Mindset is key when trying to get out of debt.
Here are a few points to make sure that you stay motivated.
Figure out your “why”.
-Why do you want to get out debt?
-What would your life look like with no more debt? Paint the picture. Visualize it.
-What could you be doing with the money instead of having it go to your student loan servicer or creditors?
Your “why” has to be big enough that no matter the distraction that comes your way ( luxury car, designer bag, expensive vacation, expensive concert, etc.) that you will stay on track and keep paying your loans.
Stay committed
Debt repayment journey is a little bit like weight loss journey. You need to stay committed and consistent to see results.
Write down your goals and read them daily
-Write down your goals on a piece of paper or post it and put them on a vision board or on your mirror
-Read your goals every single day. It’s important to put them somewhere you know you will see them daily.
-Always have a deadline attached with your loan. Be very specific.
Example
Goal: Put $ 3010 towards student loans using tax refund money ($ 315) and weekend job ($ 2695)
Deadline: May 12th, 2021
Have a written plan to pay off your loans
Your loan servicer has a plan for you and your money. What is your plan? Have a detailed plan on how you will pay off your debt and as stated earlier, have a deadline.
The sooner you get out of debt, the faster you will be able to build true wealth
-Debt slows you down when you are trying to build wealth
-Adding more debt is just delaying the process as well.
Celebrate small wins
Whether you paid off $ 50,000, $ 500, celebrate! It’s a win closer to your goal. Just keep going! Consistency is key!
Disclaimer: The post is for informational and educational purposes only. Please consult your financial adviser for appropriate financial advice.
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