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Staying motivated when dealing with debt

Whether you have just started a debt solution with us or it has been active for a while, it can sometimes be hard to stay positive. Dealing with debt can often mean big changes to your budget and how you manage your bills. It can also make you feel like you are missing out on what you enjoy in life.

You have come so far just by starting your debt solution, and we are here to support you however we can. In the meantime, we have put together some handy tips to give you some extra motivation:

  1. Write down your money goals
  2. Keep a debt diary
  3. Nominate an ‘accountability buddy’
  4. Plan some little rewards in
  5. Visualise your progress
  6. Keep learning about debt and what your rights are
  7. Talk to others who are also dealing with debts
  8. Read success stories from other clients

1. Write down your money goals. And look at them everyday

This is a great way to keep going. Write down a money-related goal that you want to achieve. How you do this is up to you. It could be one word, a three-point plan, or even a quote.

Write your goal on a Post-it note or piece of paper. Then stick it somewhere you will see it every day. This could be your bathroom mirror, the fridge door. Wherever works for you. Every time you see it you are reminded of your goal and how you want to feel when you reach it. This should give you an extra boost to stay on track.

Try these to get started. I want to stick to my debt solution because...

  • I want a fresh start 
  • I have a big savings goal in mind. Like buying a house, getting married, a holiday
  • I am really proud of myself and I know I can do it!
  • I want my kids to see there is always a way to deal with challenges head on

2. Keep a debt diary 

A debt diary can really help keep you to keep going. You can use it to track your spending each day. Then reflect on what is going well and what was not so good. 

You can also use a diary track how you are doing with your debt solution. If you are on a debt management plan, you get monthly updates on your balances. Note these down so you can see what you are paying off.

You can also look back at money-saving challenges. These are things like 'zero spend days' where you only spend money on things you really, really need. You could answer questions in your diary on them, like:

  • Was it easy or hard? 
  • At what times of day was it hardest?
  • Did you find that it helped you towards your goals? 

It is easy to miss the small but important victories you have each day or week. Writing them down reminds you that working towards paying off your debt is worth it in the long run.

3. Nominate an ‘accountability buddy’

If you are okay talking about your debts with a friend or family member, it can be really useful. Once a week, you can get together or call each other and review your spending habits.

Their support will help you to keep going. Do you know anyone else dealing with money worries? It can help to keep in touch with them by making you feel less alone.

4. Plan some little rewards in. You are allowed them!

Having something fun to look forward to can help you feel less overwhelmed. You could set rewards for every time you:

  • Stick to your budget during a food shopping trip
  • Have a 'zero-spend' day 
  • Get a reduction on a household bill 
  • Gave up or reduced a costly habit. Such as smoking 

You will not have to spend a lot on these rewards They could be: 

  • A visit to your local park 
  • An afternoon spent watching boxsets or playing video games 
  • Getting stuck into a new hobby like drawing 

You could also try rewards for how long you have kept going with your plan. Such as every month, every six months, or even every year – whatever works for you.

 

5. See your progress 

Spreadsheets and budget templates are great tools. But they are not very exciting. You could make a fun visual that you colour in to show your progress. Like a thermometer filling up

If there is an important date coming up, like the end of your plan, mark it up on a calendar on the wall.

6. Keep learning about debt and what your rights are

Knowing where you stand and learning what you can do with money is key.

Our Debt Info section also has lots of great resources on topics such as:

7. Talk to others who are also dealing with debts

There are several online communities where people who are dealing with debt can share their experiences and get support. 

Our Facebook page is also a great place to connect with other clients who know what you are going through.

8. Read success stories from other clients

People just like you are putting their debts behind them for good every day. Hear from others we have helped on our clients page.

Want more tips to help you during your debt solution? 

We have lots of great articles that can help you get the best out of your debt solution. They include:

You can also find lots more helpful resources in our Clients section.