Your “WHY” will help you stick with it when things get tough.
Paying off debt is super easy!…..said no one, EVER. Changing your life to pay off debt is hard. Most of the time, it really sucks. I know because I am three years in, and we aren’t even halfway yet. Whatever your timeline is for total debt payoff, you are going to meet many challenges along the way, and you will want to throw in the towel at some point.
When I say things will get tough or you will meet challenges, I am referring to everyday choices, as well as major life events. Once you are on this journey, you will be changed. Every purchase will be viewed differently. You will have to decide if every single purchase is worth it or not.
Do you go to the movies with friends? Or do you get them to come to your place for a $1 Redbox and popcorn for a fraction of the cost? Do you go nuts on decorating the nursery for your first baby? Or do you find things you already have to decorate the nursery with? Do you swing by the drive-through at Wendy’s because you had a long day? Or do you go home and find something to eat that requires a bit of effort?
Each day will put new choices in front of you. It will be challenging every day as you are developing new habits and forming to the process. In moments of weakness, you can focus on your “why” to help you make the smart decision. Is the $4 at Starbucks going to completely derail your debt payoff plan? Probably not, but the more you say no to those things, the more confidence you will gain to know you can do this! You will believe more and more that you would rather be debt free than have a Starbucks coffee. Eventually, you won’t even think about Starbucks anymore, and you get to put all that money toward debt payoff.
These little wins will help you have even bigger wins. When your family invites you on a vacation that you could probably afford, but it will stall your debt payoff, what do you do? This is one of those tough choices. If you are focused on why you want to be debt free, you will know the answer to this is “no.” While you have moments of suffering during your debt payoff, you can remind yourself this time of sacrifice is temporary. When all of your debt is paid off, you can go on as many vacations as you want and not feel bad about it.
Focus on your “why” to find the strength to stay on track with your budget and debt payoff. Tough decisions will determine your success in finding financial freedom. Stand firm and focused on why you are doing this, and KNOW you will be successful.
Your “WHY” will make sure you enjoy yourself when you become debt free.
As is true with any journey, you will be a different person at the end than you were when you started. I am not even halfway through my journey yet, and I am definitely different than I used to be. The way you look at money, spend your money and look at purchases will be completely transformed.
Staying on budget, saving money and being somewhat frugal will become a habit for you. You will begin to look at items differently. A $40 sweater will make you ask yourself if you really need it? Could you find it somewhere else? Could you get by without it? By the time you pay off all debt, you may have a hard time easing up on your lifestyle.
Remembering your “why” will remind you what your hope was for your debt-free life. This will create new goals and priorities of where you want your money to go. This will then allow you permission to enjoy yourself. The last thing you want to do is go through all the challenges of paying off debt and then not celebrate what you’ve done.
My husband and I find this happens to us even now with things we have budgeted for. We have a Christmas fund that we save up for all year (this also includes birthdays, weddings, etc.). At Christmas, we budget X amount per family member. Even though we have this account fully designated for gifts, we find ourselves trying to come in under budget (usually by skimping on each other). Then we can move the leftovers to next year and cut down on how much we have to save for the next Christmas. We are constantly working an angle of how to save more money.
There is nothing wrong with changing how you handle your money because that’s what you should be doing as you go through this process. It is also important to reward yourself occasionally and to relax for a bit after you have your debt paid off. You’ve earned it at that point!
I don’t know about you, but my husband and I are going to Europe once we are debt free! We have big dreams of being able to leave ridiculous tips for our servers at restaurants, giving insane amounts to our church and providing for our kids’ futures. We can’t wait to achieve this, and this drives us to continue on with enthusiasm.
Take some time to think about what you want your debt-free life to look like. Talk it over with your spouse. Our favorite talks together are the ones where we dream together. Whatever your dreams are, hold tight to them and never lose sight! It won’t be easy all the time, but I know you WILL accomplish your goals.
