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We all know the feeling. You’re scrolling through your Instagram feed and you see a post about some amazing event that’s happening in your city tonight. You start to feel a little anxious because you don’t want to miss out. This is what’s known as the fear of missing out, or FOMO for short. For many people, this fear can keep them from achieving their long-term goals, like paying down debt. In this blog post, we will discuss how to manage the fear of missing out when it comes to paying down debt. We will provide tips on how to stay motivated and focused on your goal, despite the temptation to spend money on things that seem more fun at the moment!
I realize that when I did my March update, I didn’t even pause to consider that the same period last year was when everything came to a halt.
I didn’t take the time to reflect on the difference the year had made. Restaurants were short-staffed and overwhelmed, with delays in getting orders. Orders weren’t getting fulfilled, and restaurants were closing early. And some of them never reopened again.
But April was a fairly routine month. While my profits fell short this month, the fact that it rains so much in April saved me.
The more rain that comes while dashing or picking up deliveries, the higher the payout with gig work. So it was fantastic to be able to bank on the fact that if it rains, at least I can rely on being able to offer a service when people don’t want to go out. But if I’m being completely honest, the rain kept me from feeling like I was missing out on having a good time during the brighter days.
But this month’s debt-free blog update isn’t necessarily about my gig work. It’s about how to avoid feelings of missing out while on your debt repayment journey.
If you’re like me, you may have a tendency to compare your debt repayment progress to others. Maybe you have friends who are debt-free, or who seem to be able to afford everything without financial stress. It’s easy to look at these people and feel like you’re falling behind. But the truth is, everyone’s debt repayment journey is different. Some people will pay off their debt quickly, while others may take longer. The important thing is that you’re making progress towards your goal.
Debt repayment is a marathon, not a sprint, and we will get there if we stay the course.
Try following these tips to overcome the fear of missing out and make progress toward a debt-free future:
- Make a plan: Write down your debt repayment goals and create a budget that allocates money towards debt repayment each month. Having a plan will help you stay on track and make progress toward your goal.
- Set up automatic payments: If you can, set up automatic payments for your debt so that you don’t have to think about it each month. This can help you stay disciplined and avoid the temptation to spend that money on other things.
- Stay focused: When you’re feeling tempted to spend money on something that’s not debt repayment, remind yourself of your long-term goal. Remember why you’re making this sacrifice and keep your eye on the prize!
With that said, here’s how I made out for the month of April
Total Door Dash earnings – April 2020 vs April 2021:
|April 2020||April 2021|
As the weather gets warmer and just about the ideal temperature for patio dining, I can’t really think of a good reason why anybody would want to order in and eat indoors instead of outdoors unless they have restrictions that prevent them from doing so. So I’m going to assume profits will stay stagnant. It’s hard to continue delivering with the excellent weather ahead and continued revenue losses.
Here are a few tips to help you stay motivated when paying down debt:
- One way to stay motivated on your debt repayment journey is to set small goals and celebrate when you reach them. For example, if you have $20,000 in debt, break it down into smaller chunks and focus on paying off one chunk at a time. Once you’ve paid off that chunk, give yourself a small reward, like going out to dinner or buying a new book. This will help you stay focused and motivated on your debt repayment journey.
- Another way to stay motivated is to connect with a community of like-minded people. There are many debt repayment support groups online and in person. Connecting with others who are on the same journey can help you stay motivated and encouraged.
- Lastly, remember why you’re debt-free journey is important to you. What are your long-term goals? Do you want to be debt-free so that you can buy a house or start a family? Or maybe you want to be debt-free so that you can retire early. Whatever your reasons, remind yourself of them when the fear of missing out starts to creep in.
The debt-free journey is an important goal for me because I want to be able to be financially independent. I know that if I can stick to my debt repayment plan, I will be one step closer to achieving this goal. So when the fear of missing out starts to creep in, I remind myself of why I’m on this journey in the first place.
My student loan debt balance is now around about $15,000 on the student loan that I’m currently paying off. My monthly overpayment of $1,090.59 from income earned with Door Dash has been applied to my student loan balance.
Here’s what to look forward to in the month of May:
- Due to the scorching heat, I’ll see a distinct increase in delivery requests coming in.
Things that I’m not looking forward to:
- As we approach the middle of the summer, the heat index will start to rise.
- This period is normally referred to as “Laurel’s Weekend.” It’s a prime weekend for home game sporting events since they bring in a lot of visitors and activity.
- With so many students using Door Dash to save money for school, it becomes a competitive market for orders.
It’s been a few months in, since I started my debt-free journey and I’m proud to say that I’ve made progress. Although there have been times when the fear of missing out has tried to creep in, I’ve managed to stay focused on my goal and continue making progress.
If your debt-free journey is important to you, don’t let the fear of missing out keep you from making progress. Those are my debt-free journey updates and tips to stay motivated when paying down debt!
I’d love to hear from you! What are your debt repayment goals? How are you staying motivated on your debt-free journey? Share your tips and updates in the comments below! Thanks for reading!