Paying off a debt is a huge accomplishment, but it often feels like a thankless task. When you take on a big goal, though, it always helps to have a reward to motivate you. It gives you something to look forward to and reminds you to keep working hard. So why not turn the day you pay off an outstanding debt into a reason to celebrate?
Just think of when you have a vacation or special event you’ve been looking forward to. When you have a long day at work or feel run down, remembering this upcoming treat can motivate you to keep going. Your pay-off date can serve the same purpose if you’re ever tempted to skip a payment. If your debt will take a while to pay off, choose a few milestones along the way to celebrate.
Set Your Target Date
Start by identifying your pay-off date. If you haven’t created a payment plan, log in to the consumer payment portal to see what choices you have. Many consumers can create a custom plan to fit their budget.
Think about how much you can afford to pay each month. Then simply divide your total balance by that amount to see how many months your plan will be. Remember, paying just a few dollars more each month will get you paid off that much quicker. Whatever your plan, identify the date of your last payment so you can start planning your celebration.
If you need to spread your payments over a longer period, choose a milestone along the way, such as making a full year of payments. You could also celebrate reaching a certain percentage of your goal. For a large debt, even paying off the first 25 percent is a big accomplishment.
Mark Your Calendar
Once you have chosen your pay-off date or milestone, you can add it to your calendar. Whether you use a wall calendar, your desktop computer, or an app in your phone, making your target date visible can provide a cheerful boost. Now, whenever you see the date coming up, you’ll be reminded of how great you’ll feel after that payment.
As you continue on your plan, you’ll get the excitement of seeing your goal become a reality. And as your pay-off date draws closer, so does your reward.
How Will You Celebrate?
With your pay-off date or milestone set and the big day getting near, it’s time to decide how you’re going to celebrate your big moment. Of course, your celebration shouldn’t be anything that saddles you with any new debts. An overseas vacation might be out of reach, but a small get together with friends isn’t. Or the next month, you can take the money you’ve been putting toward your MCM account and use it for a treat, like a favorite restaurant or a night at the movies. Once you’ve decided how to celebrate, add a note on your calendar to remind you of your reward.
When you can see the finish line, it’s a lot easier to keep putting one foot in front of the other. Whether your pay-off date is in a few months or a few years, you deserve to feel good about your journey and celebrate your accomplishments. Log in to MCMpay.com to see your account details and set up a plan.
*Although we hope these tips are helpful to you, Midland Credit Management does not offer financial advice. If you have questions or concerns about your personal finances, please speak to a financial advisor.