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Debt Snowball – Staying Motivated While Paying Off Your Larger Debts
Are you finding yourself feeling frustrated or overwhelmed with paying down a large debt? As I have recently become debt free myself, I understand completely. Our last debt was approximately $9,000, and it took us what seemed like forever to eliminate it. During that time, we often felt we were making little progress, mainly because the “quick wins” motivational boost we had been receiving from paying off our earlier debts was no more.
I can’t stress to you enough how important those “quick wins” were to us. I think I might have a solution to this problem that might give you that extra motivation. To be honest, I wish I would have thought about this when we were still paying our debt down. So we know that the motivation we receive from paying off each debt is enormous.
What if you broke up your larger debts into smaller, bite-sized pieces? I think the key to making this work though is to actually write it out on a piece of paper. Visualization is the key. Let’s say you owe $10,000 on your plastic companion.
If I were doing this I probably would not write out the total debt of $10,000. I would instead break this debt into $1,000 dollar bites. The reason for not writing down the total is because you want to trick your mind into believing that these are separate. Furthermore, it would be a good idea to set a realistic time line for each chunk to give you something to strive for. Remember that setting goals, gives you something to reach for, and also gives you a greater likelihood of completion.
$1,000 – DONE (6/2009) <~~~motivational boost!
$1,000 – DONE (8/2009) <~~~motivational boost!
$1,000 – DONE (9/2009) <~~~motivational boost!
$1,000 – (11/2009)
$1,000 – (1/2010)
$1,000 – (2/2010)
…..etc.
I would also recommend that you only worry about doing this for one large debt at a time. You don’t want to overwhelm yourself with a 6 page list of debt. You want this process to remain as positive as possible. Put this list on the fridge and be sure to check each nasty chunk off as you pay it off. This is important!
I hope this helps you stay motivated during your important mission of debt removal. Get that debt OUT OF YOUR LIFE, once and for all. You can do it and when you do—you will feel amazing!
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19 Responses to “Debt Snowball – Staying Motivated While Paying Off Your Larger Debts”
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[...] .Brad Chaffee presents Debt Snowball – Staying Motivated While Paying Off Your Larger Debts posted at Enemy of Debt. “What if you broke up your larger debts into smaller, bite-sized [...]
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Debt Snowball – Staying Motivated While Paying Off Your Larger Debts…
Are you finding yourself feeling frustrated or overwhelmed with paying down a large debt? As I have recently become debt free myself, I understand completely. Our last debt was approximately $9,000, and it took us what seemed like forever to eliminat…
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[...] Enemy of Debt explains how to stay motivated while paying off the larger debts. [...]
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[...] Enemy of Debt explains how to stay motivated while paying off the larger debts. [...]
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[...] to paying down your debt. As you know that is the method I highly recommend here on EOD. I have written extensively on the debt snowball for two years, and used it myself to rid our home of bothersome [...]
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[...] 5. Finish BS2. I have less than $25,000 on my HELOC. (via Chad) I WISH YOU MUCH LUCK CHAD! THAT’S GOING TO BE A GREAT ACCOMPLISHMENT FOR SURE! BE SURE TO STAY MOTIVATED! [...]
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[...] believe and try as hard as they can to convince you that becoming debt free is all about math. If the math doesn’t work out or make sense you are doing it all wrong, [...]
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[...] As I go through this program I am going to be keeping track of my measurements in detail, as well as some fitness milestones. Like how many pull-ups I can do? Hmmm…I bet not many right now, but I plan to watch the number increase as my strength increases and I shed that FAT! I intend to use that to motivate me throughout.Every pound is like paying off a debt in the debt snowball! [...]
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Brad,
I’ve just finished paying my “small” debt off. Your post is exactly how we are approaching the “large” debts. I’ve broken the next debt into monthly goals and do whatever is takes to make that goal. Example $4700 was broken down into $1500 chunks. So this month I must pay at least $1500 which I can do. I know I’ll get the $4700 soon but breaking it down makes the goal much more visual for us.
Thanks for the post
@deliveryawaydebt
That’s awesome Jeff! I really wish we would have done the same thing with ours. We really got beat up a few times along the way and our motivation was really lacking at times. From what I have learned about how achieving goals and marking them off of a physical list effects us psychologically, to me it seems like the best way for someone to tackle their large debts.
Way to go and continue to be the great example that you are. After reading blogs about debt the main focus seems to be on telling people that they cannot do it themselves. In most cases bankruptcy is thrown around as if it were like getting a drivers license. I saw one blog where the guy asked his readers if he should file bankruptcy on $30,000. Then I found an amazing story where people paid off over $100,000 by themselves. People need to see that they can do it!
We’re closing in on finishing our small debt as well (12/09) and we have one gigantic student loan left ($65k) so this is a great idea!!!
We will have it paid off in 4 years so if you’re reading this and wondering if you should file bankruptcy, NO!! We started out with $99K in debt, 1 auto loan, 1 cc, 1 loan, 3 student loans… But knock those smaller debts out and you will be pumped enough for the big one(s). And this is a great idea for those guys!
WTG, Brad!!!
You are on fire and I love your determination! That’s what it takes to get out of debt people, what an inspiration! The average person would either file bankruptcy, remain in denial about their ability as well as their problem, or pass it on to someone else. All of those options mean that no one learns a thing about why they ended up in their situation.
Keep it up, and please oh please keep me informed. I will still be around 4 years from now my friend. Good luck!
I love this site! I’m officially cc debt free and after reading this post, I believe I’m going to go ahead and stop using them for everyday purchases period. I’ve found that I’m just not strong enough. I’m working on two last debts, my car and the mortgage. So, thanks for awesome information!
Great idea! I think the important point is to have a visual somehow-whether that’s with a list like yours, or a payoff bar on your blog like a lot of us have. It’s so rewarding to update that stupid little bar every two weeks or once a month (whenever you send a payment)… a lot of people use the thermometers, which is another rewarding experience- to watch your payoff amount grow even if it seems like a long road ahead.
Wonderful post!
PS: 2 more days!
How come my little icon looks half pirate/half vampire with the fangs and the eye? Is that supposed to represent me somehow? lol I CAN be a little feisty, but I mean well! ; )
Good plan Brad! I like the idea of breaking it down!
I’ve got this $30,000 student loan debt which is numbing my mind… but I just don’t want to pay it off since the interest is only 2.6%, and I’m getting a blended risk free return of 4.1% on my savings.
What to do??
Good advice! Any motivational technique to help us feel like we’re making progress helps. Sometimes the debt can be so overwhelming that it’s hard to find that silver lining.
Another helpful tip is to track your net worth. A lot of people don’t do this, but I find that it helps A LOT. Every month as I pay off my debt, my net worth increases. Even if it’s just a small amount, it makes me feel better about my financial situation.
good site on the underpinnings of debt slavery:
http://www.nworesistance.com/debt-slavery-explained.html
What a great concept. I have something similar for my motivational boost, but this great for the big debt.