You want to be debt-free, but you can’t find the motivation to change or make a dent in your debt.
Paying off debt is no easy task and if you don’t have motivation, it can feel impossible! Managing money isn’t all numbers, it’s behavioral and psychological! If you’re struggling to find motivation with money, then this is for you!
Here are four simple ways to get motivated to pay off debt (even if you’re languishing and barely getting by).
How to Get Motivated to Pay off Debt
1. Define your why
To get motivated to pay off debt first define your why or reason. What’s your purpose to pay off debt? Why is becoming debt-free important to you? Your debt-free journey will take sacrifices and it isn’t easy. When you first determine your why, you give meaning to committing to pay off your debt.
If you’re too overwhelmed and don’t even know why you’d bother, try brainstorming with an “if and then” statement. In other words, fill in the blank.
If I pay off debt, then I can __________.
Here are examples of how to define your why. If I pay off debt, then I can:
- Leave my toxic work environment
- Pursue work I’m passionate about
- Start a family and work part-time or be a stay-at-home parent
- Take a year to travel in a RV
- Afford to buy a home
- Start and grow a side business
With a strong why, you’ll find motivation to get out of debt.
2. Lean into your pain points
Next get motivated to pay off debt by leaning into your pain points. The purpose of pain is to serve as an indication something’s off. Practice self-awareness and mindfulness with your money. What negative impact is debt having on your life?
Here are common pain points with debt:
- Stress
- Anxiety
- Depression
- Lack of sleep and insomnia over money worries
- Feelings of hopelessness and helplessness
- Inability to make purchases you want because your money is tied up to debt payments
Get clear on the pain debt is causing you. Then use your pain to get motivated to pay off debt.
3. Define your internal motivation
Next to get motivated to pay off debt, define your internal motivation. Let’s dive deeper into the psychology of motivation.
It’s important to note, psychology explains people are more likely to make lasting changes if it’s intrinsic versus extrinsic (or external pressure from others).
For example, one Best Money Class Ever student paid off $45k in 28 months and throughout her debt-free journey she kept sticky notes of each debt on her mirror. Seeing the progress of the balance go down made her feel good. It wasn’t for anyone to experience this joy, but herself! She felt more security, peace, and sense of accomplishment in her life.
Maslow’s hierarchy of needs explains how motivation comes from an inherent desire to get needs met.
Here’s a summary of the needs:
- Physiological- food, water, sleep
- Safety- home, job, stable pay, healthcare
- Social- relationships, belonging, community
- Esteem- respect, confidence, and achievement
- Self-actualization- fully utilizing your capabilities living your best life
Here’s what Maslow’s hierarchy of needs looks like with debt.
If you need to:
- Wait for your next paycheck to buy groceries
- Swipe your credit card to afford food
- Borrow money from friends or family to pay for rent or other expenses
- Rest but always lose sleep thinking about debt and bills
- Delay treatment for health expenses due to lack of funds
- Miss social gatherings and events because you can’t afford them
…then your basic needs aren’t getting met because of debt.
Use this as motivation to get serious about paying off your debt.
4. Reward yourself
The last way to get motivated to pay off debt is to reward yourself. Take on a work hard, play hard mentality. Think of something you can reward yourself with once you become debt-free, like a debt-free trip.
You don’t get in debt overnight (it took you YEARS to accumulate all your student loans, car loans, and credit card did). You won’t get out of debt overnight either. To pay off debt you need discipline, structure, and endurance.
It’s hard work to get out of debt.
Paying off debt takes sacrifice. For a period of time, you’ll cut expenses like eating out, new clothes, streaming services, vacations, etc. You might even physically work hard by taking on extra shifts or getting a side hustle to boost your income.
To get motivated to make these sacrifices and lifestyle changes, think of something you REALLY want to do and can reward yourself with once you’re debt-free.
I love traveling, so during my journey to pay off debt, I decided to have a debt-free trip. Once I paid off my debt, I promised myself I’d take a big trip to Southeast Asia.
Once I became debt-free, since I was no longer spending hundreds of dollars on debt each month, I paid in cash for a three-week international trip. I went to Tiger Kingdom in Thailand, rode elephants, and relaxed on beaches. My hard work was worth it!
Use these four tips to get motivated to pay off debt.
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