How do you motivate yourself?

**Ima saver** · 05-22-2006, 01:15 PM

Re: How do you motivate yourself?

I think that is a very good idea!! I use to keep a paper monthly chart of my debt. It was exciting when something finally got paid off!!
I have 2 payments, one is my car and one is a piece of property. I keep a chart on each. My goal is to pay off the piece of property by paying everything I can on the property each month. I have paid off half the property in 16 months!

**cbmeeks** · 05-22-2006, 01:30 PM

Re: How do you motivate yourself?

Way to go!

We have knocked out a bunch of little debts the last two months.

We didn't officialy start on Dave Ramsey's plan until April 25th of this year. Next week (end of this month) we will have ANOTHER CC paid off in full and $1000 in savings.

So, we are on baby step 2

I hope to have the van paid off by Christmas....man, that will be MY christmas present!

cbmeeks

**boefixepa** · 05-22-2006, 01:33 PM

Re: How do you motivate yourself?

I don't make a chart-per say. I just check the balance on their website after each paymen posts. When I saw that the payments where just bearly covering the interest and the principle wasn't going down, boy did that put some fire under me!! Now I find every cent I can and watch that priciple go. I make sure I check it...maybe I could make a chart, but since I make just one payment a month and make it as large as I can I think it would frustrate me to see it everyday. I know it's there and I look at it often....it also allows me to see how much I AM PAYING in interest simply because it exists....grrr....that's enough to get me going!

**cptacek** · 05-22-2006, 05:56 PM

Re: How do you motivate yourself?

I have a spreadsheet that I have amortizing my mortgage. I have columns for Days between payments, Date, Payment amount, Principal Payment, Interest Payment, and Balance. I have this figured out for about 10 years, each month on a row. Each month, after the payment, I color the past payments gray, indicating those payments are complete. I can then see how fast the loan is dropping.

For my business loan, I only have to make yearly payments, but this is the loan I am paying off as quick as I can. In a spreadsheet, I have the regularly scheduled payments amortized, and then I have the actual payments I have made plus the the rest of the loan amoritized. Then, I have a column that shows how much I have saved just by paying early.

I also have another spreadsheet that shows my total amount owed broken down by loan and how much the interest is (taking into account being able to write off the interest). Every few months I take the difference just to see the total loan amounts decrease.

I have found that by having the numbers in a spreadsheet, I can "play around" with the numbers to inspire me. I'll think "what will putting this much towards the loan do to the total savings" or "should I put it towards this loan or that" and the actual dollar amount will be accurate. Of course, I was a math major, and am now a software engineer, so figuring out the formulas and putting the numbers in doesn't scare me.

**debtdude** · 05-23-2006, 08:47 AM

Re: How do you motivate yourself?

That's a great idea. You might want to move it to the refridgerator. That way, you'll see it often and that should effect your buying habits.

**Writer@Large** · 05-23-2006, 11:23 AM

Re: How do you motivate yourself?

I have some old "Final Notice" sort of letters--you know, the demanding ones in yellow paper with red print, that you get when the bill is REALLY late. Just looking at them makes me anxious; and I look at them anytime I start feeling "spendy."

--W@L

**cbmeeks** · 05-23-2006, 11:28 AM

Re: How do you motivate yourself?

I've actually added a sheet to my excel spreadsheet.

That way, I can add formulas and watch the number decrease.

I guess I am too hi-tech for posterboard. hehehe

cbmeeks

**Ima saver** · 05-23-2006, 11:59 AM

Re: How do you motivate yourself?

Coming to this site is good motivation!

**shelbylovesmelby** · 05-24-2006, 07:48 AM

Re: How do you motivate yourself?

Don't forget to pay down the little bills first, make minimum's on the rest until all the lil stuff is gone.

I wish I could post something about our bills on the fridge maybe my dh would realize that he spends more than me & the kids do ect. But I know that's a fight in the works & dh would toss that out in a heartbeat!

**phipsi95** · 05-24-2006, 10:47 AM

Re: How do you motivate yourself?

My motivation is my absolute hatred of making monthly payments!!! No fancy charts or graphs...just knowing that in about 2 years my car loan and student loans will be a thing of the past is enough for me.