If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
Want to pay off debt and save money this year?
I know you do. All of us do. Here are few ideas to get started in today's contributed post.
While some people find it exciting to pay off debt, this is not the case for everyone.
Some people need a little bit more of a push to pay off their debt and create savings more than others.
However, paying off thousands of pounds of debt can be tough at times for everyone. So, it is important that you find different ways to stay inspired so that you don’t ruin all of your own hard work that you have already achieved.
Here, we are taking you through our top tips for how you can stay inspired to pay off debt and save money.
Related to pay off debt:
The first thing that you will want to do is set yourself a goal. Many people make the mistake of simply saving that can feel random and endless, while others set themselves a goal simply to ‘save more’ when they should be more specific in what it is that they want to achieve.
Your goals to start don’t have to be huge.
You can have an end goal in sight and then break this down into smaller more manageable chunks that will keep you inspired each time you reach them.
Open an online bank account and name this as your goal to begin the momentum to save.
One of the best ways to stay inspired to reach your financial goals is to have the mental image in your head of what it is that you are looking to achieve.
For example, if you are looking to buy your first home and need to save for a deposit, visualize what exactly it is that you want in this home, its location, its garden and then imprint this in your mind.
Take some time every day to remind yourself of this goal and this will keep you motivated to carry on saving.
Have you ever heard about the snowball technique?
This is a technique that many people who are paying off debt, or have paid off their debt, will recognize as it is a great way to reach your debt free goals.
With this technique, if you have debt spread out across multiple cards, people, institutions etc, then the idea is to pay off the smallest debt first and then use this momentum to keep going paying off your other debts.
This will give you the inspiration to keep going as you see your debt reducing and then remember to cut up those credit cards afterwards!
Another way to stay inspired about paying off debt is to make sure that the people around you know exactly what your goals are.
Not only will they be able to hold you accountable, it also means that they are less likely to derail your goals next time they ask you to go on a night out or spend money on a fancy dinner.
You could even persuade your friends to get involved too so you can inspire each other to pay off debt and reach your savings goals.
2 Ways Experience Pays Off On A Med School Application
Money Monday – September 21, 2020
Money-Making Ideas If You Like To Drive
Important Life Lessons Young People Don’t Have to Learn the Hard Way
How Coronavirus Affect House Prices
5 Tips for Tracking and Managing All Your Debts
Why You Should Not Get a Credit Card
A Guide To Keeping Your Finances Safe During A Pandemic
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.