Getting Out Of Debt – What Motivates You?

by Joe on March 10, 2010

Motivation is defined as –

giving  an incentive for action; to cause, or to  prompt;  Example: “This moved me to sacrifice my career”

When we began the journey and the process to be debt free, we knew that it was going to be a long steep journey. We were prepared for the walk to become debt free (or so we thought). Like first time marathon runners we started fast, we budgeted diligently, cutting back here and there we were furious and intense, we paid the first credit card, then the next.  Soon after, my wife’s old Mazda’s engine and transmission quit. She had to travel long distance for work assignments, so we got a car note. It felt like going back to where we began, both our intensity and pace were affected. We wondered if we will ever pay off any of our debt.

I know we are not the only ones who have felt this way, after the signs of coming out of a one hole, then you are pushed back into another. Perhaps, the finances become tight or an emergency wipes out your fund. Becoming debt free is an upstream swim.

Getting out of debt Motivators

Start with a goal
We started out with debt snowball plan and we knocked out all six credit cards to the tune of $15,000.00. This was like a dose of new energy to kick debt off.  Although we are far from becoming debt free setting financial goals has been a key success factor.

Review your budget.  
We review and adjust out budget at least once every two weeks. This gives us an opportunity to talk about our finances.

Reward yourself.
If you have ever been in debt, you know that getting out can be very draining and a long process. We reward ourselves after hitting set milestones. We take a vacation, and pay for it cash.

Get an accountability partner.
My wife Esther and I are each other’s accountability partners.  We hold each other accountable for our decisions and it keeps us focused.

Pray about your finances.
It is still true that “the family that prays together stays together”

Related Topics

 What are your motivators?

{ 10 comments… read them below or add one }

credit card relief March 10, 2010 at 8:36 pm

Paying off high interest credit cards is certainly not easy when one is making minimum payments. So you want to set pay off goals and remain optimistic.


Joe March 12, 2010 at 10:27 am

@cc relief,
You are right, working on a set goal helps filter out other ‘noises’ that can distract our plan.


Carlos Frank March 25, 2010 at 6:31 pm

Joe- My motivators are the 4 Lil Franks, my wife and my mother who’s worked her tail off for far to long! Tony Robbins said it best when he said “Any goal that you set and didn’t accomplish was because your “WHY” was not strong enough!” We’ve got to write our “why’s” down and place everywhere so we can see them on those days we get down. And at the same time stay encouraged even if we have to take a detour every now and then!


Joe March 26, 2010 at 6:29 am

@Frank you bring a very true and important statement.
and i agree we should write the ‘whys’ in our lives.
Am proud of your wife and mother!


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