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Still daydreaming about being debt-free while your credit card laughs in the corner? Time to stop wishing and start doing with a few easy lifestyle tweaks that actually work.
How many times have you said, “I’ll pay it off one day,” or fooled yourself into thinking you’ll do it when, and if, you earn more money? Leaving debt reduction in the realms of future plans is a surefire way to accrue more. We do this because it often feels too overwhelming to tackle. However, when you make easy lifestyle changes, right now, those future plans will include living debt-free.
We choose what we focus on and, for many of us, that includes family, work and maintaining the lifestyles we love to live. It’s no surprise that something as scary, frustrating and downright boring as debt gets pushed to the mental sidelines. Debt doesn’t magically disappear while you’re bingeing Netflix. It needs your attention, now.
Start positively obsessing about reducing your debt. Not in the form of worrying, but in the knowledge that by doing so you’re sprinting towards a debt-free life and financial health. Face your debts head on by writing them down and creating a plan of attack to follow with a vengeance. Get excited each time you reduce bad debt, such as credit card bills, and you’ll soon find the motivation to pay even more off next time.
Time for a reality check: those “little treats” like subscriptions, brunches, gym memberships you barely use, they all add up faster than your UberEats bill. As these are the things you love doing, chances are you excuse the expense by thinking something along the lines of, “I work hard for my money, so the least I can do is treat myself by doing the things I love!”
This is a true statement and something you absolutely should invest in. First though, take a look at the overall amount you spend on them. If you used that money to reduce your debt, how much more quickly could you pay it off? If you paid off your debt, how much more freedom would you have to enjoy the things you love? So much more! The good news is, you don’t have to give up any hobbies. Simply find free or cheap replacements while you’re focusing on reducing debt. Swap the gym for a park with exercise equipment, travel close to home and hold your own dinner parties among friends.
We’ve seen clients slash years off their loan terms by making small, consistent changes like these.
Minimalism gets a bad rap. It’s not about living off two t-shirts and a beanbag. It’s about freeing yourself from stuff that drains your wallet and your energy. Having an abundance of ‘stuff’ tends to make us anxious and feeds the addiction to accumulate more. Change your mindset by focusing on experiences and the wonderful little things in life - rather than material objects - to instantly curb your spending habits.
Analyze your spending on a daily basis to keep a close eye on how many ‘things’ you buy, and if you really need them. The key is to make every dollar count, so consider this the next time you feel like you simply can’t resist buying...xyz.
Ask yourself: “If I put that money towards paying off debt instead, how much closer will I be to my goal of financial freedom?” Keep asking yourself that question and watch your debt shrink while your freedom grows. Future you will thank you, probably from a deck chair on a beach somewhere relaxing.
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