Time has been flying lately because I’ve been so busy with work, freelance work, and this blog. For now, I think that’s a good thing because I don’t want to get caught up in looking at how long it will take for me to dig out of this financial mess I have made. I’m finding that I get excited at the start of the month when I plan out the expenses and see how much money I’m able to pay on my debt. After that has been done, the month seems to reach a bit of a lull as I wait for next month’s chance to make further progress. I’m making nice progress, but at times it feels like I’m not going fast enough and it can be really hard for me to stay committed to the long term plan when I don’t see progress happening on a daily or weekly basis.
Creating this blog has given me a strong form of accountability and the desire to not give up when progress seems to be slowing down. Setting up graphs to track my Debt Snowball and Fat Snowball (see the right column of the site) is a great way for me to maintain accountability while also feel good about the progress I am making. It’s so easy to get bogged down in the daily routine and feel like your goals are a long way off. While completion of my goals may in fact be a long way down the road, keeping up with this site helps to motivate me every day to stick with it and not give up. I can’t go out and lose 61 pounds in two weeks, but if I try to lose 1-2 pounds each week, I suddenly have a very achievable goal. Much like compound interest, you need to harness the power of time and small efforts to find long term success- whether it is for losing weight, paying off debt, or building wealth. Understanding that is the easy part, but really putting it into practice day in and day out and at times when you feel like a hamster running in a wheel is the challenge. So far, this website helps me to meet that challenge and the encouraging comments I have received here have given me a big boost as well.
If you haven’t already, I strongly encourage you to create a form of accountability. It could be a blog, it could be a piece of paper on your refrigerator, or maybe a close friend or relative that you talk candidly with about your situation. If looking at the big picture is discouraging (it usually is for me), try to break it down into little pieces and just work on the first step you need to take on your road to success. That might be paying some small debt that has been hanging around for way too long or starting a savings account for emergencies, or whatever it might be in your case, choose something that is achievable quickly- enjoy the feeling of accomplishment and then work your way to the next thing.
Thanks to everyone who has been taking the time to visit the site and best of luck to all of you on whatever stage of the journey you are on- we will all get there some day.
By Eden, Fri 26 Oct 2007, 3 Comments, Categories: Goals, Life
October 26th, 2007 at 10:52 am | Dawn said:
You are definitely not a hamster running in a wheel! I like how focused you are on achieving your goal of eliminating debt … but don’t forget to acknowledge those daily or weekly achievements. Your life isn’t just the destination … it’s the journey!(You seem to still be into the immediate gratification thing … which is probably what got you into trouble in the first place). Maybe it would help you to set up some more medium type goals … like in three months I will accomplish ??? Whatever works for you! But, you are definitely on the right track … give yourself a little credit for that!
October 28th, 2007 at 5:52 am | Frank said:
Hi Dawn, thanks for the encouragement. I do look at the amount of debt I’ve paid so far and I think it’s really great. Sometimes though, the end of the debt just seems really far off. You are probably right about the instant gratification expectations, I think that is something I am learning to change but slowly.
Focusing on some more short or medium terms goals is probably a good idea too. For example, I am making the majority of my debt payments on one credit card so I should probably make eliminating that one my primary focus for the time being. That might help the progress to feel a little more ‘exciting’.