anonymous · Answer

I don't get into debt. Debt is a return stealer.

LiamJHayden · Answer

Keep your eyes on the prize.

Danny_dan92 · Answer

Budgeting your money. Cut out unnecessary expenses

LunarEclipse433 · Answer

Just pay it off in full each month

jahaims · Answer

Make more than you spend obviously

Alexandria84 · Answer

By tracking my spending. It helps I find it.

eagle1951 · Answer

let me know if you figure it out

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