You’re trying to get a handle on your finances so you’ve reached out to your creditors with the hopes of making a new payment arrangement. As you sit back and analyze everything you realize just how much commitment it’s going to take from you to get back on track. If you’re concerned you might not be able to stick with it, here are some tips to help you out.

Make it Realistic

When setting up a repayment plan it is important that it is one you can stick to. Though you want to get the balance paid off fast and the creditors off your back, overpromising puts you in a tight spot for more than one reason. Review your current budget to see what you have to spare each month towards your debts. If necessary, reduce some of your spending habits in order to ensure you have enough for your repayment plan.

Have a Backup Plan

In the event that something comes up and you’re about to miss a payment or two, it’s good to have a backup plan. Whether you dip into your emergency savings, ask your family to help you out of a jam, or apply for bad credit personal loans you need to have a back up. Unless there’s no other way around it, you want to keep making timely payments.

Pay More When You Can

You can stay motivated and knock down those debts a lot faster if you pay a little extra whenever you can. Perhaps you just got your income tax refund, a raise, or you simply did well with budgeting one month and have some cash left over. You can apply those funds to your total balance to drive it down faster.

Reward Yourself for Progress

It can be difficult to stay on task with your repayment plan when it seems like your goals are so far in the future. However, even if you’re paying a few dollars each month, it’s progress towards the end game. To keep yourself going, why not reward yourself? You can give yourself a reward after paying consistently for three months or after reaching a certain dollar amount. Just be sure that the reward doesn’t put you deeper into debt. It can be simple things like a nice lunch or a cup of coffee.

Accountability Partner

If you really think you’ll fall off track with your repayment plan you can always ask someone you trust to be your accountability partner. You can let them in on your goals and your entire repayment plan. This way, when it comes close to time to make a payment you have someone else who cares about you there to remind you of why you’re doing it.

You’ve taken a huge first step towards getting rid of your debt. Taking the initiative to reach out to creditors to come up with a feasible repayment plan will put you back on the right path. Be that as it may, depending on how much debt you have and what your budget looks like, it can take some time to reach the end. The above suggestions should help keep you inspired to stick with it.