It can be difficult to deal with debt – especially if the amount of debt that you have incurred is going to take years to pay off. At a certain point, something called ‘debt fatigue’ may start to set in. Debt fatigue is when you simply get tired of directing your income toward paying off debt and instead you start to spend again and put yourself further into the hole. While you know that paying off your debt should be a top priority, it isn’t always easy to stick with the plan until all of the debt is gone.
If you are facing a large amount of debt and feel fatigue or other roadblocks starting to set in, use the following five tips to keep you on the right path.
#1 – Picture the Finish Line
When paying off debt, it can sometimes feel like there is no end in sight. Of course, that is not the case. If you are doing a good job of paying more than the minimum monthly balance on your debt, and you aren’t adding to it, at some point the debt will be eliminated. Calculate that date based on your current payment rate and then picture what it will feel like to be debt free. Keeping that image in your head will make it far easier to send off those payments each month.
#2 – Spend a Little On Yourself
Sure you want to direct most of your available money toward eliminating the debt, but you don’t want to make your life completely boring at the same time. Set aside a small amount of money each month to use for entertainment, shopping, etc. Even a small purchase can be enough to make you feel like you aren’t living on a completely restricted budget.
#3 – Talk about Your Debt Fatigue
You are far from the only person in the world that is working hard to pay off debt. Find someone you can talk to who can relate to your feelings, either online or in the “real world.” Just by having a chance to chat with another person in a similar situation, you will feel much better about the road you are traveling down.
#4 – Be Proactive
If you are on a set salary, as most people are, you probably know exactly how much you can afford to send toward your debt each month. When you compare that amount to the total of your overall debt, it can be a little bit depressing. However, if you are able to pick up odd jobs from time to time in order to make extra money, you can direct all of that money toward extra payments on your debt. Suddenly the hill you have to climb will start to look a little bit smaller.
#5 – Accept the Challenge
A big part of how you feel about your life comes down to perspective. You can choose to look at your debt as a burden that you have to bear, or you can look at is as a challenge that you are going to conquer. By looking at your debt as another one of life’s challenges, you can take a positive approach and work hard to win the battle.
Have you ever faced debt fatigue? What did you do to overcome it? What are some other things you’d recommend to someone dealing with debt fatigue?
Photo courtesy of: David