Nobody ever said debt was fun and it’s not. It’s emotionally and financially stressful, especially when you find yourself in an endless cycle of trying to pay it off.
But that doesn’t mean you should give up. There are ways to make debt repayment easier, even if you feel like you’re beyond trying — here are just a few.
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Gamify It
You might not put “debt” and “fun” in the same sentence, but gamifying anything — even debt repayment — can make it a little more palatable.
“Turning everything into a game makes it fun, but it’s not a game unless there is a score or it’s measured,” said Joseph Camberato, CEO at National Business Capital. “Create a goal, tally your debt and each time you make a payment subtract it. Measuring progress is powerful and progress equals happiness.”
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Here are a few ways to gamify paying off your debt:
- Set a small personal challenge. This could be paying off that one small personal loan that keeps haunting you. Or it could be doubling the minimum payments on your credit card each month. Set a goal and, once you reach it, celebrate your progress.
- Celebrate the small wins. This can help you stay motivated to pay off your debts. For example, treat yourself to a night out when you pay off a chunk of that credit card debt. Or buy something nice once you get rid of that payday loan. Just make sure you’re not putting it on credit.
- Get someone to join you. Do you have a friend who’s also struggling with debt? Bring them on board and challenge each other to pay it off. You can cheer each other on and celebrate the wins together.
Use the Debt Snowball Method
The average monthly debt payment is $1,237, according to Experian. This includes everything from mortgage and auto loan payments to credit cards.
“When tackling debt, try not to let yourself be discouraged by the size of the problem,” said Matt Hicks, Vice President of Deposit Products at First Tech Federal Credit Union. “Starting somewhere is better than not starting at all.”
If you’re carrying a lot of different debts, you might have better luck with a tried-and-true debt repayment strategy, like the debt snowball method. Here’s how it works:
- List all your debts by balance (ignoring interest).
- Pay them off one at a time from the smallest balance to the largest.
- Pay only the minimums on all other debts but the current smallest.
- As each debt disappears, you’ll have more money to put toward the next smallest balance and so on.
- Repeat until you’re done.
Not only can this help you stay organized, but it can make paying off debt a little less daunting. And remember to reward yourself with every success — some self-congratulations goes a long way.
Track Your Progress
The average U.S. consumer debt is $105,000, according to Experian. This includes around $6,700 in average credit card debt.
When you have lots of debt, it can feel like you’re never getting anywhere with repayment. But that’s where monitoring your progress comes in. Every time a balance goes down, jot it down. Then, look back at your progress every six months or so to see how far you’ve come. This can help keep up the momentum.
Reward Yourself (Non-Monetarily)
While you can reward yourself with something that costs money, you can also go the free or low-cost route. Whatever you decide, just make sure it aligns with your end goals.
“You can also bring a little fun into the process and incentivize yourself with small non-monetary rewards once a debt is paid off,” said Hicks. “Whether it’s treating yourself to spending time with friends or something as small as saving up for a new movie to watch once you’ve closed out a debt, incentivizing yourself can help you reach your end goal.”
Pay Larger Chunks at Once
Paying off debt can take months or even years. If progress seems slow, remember you’re not alone in this.
But also, it might help to pay off bigger chunks of debt at once — when funds allow. This could mean putting a portion of your tax refund toward your debts. Or it could mean trying a no-spend challenge and putting all your savings toward repayment at the end of the month.
This can feel like instant gratification, which can help keep you motivated as you continue paying off what you need to.
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This article originally appeared on GOBankingRates.com: Begrudgingly Paying Off Debt? 5 Ways To Make It Hurt Less (and Save More)
