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Motivation in Paying Down a Debt

General Information only.
Panthera Finance is not a financial adviser. The information contained below is general in nature and is not personal financial advice. Therefore, you should consider seeking independent financial advice to determine if the information below is appropriate for your personal circumstances.


If you’ve recently been contacted by Panthera Finance regarding an outstanding debt, you may have felt an initial burst of motivation to pay off the debt and if you did – congratulations!

But sometimes you may need to pay it off over time and that’s okay. But as time goes by, that debt can sometimes feel overwhelming. That’s why we have created this guide to staying motivated in paying down that amount until the very last cent!

First, let’s look into, “What is Motivation?”
Motivation is much more than running up some stairs to the tune of ‘Eye of the Tiger’.

Did you get out of bed this morning? That took motivation! While it’s quite a complicated concept, motivation is essentially a biological, emotional, and cognitive force that drives you to take action.

Motivation can be broken down into two different types – Intrinsic and Extrinsic.

Intrinsic motivation. This is a type of motivation that comes from within. An example could be donating to charity or doing a crossword puzzle. You don’t get any tangible benefit from these things but you do them because they make you feel good about yourself.

Extrinsic motivation. This is a type of motivation that comes from an external benefit. You may be extrinsically motivated to go to work every day or get your teeth cleaned at the dentist. While the experience may not be enjoyable, you get an extrinsic reward like money or clean teeth.
Are you intrinsically or extrinsically motivated to pay off your debt?

An intrinsic motivator could be that you’ll feel accomplished once you have paid it out. An extrinsic motivator could be that you’ve paid it off and will now start saving money.

Knowing whether you’re intrinsically or extrinsically motivated may help you to pay off your debt faster.

Break down your goals into smaller chunks.
Once you know what your driving factor is, it’s time to make a plan. It’s easy to get overwhelmed by the grand total, so don’t focus on that. Instead, talk to our team, they can place you on a payment plan so you can break it down into more manageable chunks.

Reward yourself
Paying off a debt is a great achievement! Don’t forget to celebrate the small wins along the way. Every payment is a win and guiding you to a debt-free life.  Once you’ve repaid the full amount. Go and reward yourself. This is a great extrinsic motivation. Your reward doesn’t need to be expensive; it just needs to be exciting to you. It could be something like getting takeaway, or a trip to the beach.

Buddy Up
Staying motivated can be difficult when you’re doing it on your own. If you have a friend or family member who’s also paying down a debt, buddy up with them. You can organise regular catchups to go over your progress. They might even have some tips and tricks that you haven’t thought of to pay it down more quickly. Having someone to hold you accountable and keep you on track is an excellent way to intrinsically motivate yourself.

Pay off your debt early
If you’re currently making the minimum repayments on your debt, it may take a little longer to pay off. If you’re extrinsically motivated, paying it off early could end up saving you time and possibly interest. Challenge yourself to make small sacrifices to reduce your expenses. Any savings that you make can be put towards your repayments.

For example, if you could have a gym membership, see if you can pause it for three months and do home workouts instead. Then, you can save money. If you want to increase your repayments or put a lump sum towards your debt, you can visit the payment portal or give our team a call on – 1300 722 974. Remember you are not obligated to increase your repayments or pay a lump sum; you should only do this if you can afford to do so.

At Panthera Finance, we do care about your finance well-being. Our friendly team understand that everyone’s circumstances are different and may require a different approach.  If you are not sure about something, would like more information about your account and repayment options or your financial circumstances change, it’s best to contact us and let us know.


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