How to Stay Motivated on Your Debt Free Journey

[@thespongepuppy]

One thing I’d like to say is that it’s possible! I’m single income no kids. I earn $60k year and I had $16k CC debt + $5k car + $35k student loans. I was able to pay off all my cc debt & most of my car loan in 2020. I’m someone who would look at my debt and get freaked out. There was NO WAY I was gonna be able to pay it back. But I did and it’s POSSIBLE. Keep going!!!!!!!!

[@PersonalFinancewithLeila]

That's amazing!! Congrats and thank you!

[@mrchase1]

This is why I enjoy the channel so much, you put so much effort in ensuring that the content makes sense and it’s not cookie cutter. The idea of transfer Tuesday is something that I have not heard of but solves a big issue which is to maintain motivation for the whole month. I enjoy making those big payments at the beginning of the month, but then I start to loose motivation for those 4 weeks until the next payment.

[@PersonalFinancewithLeila]

Thank you so much!! ❤️ Definitely try out Transfer Tuesday!

[@nomdebloom]

I'm looking forward to both the video in which you announce that you are debt free, AND the series you are probably going to make around saving for/buying a house. SO. PUMPED.

[@PersonalFinancewithLeila]

Thank you so much Caitlin!!! I appreciate your support so much ❤️

[@TheOtherSideofDebt]

Great tips, Leila 😊. Transfer Tuesday is the only one I have yet to practice. I make a lump payment each (monthly) payday...I like to get that money out of my account so it doesn’t stay mixed in with the rest lol. I still want to do transfer Tuesday, but want it to come from additional income sources. I only have one tracker in google sheets, but I do like the idea of having one somewhere more visible, too, bc I don’t open it as often as I used to, and I have to agree that staying “connected” to the journey, as opposed to waiting a month to make a payment and update trackers, helps with motivation. And watching others in their journey/having an online community...definitely yes!

[@PersonalFinancewithLeila]

Maybe you could set some aside for Transfer Tuesdays? Either way you're making progress so it just depends on your mindset! I forgot to add the debt free trackers to my description box but I just added them if you wanted a physical one, they're pretty cool!

[@samoanschnakk]

Thank you so much for making this video, it's really given me somewhere to start in regards to what steps to start taking and the kind of mindset I need to switch into. Thank you!

[@AsiaCierraBudgets]

Awesome tips!!! Im on my student loan debt snowball so i started #fedloansfriday inspired by Mary and I see the progress!

[@PersonalFinancewithLeila]

That's a great idea!!

[@AsiaCierraBudgets]

@@PersonalFinancewithLeila it helps so much!!! Every dollar adds up!

[@ErinBudgetsAimlessly]

Starting a KZbin channel has been an amazing boost in motivation and accountability for me. Even if only one or two views, it gives that little positive nudge I need. It doesn’t take much sometimes to shift the focus and mindset. Great tips!

[@PersonalFinancewithLeila]

Yeah I'm glad you feel the same! KZbin is awesome 😊

[@DearDebt]

Great video! I’ve been feeling the debt repayment burnout hardcore lately 🥴

[@PersonalFinancewithLeila]

Thank you! I know, it happens 😭

[@StefanieAnna]

We must be on the same wavelength because I just filmed a similar video yesterday (not posted yet!) I’m working on paying off over 100k and staying motivated is key for paying off such a large amount. I do a lot of the things you mentioned here. I love having visual trackers!

[@PersonalFinancewithLeila]

Aw yay!! Gonna go check out your channel now 😊

[@thomaschew2191]

at 3:28 "Visualize Your Future". Really appreciate what you are saying Leila. I'm not much of an emotional person but on this particular journey and where we are at in it, I also think about the day and time when I hit the "pay" button on our last debt. This has been for both of us, but me in particular (because of the two of us, my spouse is less involved but still excited), this has been a long and exhausting journey. As we get closer to that fateful day it's almost as if throwing money at this debt is like paying for a ticket to see a concert or show, the cost of the ticket is handing over money to a bank, the concert will be the time when I hit the pay button for the last time and see BALANCE: $ 0.00 We started this trip in spring 2018. We reach the destination on or before December 30, 2022. One way or another, on January 1, 2023 we will have no debt and a paid mortgage and a few bucks in the bank. Cannot wait!

[@lolomissa]

really appreciate this video! i did some debt paydown in 2019 for all my high interest student loans - luckily before the 2020 mess - and now im preparing to tackle my low interest student loans! getting a new job (big raise)! moving to a lower cost of living area! and about to start journalling to make sure i stay inspired! at best it seems like it'll take about 5 yrs but here's to sooner! 🙌 Kudos to you for staying on this path! you can do it! 🙌 also, i love the transfer tuesday! before i knew about it i did a rule i called hot potato 🥔 - as soon as i got money in my bank account, id instantly make a payment to my student loans! sometimes it was $2, $7, $40, or even more! (i got a tax refund of $3,000 once!) it also helps when you can make principal only payments. 🙌 small but often, just doing what i could 🌱 you're so right, making moves biweekly or monthly is much slower and does not feel as inspirational!

[@PersonalFinancewithLeila]

So many exciting things happening, congrats!! Thank you so much! Your hot potato idea is awesome! It's best not to keep the money there to spend so that's the perfect strategy for many people!

[@lolomissa]

@@PersonalFinancewithLeila thanks so much! for me it just gave me a hit of dopamine so i wanted to get more money to do it again! 🤣🤣🤣 tysm for your reply! 💕💕💕

[@inea-fijourney22]

love all these tips! Im applying all of them and each is key! thank you for sharing. I have a couple of yeard to go, so I need to be reminded Im on the right path. I guess it all comes down to increase my income so I can fast forward this journey a bit!

[@PersonalFinancewithLeila]

Thank you! And yes you're doing a great job!!

[@DanielGonzalez-fs9bh]

thank you for sharing your helpful tips

[@cspann33]

Thank you for the tips and for linking the charts! I just ordered them. They will definitely keep me motivated and even more organized.

[@PersonalFinancewithLeila]

Yay!! They have some really cool ones on there!

[@jaelasam]

Definitely solid advice to keep on track. 🙌🏾 Hoping for significant progress in 2021

[@YourFriendlyBudgetarian]

Great video Leila! :) it definitely has not been easy since I started my journey back in dec of 2019. The debt free trackers and even my savings trackers are the ones that have been continuously motivate me to finish and pay off my debt. Recently, I have started to be vocal about it with my family and some of my friends and they are all so supportive about it 🤗

[@PersonalFinancewithLeila]

Ooh that's a good one too! I'm glad they're supportive. Thank you so much!!

[@YourFriendlyBudgetarian]

@@PersonalFinancewithLeila I’m such a fan of your channel ☺️ can’t wait to see your progress with your debt free journey 🤗

[@alcnwonderlnd]

I agree with thinking about your debt free goals often, for me, this helps to keep me motivated to continue paying it off. It’s so easy to just continue minimum payments..and your videos help more so than other financial KZbinrs since you’re more real. Also, I allow myself to spend a little bit! I have not spent anything on unnecessary items for awhile so the other day I did buy some baby yoda merch..nothing crazy but it helped me enjoy some of the money I earn 😂

[@PersonalFinancewithLeila]

Thank you Cassandra!! I bought some stuff too this month after my no spend year and it's interesting how different it feels now lol

[@alcnwonderlnd]

Right?! I wanted to buy more and the old me probably would have but I really was able to keep myself in check and keep on budget. I’m happy say I was able to change that bad behavior ❤️

[@byenineto5226]

You’re slowly but surely convincing me to start transfer Tuesday 😂 the month between my bucket payments feels so sluggish

[@PersonalFinancewithLeila]

Yess!! It's so nice to make progress weekly!

[@dinagalall]

I can't wait for you to be debt free. I hope you get there faster than you anticipate.

[@PersonalFinancewithLeila]

Ahh thank you so much Dina!

[@c.martin89]

Love everything about this. Thanks love.

[@PersonalFinancewithLeila]

Thank you!! ❤

[@Mkasia5]

Loved this video! 💖

[@PersonalFinancewithLeila]

Thank you!!

[@jessbartges_ifbb]

Maybe I will try the weekly payments. I feel like I can’t make money fast enough although it is such a rush to put a huge payment down once per month

[@PersonalFinancewithLeila]

It really just depends on how you feel about it! I loved putting large chunks to my debt but then I would feel upset because it felt SO long until I could make progress again. So if you don't feel that way then there really is no need for Transfer Tuesday unless you got some extra cash or something!

[@PetterHughes]

Hey Lelia just curious have you considered having kids in the future since kids are a major expense and would cause us to be in debt. I'm thinking about whether or not I should have kids in the future, and how it would affect my financial situation

[@PersonalFinancewithLeila]

Personally, I don't want children and never have wanted them in my adult life. Choosing not to have kids is a huge way to save money, but obviously many people want to have children. There are many, many people who become debt free and reach financial independence with children though!! There is just a lot to consider.

[@petercruz2280]

Hello I’m in debt free journey when you was on your journey when you pay your credit cards do you use them if you don’t how can u stop using them when your on your journey

[@PersonalFinancewithLeila]

I am still paying down my debt and yes I still use my credit cards. I suggest you don't use them if you still have credit card debt!! Create a budget and plan it out so you can only afford to use debit. Don't take them with you while you're out and remove any of them that are saved to your internet browsers!

[@khalid-tz7so]

Maybe I missed it, but I don't see the link to the free debt trackers. Can you tell me where I would look?

[@PersonalFinancewithLeila]

Ah so sorry!! I forgot to add it, thank you! Just added it and this is the link: debtfreecharts.com/collections/free-charts

[@olllblac174]

Debt is good, if you listen to Dave Ramsey he will tell you debt is bad, I never take advice from someone who preaches against debt but used it to make his money lol your credit cards can pay off your debt while building your credit. 😀

[@PersonalFinancewithLeila]

I still think Dave is a really good resource for getting out of debt, but yeah I don't agree with everything he says. I love that my credit cards now pay ME! 😈

[@olllblac174]

@@PersonalFinancewithLeila good you know how to work the system I’m proud of you ❤️👏🙏🏼