This article discusses how you need to change your thinking during your debt repayment journey. This article may contain affiliate links, for more information please see my disclosure policy.
Many people say they want to get out of debt, but they don’t know how or what to expect. In this post I wanted to focus on the latter. I compiled 7 ideas that I had to accept when I was paying off my debt that will help you know what to expect on your debt repayment journey.
1.You Can’t Keep Up with the Joneses
It is easy to get caught up in the subtle competition of who is better off, but when you are getting out of debt, you have to accept that you aren’t going to have all the latest and greatest things and that’s ok.
One of the most common ways people ended up in debt is buying things they don’t need in an effort to impress people other than themselves.
If you are serious about getting out of debt, you need to get comfortable with what you have and learn that it’s ok if you don’t own the newest car, house, computer, designer clothes, etc. I think you will be surprised about how little people care about the age of your car or other status symbols.
Think about the most financially responsible people you know; I bet most of them are driving an older car, living the same house for years, and not caring what anyone thinks of their possessions.
2.You Have to Make Extra Effort
Getting out of debt will take effort above and beyond what you currently are doing.
When you are paying down debt you might be tracking your spending in a budget sheet, working side hustles, searching for the best deals at stores, calling creditors to negotiate better rates, etc. All of this will take time and effort you aren’t used to.
Every time you feel overworked or don’t want to spend another minute tracking your budget, think about what your life will look like once you are debt free. This motivation will give you the strength to keep going.
3.You will Make Mistakes
Nobody is perfect 100% of the time and same goes for people paying down debt. Sure you probably know exactly what you should be doing, but life happens and nothing goes according to plan. Knowing ahead of time that your debt repayment will not go exactly as planned is the key to accepting financial missteps and moving on from them.
By accepting that you will make mistakes, you can better prepare for moving forward. Spend too much on groceries last month? Don’t be too harsh on yourself. Evaluate why it happened and set up a plan of action for this month to get back on track.
4.It Might Affect Your Relationships
Getting out of debt requires sacrifices and not everyone around you will be super supportive. One of the first things to get cut from your budget is probably your going out/entertainment money.
Your friends might be confused why you aren’t hanging out with them as much. You should explain to them how you are cutting expenses to pay back debt. Hopefully they are supportive and understand your situation. For ideas of inexpensive activities to do with friends, check out this post.
However sometimes your friends won’t get why you are trying to cut back spending (I had a few that didn’t). Those can be harder to deal with.
You can look for ways to compromise spending time with them but sometimes it is hard. In the end, I grew distant from some of my friends that always wanted to spend money because I realized we didn’t have as much in common as I had originally thought.
5.It’s Ok to Ask For Help
At least one time throughout your repayment journey you will feel helpless. Anyone that has paid down debt has been there.
Weather you just need a little extra support and motivation from a family member, or if you need to sign up for government aide to help with groceries; it is ok to ask for help.
To me, the best part about asking for help is that you show your desire to get better. You are on a journey and you want to make it to the end so bad that you humble yourself and ask for help. You demonstration your desire to succeed and that is beautiful.
6.It’s Not Easy
This one might seem repetitive of the ideas mentioned so far but, I think it deserves its own highlight. Getting out of debt will not be easy, if it was, then no one would be in debt.
It requires hard work and discipline to reverse your spending habits, pay down debt, and start saving. It can be hard to stay motivated throughout your journey. It can be hard to go without some luxuries. It can be hard to track your spending.
But I promise….
7.It’s Worth It
All your hard work pays off when you finally pay off your debt. It will feel as though a huge weight has been lifted off of your shoulders. You will have the freedom to start saving and buy that house or that wedding or that vacation you have always dreamed of.
Paying off debt is one of the first steps to financial freedom. You will be well on your way to shaping a prosperous financial future for you and your family.
Leave a comment and let me know what you had to accept during your dept repayment journey
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