Tips For Building The Self Restraint Needed To Pay Off Debt
The following is a guest post from Jerry at Repaid.org:
One of the biggest obstacles to becoming debt free is impulse control. Fighting off the urge to buy a new pair of pants or buying a car without a sufficient down payment can be very difficult. Before we get to the tips that may help you develop the self-restraint that you want, lets delve into a little bit of background to prove the need for it.
Tips For Building The Self-Restraint Needed To Pay Off Debt – Stanford University
It always starts with a study of some kind, doesn’t it? This story starts with a few scraps of information gleaned from a 1972 study conducted at Stanford University. During the study process children were given a marshmallow. They were told that they could eat it now or wait fifteen minutes and they would be given a second marshmallow to eat. Approximately thirty-three percent waited for the second treat. The study still follows all of the original children to this day. Researchers have found that those children who had waited for the second marshmallow, thereby displaying impulse control, were more successful in adult life. They had better grades, were more successful at work, and stayed in their marriages longer.
Alright, it is starting to sound as if good impulse control is an inborn predisposition, right? Not so. After following the same set of children for the last forty years, researchers have found that many of them were able to gain control of their impulses later into adulthood. That demonstrates that impulse control can be either inborn or learned.
Tips For Building The Self-Restraint Needed To Pay Off Debt – The Tips
- Visualization of your goals and core values is often key to fighting of an impulse. Kathleen Vohs, professor of marketing at the University of Minnesota, says that:
”In lab studies, self-control is boosted when people conjure up powerful memories of the things they value in life.”
That makes setting those values in your mind (visualizing them) an important place to start on your road toward impulse control.
- Stress can trigger impulse buying and consumption. Research has found that it is easier to move toward goals if life seems more worth living. Additional research has shown that laughter and positive thoughts make it easier to concentrate on self-control oriented tasks.
- You need to remove the temptations in your life. If your goal is to save money, then automate a deposit into your savings account from each paycheck. If it is to pay off credit card debt, stop carrying any of your credit cards. If it is to stop a habit, stop hanging around others who participate in the habit. So, if you want to quit drinking, stop going to parties and hanging out with people you know drink until you are strong enough to stop drinking. The same is true for smoking, gambling, even over-eating.
- Procrastinating is often a horrible habit, but not with impulse control. It can help you avoid impulse buys. Research has found on numerous occasions that everyone only has so much impulse control in a given day, so you need to use it wisely. Why not pick your battles? If you have been on task for several hours, take a break and put off the next self-control intensive activity until another day? If you are thinking about spending quite a bit of money, walk away. Tell yourself (or the salesperson) that you need 24 hours to think about it. Go home and do just that. Think about it, then think some more. If the purchase still seems like a good idea 72 hours later, yes 72 instead of 24, then go back and buy the item.
- Take time for a snack when you are feeling stressed or work becomes tedious. A rise in glucose levels and a short break have been proven to increase a person’s self control. If a sugary snack does not fit into your lifestyle, then a glass of lemonade might work.
- Talking to other people will help as well. You are not the only one who is or has struggled with debt. Talk to as many people as you can. Listen to their advice. Some of it will be obviously useless, other bits may be helpful.
We would greatly enjoy reading your thoughts about self-control and any tips that you might have.
Jerry Coffey adopted a frugal lifestyle after years in a vicious cycle of payday loans, debt, repossession, and bankruptcy. Now his bills are paid on time, his savings account is growing, and the seeds of a retirement account have begun to sprout. You can read more of his thoughts and advice at Repaid.org and the financial section of AutoFoundry.com.
I have found that making visual reminders seem to really keep on track when paying off debt. I make a poster and laminate and keep it by my computer. When I make a payment, I write how much I paid and subtract. That in itself seems to really keep me focused and motivated. This seems to work much better than just checking my balances on line and waiting for the statement to come in the mail.
Michelle,
That’s a really good idea to help make those small little achievements feels like they are having a big impact. I love it!
That’s really smart, Michelle. Not only does it keep you motivated, it keeps you accountable too.
Taylor @ Repaid.org recently posted…4+ Legitimate Ways To Manage Your Student Loans
I change my desktop wallpaper image into something I want to get, like a nice car or a house. It keeps me motivated to work and save.
Edwin @ Cash Syndrome recently posted…7 Ways Students Can Save Big Dough On Textbooks
Edwin – that’s a great idea! I just need to find a picture that signifies early retirement 🙂 Looking now for one!
That’s a great strategy, Edwin! I have done the same thing with pictures of the place I wanted to vacation.
Taylor @ Repaid.org recently posted…4+ Legitimate Ways To Manage Your Student Loans
Yeah – I switched my wallpaper to a tropical beach to remind me of retiring early 🙂 Great tip!
Removing temptation….EXACTLY. Occasionally my wife suggests we go to the mall. When I ask what we’d be shopping for, she says, “Nothing specific. Just thought we’d go looking around.”
Why on Earth would I want to do that? of course we’ll find *something* to buy – but if we can’t think of anything we need right now, we’re better off just staying home!
Brock @CleverDude recently posted…Clever Dudes Are Self Reliant: Water Heater Edition
That’s like a recovering alcoholic going to the ABC store to just look around! Why on earth would anyone want to put themselves under that type of pressure?!? I agree 100% with you Brock 🙂
Haha, great metaphor Derek! So true.
Taylor @ Repaid.org recently posted…How Does Everyone Afford New Cars?
I like to see prices drop and quality goes up before I make a purchase, especially with electronics. I took it to the extreme with flat panel TVs. I still don’t own one, after waiting several years, but I expect to buy one by the end of the year. Still watching an old tube TV until them.
So my advice is wait when a new product comes out. Prices always drop, or the quality goes up, or both.
Fred @ Stockerblog recently posted…Upcoming IPOs Through July
Good point Fred. One way to really save is to wait on electronics a couple of years if you can hold off.
Talking to another person would give you a positive thoughts especially when you have debt, but make sure that you are talking with the right person. Some person will only bring you down, but as what you’ve said there are people who will help you in some other ways.
Kate @ Money Propeller recently posted…Friday Jet Fuel #3
Kate,
Good point. You’ve got to fill your head with the right type of suggestions. Talking to someone that will bring you down won’t put you on the path to success.
These are excellent tips to pay off the debt. I would say make sure if you receive any cash gifts, bonuses, raises, overtime pay, and your tax refund should all be added to the payment for the loan you are currently working on, instead of using it on an urge to splurge.
Prince,
I agree 100% – windfalls should never be used to splurge if you have outstanding debt!
Ive never had any debt in my life (aside from a mortgage) but if I did, I would probably focus on where else Id rather spend the monthly payments. That alone would make me want to pay it off as quickly as possible. For some debt can be a cycle that they are constantly on which can end badly
Dan @ Our Big Fat Wallet recently posted…My Summer Cable Cut-Off
Dan,
That’s a helpful tip – visualize what else the money could be spent on can be very helpful to get you in the right mindset to get your house in order.
My favorite tip here is visualization of your goals and core values. This helps me when I’m tempted to spend money that should go toward paying off my student loan debt.
Natalie @ Financegirl recently posted…How Using A Different Search Engine Can Save You Money: A Review Of Swagbucks
Natalie,
I agree with you completely! I find that visualization of my long term goals is the single most important thing I can do to keep me on the right track to hit them.
Agreed, Natalie. I remember reading “The Power of Positive Thinking” in college, which really struck home the idea of visualizing your goals and ambitions. Now it’s nice to see hard scientific evidence backing up the power of visualization.
Taylor @ Repaid.org recently posted…4+ Legitimate Ways To Manage Your Student Loans
Visual aides help, as well as telling someone your goals. It can help people stay accountable for any actions not in line with goals. A trick that helps me stay credit card debt free is to never open up the debt offers that arrive in the mail. I just rip them up and throw the paper out.
EL @ MoneyWatch101 recently posted…The Financial Benefits of Walking
EL,
Glad I’m not the only one that sends those things straight to the trash 🙂