HOW TO STOP JUSTIFYING YOUR DEBT
Facing the reality of how much debt you’re in can be like going through the stages of grief.
When I first started down my debt journey I was in denial about my debt for a while, then I got super angry at myself for allowing it to happen. It was during this time that my husband and I started talking about what we wanted with our lives five to ten years from now. Where we truly wanted to be..
We sat down and put pens to paper, and were disheartened by the fact that at our current rate, we’d still have debt in seven to ten years. It felt like a helpless situation, we were slaves to our payments and those payments would continually rob us of the LIFE WE WANTED for the next ten years. It made me sick.
For a few days I floundered in my despair. It was easier to feel sorry for myself than to do something about it. Then I realized something that completely changed how I looked at our debt journey.
REGARDLESS OF WHAT I DO WITH MY FINANCES… TIME WILL CONTINUE TO PASS.
Everything in life could be different in ten years or it could be exactly the same. But no matter what, time will pass. No matter what you do about your financial situation, the years will continue to pass.
Just think about that for a second..
So this means, you can be in the same financial situation in ten years, sitting around wishing you’d done something sooner. Or, you can get to work, make the changes to your finances so you’ll reap the benefits of for years to come.
It’s such a simple concept. The power to change is directly related to your behavior. The more time that passes where you allow this behavior, the longer you’ll sit in financial despair.
I’m telling you all of this is because I want you to know that no matter where you are starting, you CAN become debt free if you TRULY WANT TO.
While working with others on their debt free journeys, I often hear (and have used) excuses for not getting out of debt. At some point or another, I used these lame excuses to justify not getting out of debt. They made me feel better, justified my actions, and gave me an out.
So often, I hear the same excuses from others and I’m sharing them today so you know what they are. Acknowledge them and stop letting them hold you back!
Excuse 1: “I work hard and want to enjoy my hard-earned money”
When you finally start making decent money it’s a very exciting feeling. You work hard and want to enjoy that hard-earned money. I GET IT!
However, if you have debt, you don’t deserve to enjoy your money. Why? Because you robbed that money from your future self. You made the choice to borrow money from your future. Money that you don’t know you’ll have.
Now the future is here and you’re stuck paying it back; thanks to your younger self who you’d now like to slap silly.
Being an adult who is making money comes with responsibility. No one owes you anything, and you do not deserve to enjoy your money if you have outstanding debts.
I know this is hard to hear, but if you are going to change your future, changing the way you look at debt is essential.
Excuse 2: YOU NEED TO KEEP UP WITH THE JONESES.
Oh the Joneses, why are we trying to keep up with them; they are BROKE!
As we transition from college students to adults, there seems to be this misconception that you suddenly need to upgrade all things in your life and put on the persona that you have your sh*t together. We update our homes, buy fancy cars, new furniture, campers, and toys we don’t need and can’t afford. Why? Because the Joneses have all those things and we NEED to keep up with them. It’s about your image.
If you are trying to keep up with the Joneses, they are going to continually bury you in debt. You can’t get ahead financially if you are trying to match the pace of someone who has more than you. It’s that simple. Do what is best for your financial future and stop worrying about what other people are doing.
Excuse 3: YOU’RE PROVIDING A “FUN” CHILDHOOD FOR YOUR KIDS.
I know many people who take expensive vacations every year, host extravagant birthday parties and buy their kids far more than they need. Why? Because they want to give their children a great childhood. I can tell you first hand that these things are NOT tied to having a great childhood.
Your children are not an excuse to be financially irresponsible.
Think back to your childhood for a minute. How many birthday parties do you remember? Do you remember the expensive clothing you wore before you were a pre-teen? I bet you don’t.
What you remember are the experiences with the people you care about. Your children crave your love and attention. A free picnic in the park means just as much to them as a day out at the mall. You can save the money and still build the memories.
Excuse 4: YOUR DEBT SEEMS INSURMOUNTABLE.
Paying off debt is AWFUL. LITERALLY ZERO FUN. In order to succeed you’re going to need to be dedicated and willing to sacrifice.
But I promise, the hardest part of the debt payoff journey is starting. When the amount is crippling and you feel like you’re suffocating in it; I get it!
Don’t talk yourself into quitting before you ever get started. It’s easy to tell yourself you will NEVER be able to get out of debt. It’s an excuse to stay with the status quo. It’s an excuse that you’ll use and then continue to use in the future; still complaining about and hating your financial life. I hate this excuse most of all.
There is not going to be a quick fix, but it is possible if you’re willing to work hard.
If you have debt and find yourself making excuses for it, think about what you want the next five to ten years to look like. Those years are going to pass in the blink of an eye. Take responsibility for the life you want and make the sacrifices needed to get you there.
YOU CAN GET OUT OF DEBT. STOP MAKING EXCUSES FOR YOURSELF AND START TODAY.
Regardless of what you do with your finances..time will continue to pass. Are you going to be in the same spot in 10 years?
I’d love to help you change your money mindset and start working towards the life you truly want. Reach out today and schedule your free 15-minute coaching call; there's no better time than now.