This is the concluding piece of a four-segment series named, “Overcoming Debt”. Please ensure you’ve perused Part I, Part II, and Part III prior to this one.
Till this point, you should have realized and acknowledged the depth of your debt, and devised a strategy including a debt-clearance deadline. You should also have tightened your spending and sought ways to augment your earnings for a quicker debt repayment.
But what next?
The answer is – Resilience.
More often than not, clearing the debt can be a drawn-out, arduous process filled with numerous compromises. There will be occasions when your patience will be tested and your spending restrictions for debt reduction will frustrate you, perhaps leading you to second guess your choices.
Is it truly worth it? Why not live for today? For how long can you really continue?
In order to honor your commitment and exhibit unwavering tenacity towards debt clearance, it is crucial to keep certain aspects in mind.
EMBRACE HICCUPS
Understand that your path will be strewn with obstacles. Unanticipated emergencies might strike and disrupt your progress, prompting you to ponder over the feasibility of becoming debt-free. Do not falter.
Throughout our 45-month period of clearing $45,000 worth of debt, my spouse and I encountered one hurdle after another, including a work-related injury that caused income loss for almost two months, a car accident with an out-of-pocket cost of $1,000, and another $1,000 expense in the form of medical bills stemming from a health issue.
It seemed as though we were perpetually off-track, and our dream of becoming debt-free had to be put on hold. No matter how often we felt defeated, we invariably bounced back.
Life is full of setbacks, but don’t allow them to morph into permanent obstacles. If you persist, you will surely eradicate your debt.
Setbacks are inevitable in a debt clearance journey, so embrace and persevere.
CLICK TO TWEET
ACCEPT IT’S TRANSIENT
One comforting factor about your debt clearance endeavor is that it’s not interminable. Stick to it, and you will undoubtedly repay it. There will be a day when your debt figure will display 0.
Remember, debt-clearance is not an everlasting process. For additional motivation to stay the course, you can refer to this post about augmenting your debt-clearance momentum.
IMPLEMENT REWARDS
Being debt-free requires numerous adaptations and sacrifices, which means you can’t indulge in everything you enjoy or buy what you desire. However, this shouldn’t equate to leading a reclusive life and subsisting on instant ramen throughout your debt-clearance journey.
Celebrate when you reach key milestones. Permit yourself to channelize 10% of your monthly debt-related earnings on a self-treat, or consider depositing it in a savings account for the dream holiday you’ll be able to afford once debt-free.
The advantage of such rewards is that they fuel your motivation and would even fund your holiday entirely in cash. Once you’re through with your debt, you won’t need to revert to a financed lifestyle!
Paying off debt is an exhausting and challenging endeavor. However, committing to a debt-free life guarantees a secure financial future. With this four part-series guiding you, you have what it takes to embark on this journey. Best of luck!
Have you encountered any roadblocks on your way to become debt-free? Have you had moments where you felt like surrendering? What keeps you motivated?
