Issues with debt are often emotional as well as financial. Sometimes the most important step in controlling and reducing your debt is changing how you think about it. Once you’ve done this, it’s easier to take the positive steps needed to take control of your debt.
Here are six easy ways to change you how you think about debt.
1. Forgive Yourself
Sometimes we get into debt because of circumstances beyond our control. Sometimes we get into debt because of mistakes that we made. Whatever the reason, learn as much from your past as possible, then let it go. Being haunted by your past won’t help you improve things in the future.
2. Imagine Yourself as Financially Secure
When we’re in debt and feel financially insecure, it’s hard to imagine what it must feel like to be financially secure. Instead of saying it will never happen, imagine how it might feel. Visualize yourself free from the stress of financial insecurity, and imagine having an optimistic view of your financial future. It can help you to take the steps you need to make that future more real.
3. It’s Not About the Stuff
Being financially successful isn’t about how much you have, it’s about how secure you feel financially. If you feel that you need luxury items to feel successful, it may be worthwhile to consider adjusting your approach to wealth.
4. Switch from Spending to Saving Mentality
For many, saving is a chore, a drudge, something that feels like a burden. Instead, shift your mindset and make saving a priority. By focusing on the positive aspects of saving you can redirect your thinking to make saving your natural reaction. You may find that you even begin to enjoy saving rather than spending.
5. Celebrate Your Successes
You should be rewarded for meeting your goals. When you meet a savings goal or pay off a credit card, find a way to reward yourself. You don’t have to spend money. Treat yourself to an extra-long lunch break, start that book you’ve wanted to read, take a hike in a local park, or cash in on a rewards card reward. If you do want to spend money, use it for a small upgrade to your daily routine. You’ll find it just as enjoyable as a larger splurge.
6. Track Your Progress
Seeing how you’re changing your habits over time is a great incentive to help you stay on track for the future. Looking for an easy way to do this? Our Ultimate Five Year Debt and Savings Balance tracker is a great place to start.
This free, easy to use spreadsheet gives you the ability to do a “big picture” review of your debt and savings habits. No calculator required, just enter your monthly balance and it does the rest.
Put these strategies to work, and you may be surprised at how much easier it will be to save.
Looking for more help? Schedule a free counseling session today or call us at 800-920-2262.