There are tons of reasons why debt is easy to accrue. If there were only one, 80% of Americans wouldn’t have some form of overdue balance or financial arrears. It’s a hell of a lot simpler to get into a sticky situation than it is to remove yourself from one.
Still, once you are in a hole, you’ve got to change your mindset or risk staying in the same environment for the rest of your life. A positive mental attitude can help you to achieve any goal, including reducing your levels of debt.
All you have to do is tweak your thinking with the following tips.
Stop Saying “Ish Happens”
Yeah, life’s not fair and it does feel as if your future is a roll of the dice at times. However, that’s because you’re not taking control and seizing your finances by the scruff of the neck. When bad events occur, you mustn’t lean on credit cards, rack up extra debt, and validate it by assuming that there’s nothing you can do. There is. To begin with, there is nothing to stop you from starting an emergency fund in case of worst-case scenarios. Or, you can pay off more than the minimum balance to ensure your arrears disappear quicker.
Don’t Compare Yourself To Others
Comparisons are a piece of cake, especially when they make you feel better about your situation. If you’re happy to believe that other people are worse off than you, you’ll continue to make the same mistakes. After all, it’s not them who have to pay for the new clothes that you don’t need to buy. Plus, why don’t you compare yourself to those who have more disposable income? It’s because it’s unhealthy. Therefore, you should stop doing it with those who are less fortunate and using it as an excuse to continue with your indulgent lifestyle.
Never Believe That You Deserve
Nothing is guaranteed in life. You never know when roadblocks will appear and throw your routine into chaos. The inheritance money you’re expecting from your parents? It’s now going through the probate and there’s no telling how much you’ll receive. The work bonus? Your company is struggling and can’t afford it any longer. Just because you feel that you deserve a break doesn’t mean you’ll get one, which is why it’s vital to never invest in the notion. The same goes for valuables and belongings. You’ll save a lot of cash if you realize that the latest iPhone isn’t a rite of passage.
Pay It Right Away
The belief that you will pay it later is false. If you’re going to relieve yourself of debt, you need to do it straight away to avoid the temptation of spending it on other things. Even putting half towards your bills and the rest towards a treat is an unhealthy move. After all, you can transform your finances and your life in one fell swoop if you tweak your mindset.
Are you in debt? Do you think your mentality has a role to play?