How To Stick To Your Debt Payoff Plan

If you are in debt, you might be feeling desperate and wondering how to pay your debts. The truth is everyone knows that paying off your debts is an arduous task and usually only leads to more debt. However, there are some proven tactics and strategies that can help you get rid of your debts once and for all.

Having a debt payoff plan is one of these methods. However, it requires you to be dedicated and committed to this particular goal. You should never feel discouraged that you are dealing with large figures or the time needed to pay your debts. 

If you want to fulfill your debt payoff plan, you should do the following:

Make Sure That It Is Realistic

People struggle to get into a debt payoff plan because what they have is something that is too difficult to achieve. When paying debts, it is dangerous to overestimate your capabilities. You should only stick to what you can pay. Never have lofty ideals that you should pay your debts in a short amount of time, especially if your financial standing is not that great. 

You see, unrealistic payoff plans will make you think that you are not progressing. It would eventually force you to give up, thinking that you are not achieving anything. You have to assess your plan first and check whether or not it is within your means. Always adjust your payment strategies to ensure that they can match your expectations and actual resources. 


The best way to do this is by going to your income and seeing how much you can really allocate for debt payments. As much as possible, stick to the amount that you can handle. This means that you should never compromise your budget for this particular endeavor. Based on the amount that you can allocate, try to calculate the estimated time you can clear off your debts. 

Write Your Plan

You should never have a debt payment plan that is only floating in your head. Instead, you should write it down. Having a written plan increases the likelihood that you will be able to settle your balances successfully. After all, it is tangible, which means that it is easy for you to commit to it. It also helps in reminding you that you have a responsibility that you need to fulfill. 


Of course, you should never complicate the plan. It should be as simple as possible. In this way, it is easier for you to follow it. All the things that you need to write are the debts that you have, the amount you want to allocate for them every month, and some additional payments that you can make. A good strategy is paying a lump sum on a particular debt and giving minimum payments to the rest. 


Once you have a written plan, you should place it in a ubiquitous area. In this way, you will get reminded of it every time. 

Track Your Progress

It is also essential that you monitor your payments. It is a method that enables you to see your progress. Keep in mind that debts with bigger payments can disappear faster on your list than those that have minimum payments only. 

Don’t hesitate to feel happy every time you can make your payments, regardless of the amount. Every month, your payments will stack, eventually growing into something significant. It is also a showcase that you are indeed committed to this endeavor. 

You should also compare your current balances with the original one so that you will be able to calculate how much you have paid already. As long as the numbers are growing smaller, you should feel elated.

Try To Pay More If You Can

Of course, the ideal payment method for your debts is a realistic one. There’s no changing it. You should cling to a realistic amount and be consistent about it. However, if you have extra cash on your hand, there’s nothing wrong if you beef up a month or two of your debt payments. 

For instance, if you have received a company bonus, a sudden windfall, or a tax refund, you should put them in your debts. And you should put the wholly, not just partly. You can also make some sacrifices, such as cutting your expenses so that you can clear a particular debt faster. Taking a side gig or business will also help you grow money to pay your debts. 

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