Change Your Mentality, Debt is Not Okay
Don’t let debt become a natural way of life for you or your family
Debt has become so normal, that you would probably feel weird without it, right? You need an intervention my friend. We need to fight this new “norm”. Let’s remind people that the key to financial success is running a surplus. Not running a balanced credit card amount.
I find it very interesting that people refuse to talk about money due to its “taboo” status. (Side note: How do I get a cool status like that?), yet we all have our little piles of debt that don’t seem to bother us one bit.
It is time we changed our mentality. Much like fitness – working a budget and sticking to it is something people claim they don’t have “time” to do. Bullshit. Looking at your bank account every day should not be scary or avoided, just like looking in the mirror. It should be a reminder of where you stand and where you need to head to regain success financially.
Here are 5 ways to break the mentality.
1. Find a motivator.
I don’t mean choose a goal to save for that will motivate you personally. I mean, find a personal finance expert and follow their guidance. Do they have a blog that can provide you with moral support? Are they willing to teach you the ropes? You need a personal finance mentor and motivator just like some people need a personal trainer. Trim the fat that is your debt.
2. Disclose your debt.
Let’s stop being afraid to tell those around us our money woes and our money successes. We should be able to shout it from the roof tops and relieve ourselves of that pressure. Bottling up any type of stress can lead to a lot of anxiety, depression and mind consuming battles that no one should ever have to face alone. Please don’t be afraid to look for support. It’s all around you.
3. Stop buying things that depreciate.
We should truly be aware of where we are spending our money. Will you be getting a return on your investment? People these days have become comfortable with spending our “future” selves’ money. Taking out a loan is money that you might have to work an extra 10 years for. And after that extra 10 years, that product or item you purchased – will be worth less than the interest you paid. Ask yourself is it worth it?
4. Take control of your money instead of letting it control you.
Why are we so obsessed with wanting something we can’t afford? I often try to blame consumer advertising, society’s need for luxurious lifestyles, and the people we surround ourselves with. But truly, no one can be blamed but you. There are no excuses for spending money on something you know is not a necessity. If anything, we should blame our upbringings, because many of us clearly weren’t taught the value of a dollar.
5. “Live in the moment” is the world’s worst quote.
People who live in the moment and don’t plan for their future financial success – will never be financially successful. Preparing for your retirement and your future life with a family, travelling the world – or whatever you have on your bucket list – cannot be done short-term. Because of this mindset, many Canadians haven’t even started a savings account, an emergency savings, or for retirement!
These are 5 simple mentality changes that could seriously turn around your money management skills. Don’t let debt become a natural way of life for you or your family. Push towards a life of financial literacy, successful spending habits, and no overdue bills.