Pay Yourself a Reward

Do you struggle with following through on plans to get out of debt? Here’s a technique you can use as a motivator: pay yourself a reward.

People seem to thrive on rewards. Try this formula for success in achieving financial self-reliance: Set a goal to pay off one or more debts, write a specific plan to accomplish this, and reward yourself when you have reached your goal. The key to the successful implementation of your plan is to set milestones along the way and give yourself small rewards as you reach them.

Let’s face it. It’s tough to sacrifice and discipline ourselves to stick to a budget, pay off debts, and save for a rainy day. But attach an appealing reward, and the process becomes enjoyable. Try hanging a picture of the anticipated event or item on the refrigerator. Perhaps you have wanted to attend the ballet or enjoy a relaxed day at the lake. Or how about a quiet dinner at a favorite restaurant?

The best part is that your reward will be paid for in cash with the retired debt payment that is now available. While this amount will be small at first, it will grow as each debt is eliminated. And the rewards of this system go far beyond the movie or day at the amusement park. Who can measure the value of counseling together as a family and working toward a common goal or of the confidence and self-reliance instilled in family members? Not only will you reap the financial harvest at the completion of your goals, but also you’ll enjoy the sweet rewards along the way.—Chris Wright, Liberty Third Ward, Huntsville Utah Stake