Celebrate the Wins
Like millions of Americans, this one particular couple has a ton of debt. Frankly, it feels overwhelming. It's the type of debt that feels suffocating and can paralyze you from even knowing where to begin.
However, unlike millions of Americans, this couple has a plan. More importantly, they have the conviction that their plan can and will work. One year in, and so far so good. They've already paid off a half dozen small debts and are moving on to some larger ones.
They are on a challenging journey, no doubt. Nothing about paying off a ton of debt is easy, which is why very few families actually do it. It takes discipline, patience, delayed gratification, and a whole lot of motivation.
Whenever someone tackles this sort of endeavor, I always give one particular tip. Celebrate the wins. All the wins. When you pay off a small debt, celebrate small. When you pay off a large debt, celebrate large. But always celebrate. Maybe it's dinner at a nice restaurant. Maybe it's a weekend away. Maybe it's a trip to the spa. Maybe it's ______ (you fill in the blank). But always celebrate!
It sounds counter-intuitive to spend money on wants when trying to pay off debt, but we need to zoom out and look at the big picture. If we stay 100% laser-focused and never celebrate, there's a high likelihood we'll burn out and possibly quit. This is an arduous journey, after all. Those little celebrations can be the refresher we need to keep fighting.
I think back to when Sarah and I were on our $236,000 debt payoff journey. It took us 4.5 years to achieve it. We celebrated every single win. If we hadn't, one of us would have broken down on the journey. The most noteworthy celebration was an amazing trip to Europe. Weird, I know. We were about 12 months away from completing our debt payoff journey, but we were exhausted. We were fighting so aggressively that we were practically burning ourselves out. That's when we decided to take drastic measures.
What ensued was a two-week trip to five countries, where we created lifelong memories. It set us back by about two months in our debt payoff journey, but it's just what we needed. One could argue we should have gotten out of debt first, but the counter-argument is that we might not have made it without that break. So, we celebrated!
This is yet another example of why money is NEVER about money. It's always about something bigger. If Sarah and I had stuck by the pure math and made it solely about money, we might have burned out and failed at our mission. Instead, we took this trip, made unforgettable memories, and successfully completed our $236,000 journey just over a year later. I will always love and cherish that story.
Always celebrate those wins! It may be the make-or-break in achieving your goals....and it's fun!