Paying off debt is like completing a marathon: How to be successful

Paying off debt is a sprint - How far do you agree with this statement?

A person in debt will understand it better. You can run at a full speed over a short distance; that is, you can save the maximum amount for a month or say, a couple of months, and repay a major portion of your debt.

But, how long will you be able to do so?

Probably not more than a few months, as it will cause debt fatigue.

That is why, it is said that paying off debt is like completing a marathon.

You have to prepare for it, and continue running at a pace until you reach the completing line, that is, repay the last cent.

Why paying off debt is like a marathon

In your debt payoff journey, you constantly have to motivate yourself and prepare yourself for a relatively long journey. It is said that slow and steady wins the race.

It won’t matter if you pay off a lumpsum amount in the first few months but can’t continue it for long.

Like how you train yourself in a marathon, you have to train yourself to repay debt, too.

How will you do that?

You will have to have a right mindset, select a strategy that suits you, be consistent and have perseverance.

You can’t be debt free overnight.

What is stopping you?

People often experience 2 types of obstacles:

Sudden expenses:

Even if you have an emergency fund, a sudden large expense can add to your already accumulated debt.

However, stay motivated and remind yourself that this is why you need to get out of debt and have financial freedom.

Comparing yourself with others:

To become successful on getting out of debt marathon, you need to stop comparing yourself, your financial condition, with others.

One of your friends may plan an expensive holiday and another one maybe buying a home. But, you aren’t sure whether or not they’re incurring debt to finance their lives.

So, don’t be jealous of others; focus on your achievements.

How to complete your getting out of debt marathon

Here are 7 sure shot success habits to pay off debt:

1. Reminding yourself to be financially responsible

It is very likely that you will feel like forgetting the idea of paying off debt and thinking about eating out at an expensive restaurant or buying a thing you want.

You may also feel that going for shopping can make you emotionally satisfied.

However, the whole idea of marathon is continue training even when you want to skip it.

So, remember about your mission whenever you want to forget it.

2. Getting out of debt marathon is a long-term commitment

You cannot decide today and go on a marathon tomorrow or after a week. You need to train yourself properly.

Similarly, it will take a little time to solve your debt problems; it can’t happen in a month.

So, make a long-term commitment with your debt payoff journey.

3. Tracking your progress - A success habit to pay your debt

Paying off debt is like completing a marathon - How will you know that you’re ready for a marathon? You have to keep a track of your progress.

Likewise, you have to constantly track your progress to be on the right track.

If required, use an online spreadsheet to track how far you’ve been successful. You can also use an online debt payoff calculator to see how long it’ll take to repay debt; it can help you select a suitable strategy.

It is advisable that you discuss your progress with your partner, spouse, friends or relatives and be happy that you’ll reach your goal in the stipulated time.

4. Remembering why you want to be debt free

Ask yourself - Why do you want to pay off debt? Write down the answer.

Whenever you feel why you’re taking so much of trouble, just look at the answer and remember the reason why you started your journey to pay back dues.

This is one of the important success habits to pay off debt - You can’t lose your focus.

5. Ignoring people who don’t motivate you

You don’t have to listen to your friends who don't motivate you. Your friends also want you to succeed and get rid of debt; but, they might not understand the sacrifices you need to make to achieve that.

So, it’s better not to make them understand and ignore them for a while.

6. Creating your support group

Social media is not only to share pictures and count how many ‘Like’ and ‘Comment’ you’ve got. You can take help of social media in your success journey of paying off debt.

While avoiding those who don’t encourage you, surround yourself with people who can motivate you.

Have friendship with people, in the social media, who share common interest - to solve debt problems.

7. Learning to forgive yourself

It is a prerequisite that you have to be consistent.

However, your plans may fail and if it happens, you’ll have to forgive yourself.

You don’t know about your future. It is true that you’ll have to make plans but not all plans succeed. So, be ready to face obstacles on your road.

To train yourself for a marathon, you have to overcome the occasional ups and downs on the road; and by doing so, you become fit to run a marathon.

So, are you ready to start your getting out of debt marathon? Go for it.

Get motivated and motivate others, too!

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