How To Stay Motivated Paying Off Your Debt This Year | Refresh Financial
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How To Stay Motivated Paying Off Your Debt This Year

Stay Motivated Paying Off Your Debt This Year

It's the beginning of another year, and as you tally up your post-holiday debt, you might be vowing to make some significant financial changes. Maybe your New Year's resolution is to pay off your debt and increase your credit score. Great idea! But how do you stay motivated paying off your debt this year?

Sticking to your debt repayment plan through 2018

According to Business Insider, 80% of New Year’s resolutions will fail within a month. Don't let your repayment plan suffer the same fate as that vegetarian diet you traded in for a double cheeseburger. We all know that resolutions are difficult to stick with but managing your debt today will lead to a better financial future tomorrow.

There are many reasons why people lose their motivation and fall back into old habits with their money. In today's article, we're going to discuss some great ways to keep you motivated to pay off those debts, not just for the year to come, but for the rest of your life.

Ditch your bad habits

There are many different reasons why Canadians get into debt. Sometimes it's not by any fault of their own and sometimes it's because of certain financial habits they have developed over the years. Failing to understand the cost of debt, mistakes on your credit report that are raising your interest rate are a few things many Canadians don't think about.

Visualize and understand your debt

If you’ve ever taken a golf lesson, you will have likely heard the phrase, “keep your eye on the ball”. Just like in golf, if we fail to visualize our debt, it can hurt our ability to follow through.

How do you visualize your debt? *bold*
The best way to put everything into perspective is to take time to lay out all of the debt you have owing into a spreadsheet or something similar. It's important to get an estimate of how much debt you have and how much it's costing you each year. This will help you decide which debts to focus on and prioritize.

Track & Manage Your Debt

In the past, we have written about free mobile apps and other easy-to-use money tools that make it easy for you to manage your debt on your own. It's important to get into the habit of tracking your spending behavior. The more you track, the more you will be aware of how your spending habits affect your financial situation.

Picture the light at the end of the tunnel

We've talked about the importance of visualizing your debt, but it's important to visualize your success as well. A life without debt is a life worth fighting for. When you lose sight of what you're fighting for, it becomes impossible to stay on track with your resolutions. A strategy that has helped many people stay strong is including milestone rewards. For example, plan a reward for when you reach the halfway point to your goal. These types of motivations act as great encouragement to continue to stay the course.

Have Merry and Debt-Free New Years

At Refresh Financial, we’ve been helping Canadians move towards a better financial future through our credit building programs. With our Financial Intelligence Training and the Dime Turner blog, we also provide daily content designed to educate and motivate people to continue paying off their debts.

If you’re looking to create a better financial future for yourself, reading the Dime Turner blog is a great first start. We have composed several articles covering bad credit card habits, student loan debt advice, and how to raise your credit score to get a favorable mortgage rate.


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Since signing up with Refresh I have done really well with my credit rating. I was able to sign up for a new credit card and now know my credit score is way better than what it used to be. I’m so glad I signed up for this program and am working towards making my credit score even better!! Your staff has been so helpful with anytime I have called in for any help or questions. I always speak highly of Refresh and explain how you guys have helped me from a bad credit score to one that I can be proud of. Thank you so much to Refresh for making it easy to get back to where I need to be!!! ”

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