Debt fatigue

[bettyb]

So how do you guys deal with debt fatigue?  I'm not feeling any urge to do anything generally antimustachian, but I've been paying off professional degree student debt for 7 years now (expected completion with maximum frugality - 2.5 years from now), and my patience levels waiting for positive net worth/bump in retirement savings to start happening are waining.  Taking a break from frugality creates more stress than a break.

What keeps you motivated?

[jat9449]

I know how you feel bettyb. I have 'debt fatigue' frequently. One thing that helps me: I keep a spreadsheet and at the beginning of each month I track our net worth. It always gives me a little boost to see that we're consistently on the up and up. It keeps me from getting overwhelmed by the debt. Usually the boost is enough to propel me through the next couple of weeks. 

[Jenga]

I can definitely sympathize!  It's hard to stay focused when it's a span of years.

I have to second jat9449's suggestion about the spreadsheet.  I made a little graph, with a line for debt, a line for savings, and a line for net worth.   

Then I added a second line for each of those called "Projected" and put in the numbers for the year so I could see where I expected to be every month if I stuck to my plan.   I made a bit of a game out of it by trying to beat the projected values every month, even if it was only an extra $10 saved towards my debt!

Hang in there, and don't forget to look at the progress you've already made! :)

[homeymomma]

I'm sure you've already done this, but breaking it all into smaller goals really does make a difference. I have constantly changing spreadsheets that I go through each time I put $$ toward our debt and I get to adjust the payoff date. I know it's not that exciting after many years, I've done it. Maybe you could use your frustration to inspire you to make some side money? Even if it doesn't come to anything, it could be a distraction from the constant focus on "thankless" frugality and seemingly endless debt payments.

Keep the faith! :) You'll get there. Then think how quickly your net worth will grow, because you'll be so good at saving already!

[willn]

Wow that's a long slog! Maybe these tips will help.

--Look how far you've come.  Turn it into a graph. Post it on our fridge.

--You said breaking from frugality is more stressful than breaking it, but It's ok to celebrate milestones, so give your self a prudent break for milestones.

--Dig harder--can you increase income, sell stuff, carve the budget to do this in 1/3 the time? I'm sure after all this time you've worked hard to optimize, but can you challenge yourself with the motivation of how good it feels when it will be done? 

[bettyb]

Yep, I think it's a matter of pure impatience. I have spreadsheets and graphs, but it's been agonizing lately waiting for the next time I can input a new number. I like the idea of trying to divert focus onto things like exercise and taking a break from the charting.  Unfortunately, I think I've hit my optimal rate of debt reduction (ie except for selling items online, etc, I don't have many other additional options for increasing income without detracting from my current work hours). I look forward to the day when I can join one of the "incinerate your debt by year end" threads. 

Thanks all!

[Iron Mike Sharpe]

I don't have any experience with that, but hang in there.

Your net worth *IS* increasing, though.  It's just that it is increasing from a negative number twoards 0.  But it is increasing.

[sassy1234]

When dealing with my student loans, I like to save up a lot of cash ($5,000 - $7,000), then send in a massive check to the student loan company.  It feels so good.  I don't like to set it and forget it with monthly payments.  This also has the added benefit of giving me a temporary saving account/ emergency.  Before I send the check, I ask myself, is everything good at work, life, do I feel secure?  Of course there is the off chance that something bad happens, but my husband and I both work, so we are okay with the risk. 

A little over a year ago, we were $60,000 in debt.  Now, we are $30,000 and I remember each time that we made a big payment.  Very motivating.