Rewards For Reducing Debt (Your Advice)
When reducing debt, one of the problems is getting frustrated that you can never have any fun while doing it. One way to help keep yourself motivated is to give yourself rewards for reaching specific goals. This reader wants to know how to go about setting up these rewards:
I have started to reduce my credit card debt and although it has been difficult, I am slowly getting it under control. Some people talk about rewarding yourself while reducing debt:
- How does one go about doing this?
- How do you choose a reward?
- Should it be a lot of small rewards or a big reward at the end?
- How do you determine what is appropriate as a reward?
I apologize for all the questions, but this is something that I would like to begin doing and I’m afraid if I start without a plan, the rewards will end up putting me back into debt.
how do you reward yourself when it comes to money goals you have and what recommendations would you give to this reader?
Start small. Make a list of little things that you have denied yourself while in debt. Bath soaps, magazines, candles, movies, buying stationary, Chinese food, pizza. Purchase with cash one thing a week to start. You will enjoy it because it’s a treat and paid for!
[b]How do you choose a reward?[/b] Look at your list and choose something that will make you feel good; a little luxury for yourself. Then take the time to enjoy it; don’t put the bubble bath away, soak away and remind yourself of how well you are doing!
[b]Should it be a lot of small rewards or a big reward at the end?[/b] Both. Do the small rewards while you are starting and plan for the big one at the end. Write down what it would be and the cost, etc, divide the cost by the time and see if you can put that little bit away.
[b]How do you determine what is appropriate as a reward?[/b] An appropriate reward is something that satisfies a need, doesn’t blow the budget, and leaves you feeling good. Some people like makeup things, some people like a movie with popcorn. Complete deprivation usually backfires on you and you can end up going on a binge.
The few little things that you safely reward yourself with will not only make you feel better and a little pampered, but will help you feel proud about what you are doing. Good luck and have a little fun!