It’s easy to procrastinate when you’re staring at a mountain of debt. And like beginning a fitness regimen or learning a new language, getting started is always the hardest part. But failure to get started on your debt payoff journey today means you’re delaying the inevitable and likely accruing more interest in the process. Here are 4 things that stop you from starting your debt payoff journey and what you can do to overcome these obstacles.
You don’t know where to start
If you’ve been holding onto debt for years, it may be because it’s simply too overwhelming to begin. However, sometimes just putting things in perspective and coming up with a plan is enough to get you moving.
Gather your current debts and calculate how long it will take to pay them off using a debt payoff calculator. Having a number in mind for how much you’ll need to pay monthly and for how many months can help you get over the hurdle of making that first payment.
You think debt is just a part of life.
Like car salespeople, real estate agents, and credit card companies, people who sell debt want you to believe being in debt is a way of life. And if you hold that mindset, you might not realize there’s a way to live differently.
One of the best ways to motivate you to start your debt payoff journey is by educating yourself about what it means to live a debt-free life. Seek out bloggers and everyday people who have financial success stories to share. Once you see that others have started where you are and come out on the other side of debt, it can light the fire you need to get going.
You’re uncomfortable making sacrifices.
It can be really tempting to keep up with the Joneses when it’s what you’ve always done. But if you’re going to get serious about starting your debt payoff journey, there are sacrifices you’ll need to make.
That may mean decreasing expenses by trading in your fancy car for an older model or increasing your income by picking up a part-time job doing food deliveries. Whatever these sacrifices look like, you’ll need to be okay with putting debt payoff first and foremost in your life.
People around you may notice that you’re not spending as extravagantly as before or hosting as many parties as you used to, but that’s okay. Once you’re fully committed to repaying debt, no amount of whispering from neighbors or friends should deter you.
Your significant other isn’t on board.
You could be dead in the water if you’re into the idea of paying off your debt but you’re sharing finances with someone who isn’t. Both parties must be fully on board to make debt repayment work. And that might be as simple as having a conversation about your financial priorities and goals.
If you can explain to your partner why starting to repay debt matters to you, they might begin to see your debt as a shared responsibility that the two of you need to resolve together. And two people working together toward a common goal is always going to be easier than going at debt repayment alone.
The bottom line
When you sit down and face the reasons that stop you from starting your debt payoff journey, you may realize they’re not the roadblocks you once thought. Of course, making debt payoff and financial freedom a priority in your life will require change and sacrifice. But the satisfaction of living debt-free is well worth every hurdle you’ll overcome along the way.
Brooke Joly
Brooke is a freelancer who focuses on the financial wellness and technology sectors. She has a passion for all things wellness and spends her days cooking up healthy recipes, running, and snuggling up with a good book and her fur babies.
