Finding Motivation For Debt Repayment

debt consolidation

debt repaymentWhen one decides they want to get out of debt, I’m talking making a serious commitment to it, there is usually a motivating force behind it. Though some people are self-motivated when it comes to debt repayment, more often than not, people need a motivating factor to help push them along their debt repayment efforts.

It wasn’t long ago, just over a year, that my husband and I were living in total denial about our financial situation. We had convinced ourselves that because almost all of our debt was used for school, it was ”good” debt and we didn’t have to worry about it because everyone had school debt. Living in constant financial stress, I knew this wasn’t right. I knew not everyone lived this way and something had to change. Knowing I was now pregnant with out first child, we had to get serious about our debt and, for the first time, had motivation for debt repayment efforts.


For us, the motivation for debt repayment is our daughter. We don’t want her to have a life that involves crippling debt. Being non-mortgage debt free is important for us so we can provide her, and any other future children, with the life we didn’t have growing up. I want to be able to teach my child money management skills, something I couldn’t in good conscience do, while in debilitating debt.

Children pick up on everything. They’re smart and very sponge-like. I don’t want my daughter to live in a household full of financial stress. I want her to be proud of our financial efforts and to understand the value of a dollar.Financial stress is also one of the biggest factors behind divorce. Allowing finances to come between my husband and I, and now our daughter was not an option. We needed to get serious about becoming debt free so we could really enjoy life together as a family.

Having a Goal

Having a goal to look forward to is often the motivation for debt repayment. Though our daughter was the ignition behind our debt repayment efforts, our common financial goals are what keeps us going. The two months following our debt freedom, we plan on saving our debt repayment  monies and spending them on ourselves. We will likely take a family trip somewhere for a few days and enjoy it before re-routing the funds to other financial responsibilities like retirement.

People tend to stay motivated when they can ”see” their goal progress. In today’s technology driven world you can download smart phone apps and countdowns that will help you see you goal whenever you want. Keeping a picture of your dream vacation pinned up somewhere or your debt-free date circled in a calendar for you to check. Keep an eye on your progress and watch your efforts pay off, quite literally.

The Self-Motivator

Some people are very motivated when it comes to paying debt off and take it seriously from the day they borrow. I totally commend these individuals for being so responsible. The self-motivator needs nothing other than the sheer satisfaction of being able to say they are debt free to take action.

Finding the initial motivating factor to start debt repayment is tough. If you’re feeling overwhelmed and lost it’s even harder. Take time to look within yourself and your life and see what your debt is holding you back from, then work hard to eliminate it.

What is/was your motivation factor for becoming debt free?