Getting out of debt and cutting back on spending is hard. Today, I almost bought more clothes. I don't NEED more clothes. (Wants and Needs List coming soon) I went right past it and I got an adrenaline rush. Saying NO gave me a rush?? Usually it's the opposite.
Just. Say. No. It took me 3 months to learn this discipline...as in today is the first day I told myself no.
It's still a big deal to me lol.
But what motivates me? Here are some things I came up with. Maybe they will help you too.
1. Thinking about 5 years from now.
5 years from now, I will be 25 years old, almost 26. If I can say "I have no debt to my name. No credit card debt, no student loan debt, and I paid cash for my car!" then that would be my goal. NO DEBT. I would have a fully funded emergency fund of 6 months of expenses, in case something were to happen. And I would be contributing money into a ROTH IRA and my 401K. I would be putting money away for my kid's college. I would be debt free at 25/26 years old. That is motivating me. DEBT FREE!
2. Moving out.
It's no secret that I am still living at home. When I was 12 I thought I'd be moved out and married by now. (my mom was married at 19) But that's obviously not the situation right now. I really want to be debt free before I wed, I'm hoping 2018 is when I will be completely debt free. 2019/2020 sounds like a good time for my financial relationship. 2020 just sounds like a good wedding year anyway!
My student loans pay off plan predicts 2020 to be my last year. So I am predicting by 2018, maybe even late 2017, I will be totally out of debt. I would love to move out by 2018.
I guess that's all that is motivating me. Thinking about being debt free is playing a huge part in my journey. I just want to stop paying $600 a month to my debt. If I can pocket that cash, that's almost enough for a rent or mortgage payment.
What are your motivations for getting out of debt? Let me know on instagram, @debtfreepanda
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