‘Debts are like children, the smaller they are, the less noise they make’ – Spanish proverb

Paying off debt can be an exhausting and challenging process. Feeling enthusiastic initially and staying on track through the process are two different things.

Here are ten tips to stay motivated while paying off debt:

Start with the smallest one first

List out all your debts (this itself will help put things in perspective) and start paying off the smallest one first. This will help develop confidence to pay the rest.

Visualise a debt-free life

Imagine your life after your debts are paid. Keep thinking of how your paycheque will be all yours to spend and how you will enjoy freedom from hard-nosed creditors.

Keep credit cards out of sight

This is one of the best ways to stay motivated on your path to a debt-free life. If you keep your credit cards, you are likely to be tempted to spend (that’s exactly credit card providers hope for).

Steer clear of spendthrift friends

It can be extremely helpful to avoid your spendthrift friends as this may encourage you to spend too. Choose to stay with those who have developed healthy financial habits. Observing their behaviour will inspire you to follow suit.

Request family and friends to be your accountability partners

You can try asking your family and friends to keep tabs on your pay-back schedules. For example, if you were supposed to pay off Credit Card ABC on July 7^th, request two people to follow up with you.

Treat yourself every once in a while

Keep aside one day in the month when you treat yourself to a dinner or a movie. If you like, you can set aside this day as a special incentive for paying off the previous month’s instalment. Avoid depriving yourself completely.

Self-motivation techniques

Read up uplifting articles, online news and blogs about how being debt-free can help you lead a satisfying and content life. This will help you stay motivated through the process.

Set an example

Remember that if you set the right example for your children by paying off your debts, they will also follow in your footsteps in the long run.

Paying off debts can feel like a money-diet while the process is underway. But as with any healthy diet, it pays off rich dividends (quite literally) in the end.