Your Debt Solutions Experts
BDO Kamloops

272 Victoria Street Suite 300,
Kamloops, British Columbia
V2C 1Z6
Phone: (250) 372-9505

How to Stick to Your Debt Relief Resolutions

Is finding debt relief one of your top resolutions for 2019? Congratulations! Resolving to focus on reducing your debt load is an important step towards better financial health.

If you’ve ever made a New Year’s resolution, you know…resolutions are quite easy to make, but sticking to them can sometimes be tricky. Motivation is usually sky-high when the year begins, but it can quickly dwindle when reality sets in.

While we can’t guarantee that you’ll be able to keep all of your New Year’s resolutions, these four tips can help you make your debt relief goals a reality this year:

Be realistic

This is key, especially when it comes to creating debt goals that you can stick to. Paying off all your consumer debt in a couple of months sounds fantastic, but it’s important to determine whether this is actually even possible. Can you achieve that goal while still covering your living costs and keeping up with your other financial priorities?

Creating SMART goals can help. A SMART goal is a goal that is specific, measurable, actionable, realistic and time-oriented. For example, instead of creating the generic goal of “pay down debt”, you could aim to pay down half of your high-interest credit card debt within the next six months.

Create a debt relief plan

A debt relief plan includes the steps and strategies you will use in order to pay down your debt quickly and efficiently. If you’re wondering where to start, the following resources can help you create a debt relief plan that works:

Involve the whole family

Staying on track and achieving your debt relief goals may be easier if you have the support and participation of the entire family. Hold a family meeting to discuss your goals and strategies. Your kids may have some great ideas for cutting household expenses to free up funds for debt repayment. A family meeting not only ensures that everyone is on board, it encourages everyone to work together to make your resolutions happen.

Get inspired

Losing motivation is one major reason why resolutions are abandoned. In order to stay motivated to deal with your consumer debt load, it’s important to find sources of inspiration.

Tracking your progress can provide real motivation. There are also some nifty financial tools available to help you do this. Try out one of these budgeting apps to set and track financial goals on your smartphone. You can also track your success the old-fashioned way using a spreadsheet taped to the front of your refrigerator. Whether online or off, remember to celebrate mini-milestones along the way as you work towards paying down your debt.

Financial bloggers can be another great source of inspiration and information. In her blog Give Me Back My Five Bucks financial blogger Krystal Yee shares with readers her debt relief journey, as well as the tips, tricks, and strategies she used to pay down $20,000 in debt and regain financial control.

Will paying down your debt load be a top financial focus for 2019? How do you plan to stick to your resolutions and achieve your debt relief goals? #LeaveDebtBehind
#NewYearResolution #DebtSolutions