Good day, friends! Today is our next post in our series on how to make and keep a plan for successfully reaching debt freedom. Last time, we talked about making a personalized plan for your road to becoming debt free.
Today, we’ll talk about overcoming potential road blocks. A journey to debt free often takes at least one year, and often two to five years or more to reach. Anyone who’s ever worked to reach a long-term goal knows that many bumps can crop up along the way to deter you from reaching that long-term goal, so today we’ll talk about how to overcome some of those road blocks and help make sure you cross the finish line to debt freedom.
Overconfidence in Your Debt Freedom Plan
Sometimes, when working a plan to become debt free, overconfidence can crop up and derail your payoff efforts. This overconfidence comes in thoughts such as “I’m doing GREAT! I’m in a much better place than I was six months ago, so it’s okay to charge a few hundred dollars and pick up that new TV. I’ll be able to pay it off quickly.”
If you’re working through your debt freedom plan and having thoughts like this come up, it’s time to remember the vital step of correcting your mindset regarding your debt and your plan. It’s time to remember that the right attitude is what will get you success and is just as important as the individual steps you’ll take to become debt free. The perspective has to be one of overcoming your debt, not succumbing to it. If your goal is to become debt free, the debt has to become your enemy, not just a friend who you’re going to stop seeing for a bit.
Dealing With Debt Fatigue
When your debt-free journey is going to take awhile, it’s easy to get tired, emotionally, of dealing with the problem, even if you are making progress. Many people reach the point where they are sick and tired of making budgets, limiting spending and looking at spreadsheets, and they’re ready to dump the whole plan by the wayside. This is completely understandable: paying off debt is hard work! So how does one combat debt fatigue?
First, remind yourself of the reasons you started this journey in the first place. Have a list of motivational “whys” close by so that you have the motivation to keep on going. Second, go to others for support, whether it be your spouse, a trusted friend, or like-minded people you find in the blogging world. Most of the people I know in real life have very little interest in discussing money and financial independence with me: they just don’t find it exciting, so the blogging world has been instrumental in helping me stick with our plan for debt freedom.
A third option for dealing with debt fatigue is to set up a reward system. Put little, inexpensive rewards in place for each milestone you reach toward debt freedom. Those milestones can be whatever motivates you: getting another thousand of debt paid off, sticking with your monthly budget, or completing a no-spend challenge – anything that works to help keep you motivated and on track. The goal is to make debt payoff more fun and thus, help to eliminate debt fatigue.
Letting Money Have too Much Power
This roadblock can also work to hinder your goal to reach debt freedom. On our own journey to debt freedom, I realized recently that I was letting money have so much power that I didn’t even want to spend $7.50 in gas to go see a free event with my family. We went, at my husband’s insistence, and had an absolute blast. That was when I realized that my eagerness to reach debt freedom was sucking the energy and the life right out of me. I had been giving money too much power and had forgotten that money is here to serve us, not the other way around.
Dealing with roadblocks on your way to achieving debt freedom is inevitable, but overcoming those roadblocks is possible with a little work, so don’t let those roadblocks hold you back from the wealth you know you can achieve.
What roadblocks have you encountered when working to reach long-term goals? What are your best tips for overcoming roadblocks? How do you overcome debt fatigue?
Photo courtesy of: Jayel Aheram