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Paying down debt is a mental and emotional journey that requires commitment and motivation. It took some time to accumulate the debt and it will take some time to get out of it. You just have to stick to the plan.

Sometimes the road can feel long and isolating, so it is important to find ways to stay motivated as you keep pressing towards the goal.

Below are six actionable steps you can do now to stay motivated to pay off debt.

1. Remember Your Why

When things get tough and the journey seems long, you must focus on why you started this journey in the first place. Having a strong why reminds you of the bigger reason for this temporary sacrifice. A strong why gives purpose to your actions. It keeps you focused on the main goal because this world is full of distractions. There is always something new and exciting to buy or do. But, if you are committed to paying off debt then your why must be greater than the right now.

I remember when I finally decided to pay down my debt. I was at home reading an email when I saw an invitation from my graduate program to travel to South Africa. South Africa was on my bucket list to visit so I was very excited about the opportunity to go. At the time, I had added fresh, new student loans from my Master’s degree along with my mounting credit card debt.

In addition to being in debt, my job was not fulfilling. So I had to decide was I going to feel obligated to stay in this job because I was saddled with debt or was I going to make a change?

I had a decision to make. Was I going to go further into debt ($5K) to satisfy my desire to travel or was I going to pay down debt and get in a position to buy assets that multiplied my money?

Spoiler – I paid down the debt and purchased my first property 18 months later.

Check Out: How I Owned 3 Rental Properties In Less Than A Year

My why was a lot stronger than my immediate desire to travel to South Africa.

I share this story to encourage you to reflect on why you decided to pay down debt and why you MUST do it now.

2. Pace Yourself

Paying down debt is a journey. It does not have to be a sprint if you do not want it to be. The time it takes to pay down debt is up to you. Whatever decision that you make, make sure you can sustain it. Do not feel like you have to go at someone else’s pace.

While there should be a sense of urgency to act now, as long as you stay the course and not accumulate more, then the debt will decrease over time.

There have been many stories about how people have paid off a lot of debt within a few months or a year. Use these stories as inspiration and motivation for what is possible and not as a comparison for where you should be by now.

Comparison is the thief of joy.

Everyone’s journey will be different because our life experiences are different. Whatever test and trial you face on your journey, realize that it is a part of your testimony. Just pace yourself and stay the course.

Check Out: 5 Ways I Paid Off $40K of Debt 

3. Create and Celebrate Milestones

Because paying off debt can take months and even years, it’s critical to identify and celebrate milestones along the way. If you wait until you pay off $75K of debt, you will likely experience debt repayment fatigue. But before you reach $75K, there are many milestones that you can acknowledge.

What about when you pay off your first credit card balance and you leave it at zero?

What about when you pay off your car loan and when you receive the title in the mail?

These accomplishments should be recognized and celebrated.

Milestones make your goals more achievable. It gives you that tangible boost to realize that you are making progress.

You do not have to spend money or go into debt when you are celebrating. There are creative ways to treat yourself or acknowledge your progress, without spirling backward into debt. Sometimes it can just take a moment to acknowledge that you are doing a good job and making progress.

Even though you may not be where you want to be, with every payment you are better than you were before. Take the time to encourage yourself along the way.

4. Track your progress

“What gets tracked, gets done.”

I remember hearing this Army slogan many times that now it is programmed in my mind. Whatever you track, you pay attention to. Whatever you pay attention to, you act upon. So if you are focused on freeing up your income by eliminating debt, that is what you will do.

Track your progress at least monthly. Every month, document how much your debt has decreased. Once you see the progress, you will get the momentum to keep going.

In addition to tracking your debt reduction goals monthly, you should manage your spending weekly. Why? Because your weekly progress will eventually be your monthly progress. Being aware of how you are spending during the week will ensure you stay within your spending plan and not exceed the amount.

There are several ways that you can track your progress. You can track manually by using pen and paper or through a spreadsheet. You can also track automatically through a financial application called Mint. I recommend tracking your progress manually first because you are actively engaged in the process. Once you get the hang of it, you can track it via a financial app.

Whatever you decide to do, remember to track your progress.

5. Sacrifice Is Required. Deprivation Is Not.

Paying off debt will require sacrifice.

Like any goal worth achieving, you are required to make different decisions. You will have to say ‘No’ when you normally would say ‘Yes’. You may have to experience some FOMO temporarily. You may have to cook more or postpone an outing. You may even have to turn off a streaming service or two.

Paying off debt will require you to sacrifice some current luxuries to reach your goal.

Sacrifice is required, but deprivation is not.

Deprivation is defined as the lack or denial of something considered to be a necessity.

Deprivation in the short term may yield some results, but over the long term, the strategy does not work. Similar to extreme dieting, when a person cuts back excessively for an extended time they tend to overcompensate for what they lacked. As a result, all the gains are lost. This occurs because the person has not learned how to effectively incorporate the change into their lifestyle.

The same effect can occur during accelerated debt elimination. We have all heard the phrase eat beans and rice and forgo everything else. I understand the logic, but you must ask yourself if this is sustainable for you.

When I was paying down debt, I did eat more at home than before but I also planned for some nights out as well. The goal is to learn how to spend intentionally to achieve your financial goals; not suffer in silence.

When paying down debt you want to build healthy sustainable habits that will become a lifestyle rather than a quick fix. The last thing you want is to yo-yo back into debt because you could not even buy a cup of coffee.

6. Read Personal Finance Content

What you focus on matters.

Where and what you pay attention to makes a significant difference in what your results will be. When you focus on achieving your goals and immerse yourself in content that reinforces that belief, your actions will follow.

When paying off debt, continue to fuel your motivation with knowledge of how to improve your finances. Read content that may present new tips and strategies on how to reach your financial goals.

While you are on your journey, it’s important to reinforce better money habits. Reading and listening to finance books and blogs (like this one) reduce the distractions and keep you motivated to keep going.

Conclusion

Now matter how long it takes, stay encouraged.  You can definitely do this.  Remember consistent progress overtime will yield huge results.  Stay the course.  I’m rooting for you.

That’s getting your Finances On Point.

What are some other ways that you use to stay motivated to pay off debt? Drop a note in the comments below.