7 Steps to Find Motivation to Get Out of Debt

Listen to the podcast episode:

Find the podcast on:

Apple | Google Podcasts | Spotify | Amazon Music | Pandora | Stitcher | iHeartRadio | Deezer | Pocket Casts | PlayerFM

Motivation to pay off current debts goes beyond just wanting to be debt-free. You need to understand why it matters to you. Maybe you’re tired of stressing over minimum monthly payments, want to free up your monthly income, or simply need to take control of your financial goals. Life is much better when high-interest rates aren’t holding you back.

Paying off debt isn’t easy. If a Whole 30 or no spend month feels tough, imagine sticking with it for years. It’s frustrating to make minimum payments and see your overall debt barely budge.

Mindset plays a huge role in crushing debt. Without the right mindset, tackling high-interest debt or following methods like the debt snowball method or debt avalanche method can feel impossible. Whether you focus on the smallest debt first or go after the highest interest rate, motivation is the key to making progress. These seven tips will help you stay on track and keep moving forward, especially when things get tough. 

1. Identify what’s important

Grab a piece of paper and a pen. Find a quiet spot where you can really think. Reflect on the three things that matter most to you. Be completely honest with yourself, and don’t just scratch the surface—dive deep into your life.

Focus on specific things like “my kids,” “job flexibility to spend more time with family,” or “travel in retirement.” Avoid vague ideas like “work less” or “be happier.” You need to be clear about why these things matter to you.

For instance, “working less” might be your first step toward spending more time with family or finding happiness. But let’s be real; if you’re still working at this level and living with your current expenses, can you afford to work less right now? 

Most likely, the answer is no.

However, paying off debt can change that. As you reduce your debt, you’ll start to free up your time and energy. You’ll be able to work less, stress less, and enjoy life more. 

Lightening the weight of debt can greatly improve your life, even if you don’t fully realize the power of debt freedom.

So, find what truly matters to you, and let that discovery guide your next steps while keeping you motivated when things get tough. When the going gets hard and chances are it will, remember why you started this debt payoff journey and why changing your financial situation matters. Those core values will keep you moving forward.

2. Get on the same page

If you’re in a committed relationship where both partners are interested in debt payoff, it’s super important for both of you to list your top three financial priorities separately. Then, sit down together and compare your lists.

You and your partner will need to get on the same page eventually. It might take some time, but having shared goals is really important. This could mean talking things through, compromising, or even rethinking parts of your relationship. You don’t want to feel stuck with mismatched dreams—both of you need to be working toward the same financial future, whether it’s getting rid of credit card debt, paying down your mortgage, or saving for a retirement fund.

Sometimes, it might even help to see a counselor if your financial priorities are really different. I’d like to think that neither partner needs mental health treatment of any kind but definitely get help if your relationship isn’t in a good place. 

Talking things through with a professional can really make a difference, so take your time to find someone who’s a good fit. Even if things are going well, it’s always smart to work on how you communicate about money, like budgeting for monthly expenses or figuring out the best way to tackle larger debts.

If you’re single, it’s important to have someone in your corner to help keep you on track with your debt payoff plan.

You need a support system that can really help you stay motivated and on track to reduce debt and improve your overall financial health.

Find an accountability partner you trust with your financial situation, even if you’re not sharing exact numbers. Trust is huge here; they need to keep what you share confidential, especially when it comes to sensitive details like your credit history or if you’re dealing with things like medical bills or student loans.

Your accountability partner should be someone who genuinely supports your goals. You don’t want someone who’s constantly pushing you to spend money on things like dining out or shopping. 

Instead, look for someone who’s okay with more budget-friendly activities, like a game night at home or going for a walk. Even if you don’t hang out with them all the time, their attitude will help keep you focused on saving and getting your finances in order, especially if you’re aiming for a fresh start with your debt management.

3. Turn your priorities into goals

Once you’ve figured out your top 3 priorities, turn them into goals. These goals are what you’re working toward and what you want your life to look like once you’ve paid off your debt.

Turn your dream into a plan. Don’t just dream about it, make actual progress. For bigger goals, break them down into smaller steps. Make your goals SMART. That is, keep them specific, measurable, achievable, relevant, and time-bound, so you can track your progress and know when they’ve been met.

If “family” is a priority for you, your goal might be to take your toddler to preschool every day. If that’s not possible right now because you need to work early to make extra income, it’s a smart move to put that overtime pay toward paying off your credit card balances, auto loans, or other debt. Doing this will help free up time so you can be with your little one more. Sometimes, hitting that family goal might mean using tools like debt consolidation loans, balance transfers, or even talking to a credit counselor.

Once you’re in a better financial spot, whether it’s by cutting down on interest charges or building up an emergency fund, you’ll be a lot closer to making the specific family goals you’ve set happen.

4. Remind yourself of your motivation for debt payoff

Make your goals impossible to ignore by putting them in a visible place. Whether you keep them written down in your wallet or post them on your bathroom mirror, having your goals front and center helps you stay focused. 

Don’t forget your motivation. It could be something simple, like moving a picture of your child to a spot where you can see it while you’re sitting on the couch, scrolling through your phone. Or you could keep a picture of an Alaskan landscape on your fridge to remind you of those retirement travel dreams you’re working toward.

You can also save a picture of your motivating factor as the background on your phone. If you want to take it a step further, download free phone backgrounds that keep you mindful of your spending habits, especially when you’re tempted to make a purchase. 

Speaking of spending, you definitely don’t want to whip out that credit card before checking out these 5 Quick Questions to Ask Before Making a Purchase. After all, a lot of people end up with money issues because they buy things on impulse without giving it much thought. It’s time to stop being that person once and for all. We both know you don’t want to be that person anymore if you’re serious about healing your finances.

5. Watch the numbers change

Tracking your numbers helps you stay motivated and see the progress you’re making. Whether you’re tracking the balance of your outstanding debts, how much you’re paying toward your debt each month, or your net worth (what you own minus what you owe), watching these numbers move will give you a clear picture of how much closer you’re getting to your goal.

When it comes to tracking, having the right tools is essential, and Debt Free Charts offers a variety of free printable trackers. I love this idea because these printables serve as a great visual reminder of your progress. I keep mine on the wall in my office. They’re visible to my husband and me but not out in front of guests. It’s important for us to keep our progress visible without making it feel too exposed.

At the end of each month, I update my debt payoff and net worth spreadsheets. Afterward, my husband and I update our trackers together. This simple routine helps keep us both engaged in the process. I prefer the spreadsheet because it shows all the details, while he likes the visual trackers. We both get something out of it, and it keeps us motivated.

Seeing the numbers change reminds us of why we’re working so hard to eliminate new debt and use some of the extra money to make extra payments. But it gets even better: it helps us stay on top of our credit report, so we’re always aware of how our efforts are impacting our credit score.

personalized debt
payoff
plan

Send me the guide

We respect your privacy. Unsubscribe at anytime.

Built with ConvertKit

6. Set rewards to keep your motivation for debt payoff

For example, paying off a $500 credit card balance doesn’t require a $100 dinner at the fanciest restaurant in town, does it? It makes more sense to treat yourself to a latte or something small you’ve cut out of your budget. This way, you’re giving yourself nice little gifts without actually spending more, which can feel pretty liberating. At least, that’s how it feels to me and my SO.

Save the expensive dinner out to use as the reward for a bigger milestone, like paying off all of your credit cards or paying off a total of $5,000. It’s also important to make sure you have the cash for your reward, so you’re not putting that expense on a credit card!  

Even better, go for free or cheap rewards. After paying off that student loan, take a weekend camping trip. Celebrate the final payment on a credit card with a homemade pizza and movie night. Sometimes, even just picking up a cheap bottle of wine can be enough motivation to keep pushing toward your debt payoff goals.

7. Celebrate your victories with like-minded people

When you’re working on getting out of debt, it’s important to have people around who get it. Find friends who understand your goal of financial freedom and share in both your small and big wins. Whether you’re knocking down a chunk of your credit card debt or paying off a personal loan, celebrating with the right people can make a big difference.

With some luck, you’ll find these people in real life. I’m lucky enough to have a friend with a child the same age as mine. We’ve spent $0 on activities, just playdates at each other’s houses and cooking meals together. It’s a great way to stick to our budgets without feeling deprived.

If in-person friends aren’t an option, there are plenty of online groups to keep you motivated. Facebook, Instagram, and Reddit have communities dedicated to debt payoff and frugal living. Whether you’re looking for people talking about debt relief, mortgages, cutting down on your monthly bills, tackling debts with high interest rates, or the useful tools and resources that help with money management and budgeting, these groups help you stay on track and feel supported.

How do you keep your motivation for debt payoff?

I’ve shared seven solid tips on staying motivated while tackling mounting debts. If there’s something I missed that could help someone on this life-changing journey, feel free to share it in the comments below. You can even challenge me or call out any ideas you think aren’t helpful—I’m all for it. I’m really interested in hearing how you keep going when things get tough and quitting starts to cross your mind.