How to Stay Motivated on your Debt Free Journey.

When people find out that it took 2 years for me to complete my Debt Free Journey, 1 of the most common questions I get asked is ‘How Did You Stay Motivated For 2 Years?’.

The truth is, I wasn’t 100% motivated all of the time. I think motivation is something we have to work on and accept that it wont always be easy.

Find your ‘Why’. 

I would say that for the first 6 months of my Debt Free Journey, I found it quite easy to stay motivated. The novelty hadn’t yet worn off and paying off debt felt great!
I had a very strong list of Why’s

In my experience, keeping your ‘Why’ in mind at all times is really important. It helps to keep you focused and in turn keeps you motivated.

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Shortly after the 6 month mark, I started to feel deflated. My friends were booking holidays, redecorating their houses and generally doing all the things that I wanted to do but couldn’t afford.
I could have just said ‘Screw it, I’m going on holiday’ but instead, I used this as a lesson in self-discipline and motivation.

It was DIFFICULT! But I carried on. At that time, I joined some Facebook groups dedicated to people paying off debt and following Dave Ramsey’s 7 Baby Steps. These groups really became my lifeline in the following months. In the end, I started my own Facebook group. This has been so helpful for me to stay accountable, complain when I’m feeling sorry for myself, get advice and share tips.

Mark your progress

This isn’t something that I personally did regularly, but I’ve heard that it can help spur a lot of people on. Many people I follow on Instagram (you can find me at www.instagram.com/the_money_freak ) use Debt Free charts to track how much debt they’ve paid off, and how much they have left to pay. You could make your own very easily if you prefer that.

 

Make Plans

When it killed me to see the majority of my money going towards paying off my debt, I made plans for what I was going to do with that money once I was debt free.
I researched holidays, made lists of household furniture that I wanted to buy, and those plans got me through some pretty tough times!

Some other ways you can make plans are to write down how things will change in your life when you become debt free.
Maybe you’ll be able to work part time, or be a stay at home mum, or be able to save money in the bank for the first time in your life (this was and still is my plan). Whatever it is, focus on that and let it motivate you.

The truth of the matter is, you wont be motivated every single day. I had weeks and months where I just carried on my journey towards debt freedom because I knew that I’d kick myself if i gave up. I carried on despite hating it. I moaned to my Facebook group…but I just carried on. The frustrating times where I lacked motivation always passed, and so will yours.

I hope this helps someone who is struggling with motivation like i was,
Till next time,
C.

Debt Free…Now What?

Hi, welcome back to Financial Friend.

As some of you may know if you’ve read my first blog entry My Journey towards Becoming Friends with My Finances. at the start of this year, in February 2018, I became Debt Free.
I had been working on this goal for just over 2 years, and I thought that once I had achieved it, things would be different for me.
It has come as a bit of a shock to realise that actually, this is where the journey towards building wealth gets really difficult.

I’m not sure what I thought was going to happen once I became debt free, but in the back of my mind I think I imagined a luxurious lifestyle, being able to spend whatever and whenever I want.
But the truth is, its not like that at all.

I’m a single mum working full time in retail, therefore I don’t have enough money to have a ‘luxurious lifestyle’ even if I wanted to! I do have more ‘spare’ money now that I’m debt free, but I have to admit that I’ve not really stuck to my budget since becoming debt free either. I know, a shocker!

What worries me more is that I KNOW having an emergency fund of 3 months worth of expenses will stop me getting back into debt. But I seem to have lost all motivation recently.

So I know I need to get back on the money saving wagon, and am going to get strict with myself.
I aim to do this by:

-Restart Meal Planning every week. I always meal planned when I was getting out of debt and I swear it not only saved me money and time, but took the stress out of cooking.

-Write a budget. This is crucial to saving money. It will also help me to see just how much money I could be putting towards savings.

For now, those are my main plans going forward, although I’m sure I’ll add to them as the weeks go on. Stay Tuned,
C.

Feeding my Family on a Budget.

During Frugal February, I’ve been trying to eat out less, spend less on food, and eat what I already have in the kitchen.
I have a reasonably well stocked pantry, a safety net that prevents me from panicking, a reminder from when times were not so good for me financially.

During the last few months of my debt journey, I did something called ‘Scorched Earth’. I got the term from Dave Ramsey. What this meant for me, was reducing my food budget as much as possible.

As you may already know if you’ve read my first blog entry My Journey towards becoming Friends with my Finances , I am a single mum with 2 teenagers. As all parents of teenagers know, they have hollow legs and will eat like they’ve not been fed in weeks! So to keep them full and keep the budget in tact can be a lot of work.

I try and focus on a protein and fat rich diet. Fat and protein keeps them fuller for longer, and they also enjoy these types of meals.

For example, a whole large chicken can do us 3 meals each, plus a lunch for me and daily meals for the dog.

On day 1  roast the chicken and we have a roast dinner with all the trimmings (frozen veg keeps this cost low)

On day 2 I strip the chicken of all the meat I can find. This is how much I got from it during February. A whole pasta bowl full of it.

Then I will make a curry with some of it.

On day 3, I normally make a huge chicken and vegetable pie with some of it, plus i have stuffing and chicken sandwiches for lunch.

As you can tell, this gets boring after a while, and its at this point that i start getting fed up with chicken!

Days 4 and 5 are usually eating any leftovers of the meals I’ve mentioned above, or maybe chicken noodle soup if there is enough chicken left.

This is just 1 example of how i feed my family on a budget. I’ll be sharing many more tips such as this in future blogs.