[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” custom_margin=”||||false|false” custom_margin_last_edited=”off|desktop” top_divider_style=”curve2″ top_divider_color=”#e7dff3″ top_divider_flip=”horizontal|vertical” bottom_divider_style=”curve2″ bottom_divider_color=”#5b25af” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” da_disable_devices=”off|off|off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.22.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n
By Carmen Chan<\/em><\/p>\n How do you stay motivated to get to your goal of getting rid of your debts? Sticking to a budget, limiting your spending, and allocating every cent towards your debt \u2013 paying off your credit cards, payday loans, overdraft, or lines of credit can feel like a never-ending burden.<\/p>\n Debt fatigue is real. While you may start off disciplined and focused, as the months wane on you may face unforeseen setbacks, your goals feel further away, and your sacrifices don\u2019t feel worthwhile. But it can be beat. Here\u2019s how to stay determined when you\u2019re on your journey of getting back in control of your money.<\/p>\n If you\u2019re $10,000 in the red, don\u2019t expect to be debt-free within a year, especially if you don\u2019t have the income to make this happen. Lay out all of your debts, noting how much you owe for each account, their interest rates, and due dates. With your income and budget in hand, figure out how much you can dedicate towards debt repayment and create a plan on how you\u2019ll tackle your debts. And if you\u2019re thinking, great \u2013 that\u2019s the first stumbling block, reach out to us! Our credit counsellors are experts at helping you identify the best way to deal with your debts.<\/p>\n From there, set SMART (specific, measurable, achievable, relevant, time-bound) goals. You are much more likely to succeed if you commit to a tangible goal of paying off $200 every month for a year instead of a loose promise of \u201cpaying off debt as fast as I can.\u201d<\/p>\n What Does It Mean to Set SMART Financial Goals?<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” custom_padding_last_edited=”off|tablet” _builder_version=”4.17.4″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|phone” custom_margin=”-15px|auto||auto||” custom_margin_tablet=”||-35px||false|false” custom_margin_phone=”||-35px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”10px||14px|||” custom_padding_tablet=”||0px||false|false” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”1_2″ _builder_version=”4.16″ animation_style=”slide” animation_direction=”left” animation_intensity_slide=”2%” custom_css_main_element=”margin: auto;\t” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2023\/10\/reward-yourself-when-paying-off-debt-800px.jpg” alt=”A woman is excited and feeling rewarded looking at information on her phone after paying off some of her debt.” _builder_version=”4.22.0″ border_radii=”off|200px|20px|200px|20px” box_shadow_style=”preset2″ global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.22.0″ custom_margin_tablet=”45px||||false|false” custom_margin_phone=”45px||||false|false” custom_margin_last_edited=”on|phone” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n Instead of approaching paying off what you owe as a big, daunting, insurmountable amount of debt, break the debt down into a smaller, easier-to-tackle chunks. You could strategize by paying down the highest interest debt, or the credit cards with the smallest amount owing. You could even look into consolidating your debts<\/a> to snag a lower rate.<\/p>\n What Is the Best Strategy to Pay Off Debt?<\/a><\/p>\n Create a to-do list of milestones to celebrate along the way, for example, give yourself a badge each time you pay off a credit card completely, or each time you hit another $1,000 paid off. Be happy for these small wins \u2013 you\u2019re one step closer to being debt-free and you\u2019ll feel better about your repayment plan. It\u2019s all about building and establishing momentum.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” custom_padding=”4px||70px|||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n Gain clarity on why you\u2019re embarking on this mission to becoming debt-free. Think of where you\u2019d like to be in the future \u2013 do you want to go back to school, help your kids pay for school, go on a much-needed vacation, or buy your dream car once you\u2019ve cleared your debts?<\/p>\n Now that you\u2019re armed with a plan to pay off your debts, think of three key goals you\u2019d like to pursue once you\u2019re at the finish line. Remind yourself of these goals each time you need to stay motivated \u2013 they\u2019re emphasizing the why, the reason why you\u2019re pushing through the hard times!<\/p>\n Is This Missing from Your Plan to Get Out of Debt?<\/a><\/p>\n Visualize your goals with a vision board so that they\u2019re not just words on a page but clearcut images you can see first-hand. Maybe you plan on rewarding your family with a Caribbean vacation or a home renovation. Post images of the goal you\u2019re working towards to help spur you on. If you\u2019ve never made a vision board, try going old-school. Print pictures from the internet or cut them out of printed materials. Post them around your bathroom mirror, on the fridge, or create a poster that you can hang in a visible place.<\/p>\n Keep these images within sight to keep you on track when you\u2019re tempted to splurge. You can even make them the screensaver on your laptop and wallpaper on your smartphone as a gentle reminder before you make an unnecessary purchase.<\/p>\n Creating a realistic budget you can commit to is crucial on your journey to becoming debt-free. The second half of this vital step is reviewing how well your budget works from month to month. Before the start of every month, get into the habit of reviewing your budget, including your fixed expenses (e.g. mortgage, car payments, energy bills, transportation, debt payments, savings) alongside your variable and discretionary expenses (e.g. groceries, eating out, shopping, entertainment). A free, interactive personal budgeting spreadsheet<\/a> makes this task easier. It will also give you the chance to assign any extra money you have to top up your debt repayments, either on an ongoing basis, or a one-off with money you have left over from the previous month.<\/p>\n At the end of the month, look at whether you stayed within your budget or if the amounts you allocated to each category were too little.<\/p>\n You\u2019ll get better at budgeting month-over-month and your pay cheque planning will give you the freedom and flexibility to make choices with what you can afford to spend, rather than worrying about setting yourself further back and away from your goals.<\/p>\n Do You Think of Savings as an Important Expense?<\/a><\/p>\n Sometimes life throws us a curveball \u2013 while you\u2019re dedicated to paying off your debts, you may come across an unexpected expense like a broken refrigerator, a flat tire, or a speeding ticket. These unforeseen costs can throw the best of us off. That\u2019s why it\u2019s in your best interest to build up a pot of money for emergencies.<\/p>\n In your monthly budget, allocate a small sum towards an emergency savings fund until you have $500 to $1,000 saved up. Keep the account out of sight and out of mind \u2013 it will build up faster than you realize. Then, when you face a rainy day, this bit of cash will bail you out without turning your debt repayment plans sideways.<\/p>\n You can help your emergency savings fund grow more quickly. If you receive a bonus at work or a tax refund, put that cash into this emergency savings, too.<\/p>\n 7 Steps to Saving Money In an Emergency Fund<\/a><\/p>\n Have you ever tried a \u2018No Spend Challenge\u2019 to help you save more cash to put towards your debt? If not, it\u2019s a great tool to help you rein in your spending and better understand your spending habits. With a \u2018No Spend Challenge,\u2019 you\u2019re committing to spending nothing for a fixed period of time \u2013 a weekend, an entire week, or even a month. While you may need to spend cash on transportation to get to work, you\u2019ll have to get crafty by using everything you already own to feed, clothe, and entertain you.<\/p>\n You\u2019ll meal plan and make use of the groceries and condiments in your fridge, freezer, and pantry to feed your family and you can go on walks \/ hikes, ride your bike, read books, or play board games for entertainment.<\/p>\n By the end of the week or month, you\u2019ll learn that it isn\u2019t so hard to step away from spending. It may even be a challenge you\u2019ll decide to try again once a month.<\/p>\n How to Get Started With a \u2018No Spend Challenge\u2019<\/a><\/p>\n Your debt repayment plan<\/a> needs to be maintainable \u2013 you can\u2019t go cold turkey on spending for months and months on end. With this in mind, choose your sacrifices from month-to-month. Maybe you\u2019ll decide to make coffee at home from Monday to Thursday and treat yourself to a Starbucks latte on Friday morning. You can opt out of a collection of streaming services and subscriptions, like Netflix, Disney+, Amazon Prime, or Spotify, and choose just one per month to limit your spending.<\/p>\n This way, you\u2019re being selective about your spending, sticking to your budget, and savouring these treats. Budgeting isn\u2019t about spending nothing; it\u2019s about spending in line with your choices and goals.<\/p>\n Subscription Costs \u2013 How to Stop the Damage with the Silent Spender<\/a><\/p>\n If you feel overwhelmed and don\u2019t know where to begin on your repayment journey, that\u2019s okay. Our credit counsellors are friendly and a wealth of information. They can help you with money management and setting up a budget, creating a debt payment plan, and even consolidating your debts so you have a single sum to pay off. If you\u2019re not ready for one-on-one help, sign up for a free financial workshop or webinar<\/a> or free self-paced online course<\/a>. You\u2019ll learn money skills and become familiar with the tricks and tools that will take you well beyond becoming debt-free.<\/p>\n You\u2019ve got a clear vision, an actionable plan, and a road map to get you to your debt-free destination. Make sure you\u2019ve got the mind-set to help you along the way. Some people have a negative relationship with money \u2013 they\u2019re afraid to look at their credit card statements, avoid letters from their creditors, and feel helpless about their situation. Be brave and encourage yourself to break this habit. Remind yourself you\u2019ve got support from your loved ones and from credit counsellors if you need it. Shake feelings of shame or stigma about your situation. Be positive, understand that you\u2019re embarking on tackling your debts step-by-step, and celebrate each month that you stay committed to your goals.<\/p>\n <\/p>\n <\/p>\n Last Updated on April 9, 2025 <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Here\u2019s how to stay focused and determined while on your journey of getting back in control of your money and paying off your debts.<\/p>\n","protected":false},"author":3,"featured_media":50481,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-50479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dealing-with-debt"],"yoast_head":"\nSet Realistic SMART Goals for Tackling Debt<\/h2>\n
Create Checkpoints<\/h2>\n
Define Your Long-term Goals<\/h2>\n
Make a Vision Board<\/h2>\n
Review Your Budget Every Month<\/h2>\n
Siphon Off Money Into an Emergency Savings Fund<\/h2>\n
Find Ways to Make the Challenge Fun<\/h2>\n
Choose Your Sacrifices \u2013 and Rewards<\/h2>\n
Get Help If You Need It<\/h2>\n
Keep Up Your Motivation to Pay Down Your Debts by Staying Positive<\/h2>\n