The Importance of Persistence in Breaking Free from Debt: Step 4

This is the final part of a series called “Overcoming Debt.” Make sure you’ve read the first three parts before diving into this one.

By now, you should have a clear understanding of your debt situation, set a goal for when you want it gone, cut back on spending, and looked for ways to earn more to pay it off faster. So, what’s next?

The key is resilience.

Paying off debt can be long and tough, filled with sacrifices. You’ll likely have moments where you question if it’s worth it, wonder why you’re making these sacrifices, and doubt how long you can keep going.

To stay committed and strong in your journey to become debt-free, keep a few things in mind:

EMBRACE SETBACKS
Expect to face hurdles along the way. Unexpected issues can pop up and throw you off course, but don’t lose heart. During our 45-month journey to pay off $45,000, my spouse and I faced many challenges. These included a work injury leading to nearly two months of lost income, a car accident that cost us $1,000, and another $1,000 in medical bills due to a health issue. We often felt off-track and had to pause our dream of being debt-free, but we always bounced back.

Life is full of setbacks, but don’t let them become permanent roadblocks. Keep pushing, and you will conquer your debt.

ACKNOWLEDGE IT’S TEMPORARY
The good news is that paying off your debt doesn’t last forever. If you stay the course, there will come a day when your debt balance hits zero. Debt repayment isn’t an endless process. For extra motivation, check out resources that can help boost your debt-clearance progress.

SET UP REWARDS
Becoming debt-free involves many changes and sacrifices, meaning you can’t always do or buy what you want. But it doesn’t mean you have to live a boring life or survive on instant noodles throughout your debt payoff journey. Celebrate when you hit important milestones. Use 10% of your debt-payment income each month for a treat, or save it for a dream vacation you can take once you’re debt-free.

These rewards can boost your motivation and might even help you pay for a vacation without going into debt. After clearing your debt, you won’t need to go back to living on credit!

Paying off debt is hard work, but committing to a debt-free life ensures a secure financial future. With this series as your guide, you’re equipped to take on this challenge. Good luck!

Have you faced any obstacles on your journey to being debt-free? Have you ever felt like giving up? What keeps you going?