The decision to become debt free will have its ups and downs. Therefore, it needs to be taken seriously. If married, both people need to be in complete agreement to meet the goal. If one person is for it and the other one is not sold, it will never work.
If single, it helps to have an accountability partner and cheerleader. The role of an accountability partner is someone that is there to counsel when making large purchases as well as celebrating victories! Each one is equally important.
Do no be deceived. There are many mountains to climb, disagreements to have and low points of disillusionment in this process. It is certainly not an easy task, but make sure to celebrate the all of the triumphs – great and small! It is important to focus on these feelings when things get tough. This is one of the reasons that it is essential to pay off the smallest debt first so that the victories that are accomplished help keep the motivation level high.
Dave Ramsey has a term called gazelle intensity when paying off debts. It is Ramsey’s way of saying “no pain, no gain.” Keeping focused for a short period of time, as one is becoming debt free allows the pain to be there and knowing that there is gain and hope in the road ahead. The period of pain will be short-lived compared to the period of gain and that is what needs to be the focus.
Knowing the exact date that a loan will be paid off helps. With the many debt snowball calculators available online there is no excuse. These calculators prompt for simple information such as the balance due, the amount of payment to be made and interest rate. Once putting in those three pieces of information, the calculator will give a final payment date. The calculator will also help one to see how quickly the date can come sooner just by adding a few more dollars per month.
Stay focused, stay on budget, dream about being debt free and what it will feel like and celebrate at every chance possible.
“The game has its ups and downs, but you can never lose focus of your individual goals and you can't let yourself be beat because of lack of effort.” -- Michael Jordan