Paying off a substantial amount of debt is difficult, but certainly not impossible. With belief and commitment, you can pay down debt and get rid of it for good. It’s all about getting into the right mindset and really wanting to be free from debt! The road to debt freedom contains plenty of ups and downs and as well as these, you might find yourself experiencing a rollercoaster ride of emotions along the way.
Every Wednesday for the next 5 weeks, I’ll be writing about some common emotions that go hand in hand with paying down debt along with some practical advice on how to deal with them. If you missed any of the emotions I’ve covered previously, here they are: Fear, Denial, Anger, Regret, Acceptance.
Stage 6: Passion
Who’d have thought that passion of all things could be felt when dealing with the dreaded debts? It seems nearly impossible for anyone to feel passionate about paying down debt doesn’t it?
Yet, if you have your lightbulb moment about just how much of a burden your debts are and you are determined to get rid of them for good, you will surely feel this emotion at some point along the way.
What is passion?
In this context, passion could be described as the following:
An intense desire or enthusiasm for something. Source: Oxford Dictionaries
Passion is a very powerful emotion which, when harnessed, can provide you with the limitless energy required to pursue your dreams.
If we’re passionate about something, it becomes more enjoyable, right? How many of you have a hobby that you do in your spare time and wish that you could do it for your day job? What if I told you that you could become as passionate about paying off your debt as you are about your favourite hobby?
Before you shake your head and say, “Yeah right, as if!” just think about this. Debt freedom in all its glory can offer you opportunities, options and choices in the future.
If you hate your career, you might just be able to jack it in and try something new if your debts are paid off. You could save more money for the things that you do enjoy doing – maybe you want to travel, get married, have children or buy a house?
Debt restricts our choices in so many ways, but if you can eliminate your debt, you can allow yourself some breathing space to think about what you want your future to look like. Life is so short; wouldn’t it be great if you could live life the way that you want to?
If you can make paying off debt your passion, you have effectively released yourself from the chains of debt. Because when you decide that you are going to become debt free no matter what, you WILL do what it takes to get there. It’s almost an emotion that is uncontrollable.
That feeling – that knowledge – that you WILL do what is necessary to achieve your goal is that passion emotion that comes with paying down debt.
How to find passion when paying down debt
Know WHY you really want to become debt free
We all have our reasons, what’s yours? Maybe you just want to sleep peacefully again at night or perhaps you have dreams that could be turned into reality. Whatever your reason for wanting to become debt free, know what it is. Write it down, stick it on your fridge and don’t let yourself forget about that original reason.
Believe that you can achieve debt freedom
Once you believe that you can become debt free, you will inevitably start to feel that passion for getting rid of those debts. You’ll start making sacrifices that previously you hadn’t considered such as selling stuff that you’ve accumulated but have recently been loathed to part with or getting rid of your expensive TV package.
Relish those sacrifices that you’ll have to make
Because they are temporary – if you want them to be that is. You might well carry on with making financial sacrifices well beyond the day that you become debt free, because the passion that you feel about saving money could take over.
If you can’t eat out as much as you’d like or go on holiday as often as you used to – well, these are indeed sacrifices. But surely some sacrifices are worth what will be waiting for you when you reach the other side of debt!
Start charting your debt payoff progress
Set a debt tracker spreadsheet up listing all your debts; your total balances and your payments by month. Once you start seeing those numbers reduce in your spreadsheet, you’ll find great motivation to keep going. Your vision for a debt free future will be slightly more within your reach with every debt payment you can make.
Treat paying down debt like a hobby
Sounds crazy right? But once you get going, you’ll find yourself thinking of more ways to save money and make extra money. Paying down debt will become a sort of hobby and you’ll start to enjoy the satisfaction that you’ll get from making extra payments whenever you can.
Celebrate your successes
Allow yourself to celebrate your successes no matter how tiny they are. If you manage to make some extra money to pay down debt, you should feel great about it! Celebrate every time your debt drops down by £500 or £1000. Don’t go out and blow your entire wages mind, just allow yourself a little treat or some recognition. You’ll deserve it! Once you start seeing those debt figures decreasing, your passion for paying down debt will only increase.
Whatever you do, don’t celebrate by buying something on credit again that you’ve had your eye on for a while. The worst thing that you could do would be to accumulate more debt for something that you don’t really need! That would just be hindering your recent success.
Don’t lose your passion for paying down debt
If ever you start to feel your enthusiasm dwindling in terms of paying off your debt, remind yourself of how things used to be and how you don’t want to go back there. That holiday of a lifetime can wait until you’ve paid off your debts – imagine how much more you’ll enjoy it knowing that you don’t have any debt tied around your neck to contend with?
If you really want to splurge on buying something that you want rather than need, then do it. But just make sure that you get straight back on track for your main mission.
As long as you keep going with paying down your debt, you will get there in the end. Finding a passion for debt payoff will make the whole process easier for you.
Do you feel passionate about paying down debt?
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