It can be tough to stay motivated when you have to separate most of your time and money on paying off your debts. No matter if you own a mortgage, an auto loan, or credit cards, altogether these may create a debt burden with no probable way outs.
If you are working on paying off a large amount of debt, you know just how difficult it can be to stay on track. It’s easier to find motivation at the start than when you are close to the finish line. Today we will discuss a simple tool named the debt progress thermometer that may help you out during your entire debt-free journey.
What is a Debt Progress Thermometer?
A debt progress thermometer is a simple illustration of your outstanding obligations. There is a thermometer figure on the left side, and on the right-hand side is a column where you need to list out each of your debts that need to be paid off to become debt-free. You simply can list them in а random order. However, financial experts strongly advise paying off debts in an order from high-interest debts to lower.
Firstly, focus on the most expensive debts, such as short-term cash loans. As you pay down each of your debts, you need to paint the thermometer illustration. When you eventually paint out to the very top, it means you are completely debt-free. Once each of the individual debts has been paid in full, you can cross them off and enjoy your debt-free life.
How Efficient is this Method?
You may feel that the idea of becoming a debt-free person is fairly enough to stay motivated, so why do you need to have a visualization of your goal?
In fact, everything starts to be easier when you have an exact start point in your journey. You may be passionate about paying off your debts, but it motivates you to work harder and harder when you have something material to look at.
How does the Debt Thermometer Work?
The debt progress thermometer is something that’s so simple, but it may have a profound impact on your motivation to become debt-free. It is a constant reminder of what you need to be focused on. The ability to fill in the debt thermometer is very encouraging. This is the number one reason that can stimulate you to try by yourself. Decide to knock out the small debts first using the snowball method, and you can experience so much progress.
It is incredible to see that the thermometer illustration is filling up with red ink every single month. Even though you couldn’t cross your debts off as often as when you first started, you may still be able to see the progress visually. If you want to try out that progress thermometer, you are free to take the sample via the internet and fill in with your own debts.
