No matter how you got into debt, if you’re in it and don’t want to be, there are certain attitudes that will help you on your way to the land of the debt free. This isn’t the ‘how-to’ practical blog for getting out of debt. If you’re looking for that, check out this post. Instead, this is the blog that looks at what’s going on in our heads and hearts in relation to debt because that is what’s going to determine how well we stick at any ‘how-tos’ anyway.
Wasn’t it said that what we believe determines what we think, which determines what we do, which determines how we feel… or something like that? I’m sure there’s no hard-and-fast formula, but from my experience, any lasting lifestyle change has to start from within or it won’t last. Moving from debt to debt-free and staying that way doesn’t happen overnight and isn’t easy. There are a few beliefs and thinking patterns that are essential to that journey, and I believe a few of them include the following.
Attitude 1: View Debt as a Weight Tying You Down
Unless you see debt as a problem, you’ll have no motivation to change your situation. Debt keeps you at a standstill or worse, drags you backwards. With debt hanging over you, it’s very difficult to reach the goals and aspirations you have. You might want to save for a house deposit, get your kids through school, take some time off on a holiday, own your car outright, save for retirement, fund a project or fulfil a special dream. If so, it’s worthwhile calling debt what it is – a weight, a hindrance and a problem that needs resolving. That’s the only way you’ll reach any of those goals and get to enjoy the peace of mind that comes with living debt free.
Face it, you’re paying for that debt, both financially and mentally as it weighs you down and holds you back. So see it for what it is and let that motivate you to make some changes!
Attitude 2: Humility – Own Your Mistakes and Learn From Them
If we never admit our failings, how can we learn from them, grow and do better next time? Being humble enough to name our mistakes is a hugely important thing in every sphere of life, including this one. Most of us have contributed to our own debt through bad choices, laziness, impatience or a host of other things. Sometimes debt can’t be helped, but there are always responsible ways of dealing with it and things to be learned from the mistakes we’ve made.
If we want to work toward becoming debt free, one of the most vital things we need to be willing to do is take a good hard look at how we got where we are and how our lifestyles may need to change in order to change our situation. It takes courage to be humble, to square up to where we’re at and what our issues are, but until we do, history will merely repeat itself. Asking for help and owning our mistakes – there is much wisdom in this.
Proverbs 15:31 – ‘Healthy correction is good, and if you accept it, you will be wise.’
Proverbs 11:2 – ‘Pride leads to disgrace, but with humility comes wisdom.’
Attitude 3: Work Toward the Greater Good
Sit down and sort out where you’re at and where you want to be. No doubt you have some kind of a vision for your future. Hopefully it involves being debt free – perhaps even more than that – having enough to give away to those in need perhaps? Anyway, whatever your goal is, keep it in the forefront of your mind and don’t let immediate wants or preferences divert or distract you.
The only way to reach a goal is to keep working toward it and prioritising other things well in light of it. It’s all about the little choices you make. If you’re terrible at big picture, end goal thinking, try doing some things to remind you that it’ll be worth it not to buy that new gadget today so you can save up that house deposit next year. Stick pictures of the house you want to buy in the bathroom and on the fridge, tell people your goal, give someone you trust permission to ask you about your spending to keep you in line. You can do it and it will be so worth it!
Attitude 4: Perseverance – Don’t Let Setbacks Get You Down
Making good decisions is no guarantee that you’ll reach your debt free status with smooth sailing. Unexpected expenses and setbacks come up from time to time – a car breakdown, a health issue, weather damage to your property, a computer that decides to give up or some other random thing. It’s easy to get discouraged in these situations, but choose to let them teach you something and keep plodding on.
One of the best things you can do is to expect and plan for setbacks, determining to persevere and get through them and to hold fast to the goal. Wise decisions and lifestyle adjustments that help you become debt free will pay off, even if you experience some setbacks and challenges along the way.
Attitude 5: Patience
In our culture, if we don’t get it now, we lose heart. But the things most worthwhile in life have to be worked for and take time. If we don’t patiently keep plodding and chipping, bottom line is that we’ll probably never get there, but if we do, we’ll get them eventually. Which would you rather? I know what I’d pick!
It’s time to toughen up, bite the bullet and be patient. Rough things a little longer in that flat for the end goal, be inconvenienced by not having a dishwasher for a few more years for the end goal, slog it out with that 12 inch TV for just a little more time for the end goal. You’ll appreciate everything more this way anyway. You don’t have to ‘keep up with the Joneses.’ They’re probably in debt and getting themselves in trouble anyway!
In 10 years time, wouldn’t you rather own most of what you have outright than be forever overwhelmed by repayments that are mostly interest!? If you want to be and stay debt free, patience is a virtue you’ll need to cultivate! You might even inspire a few friends along the way!
In Conclusion
Bottom line? Recognise the problem of debt, own and learn from your mistakes, keep focused on the end goal, persevere through setbacks and work patiently toward where you need/want to be. You won’t regret being debt free but you’ll need to deal with your motivations and attitudes to get there. Life change begins in our hearts and minds!
Proverbs 4:23 – ‘Above all else, guard your heart, for it is the wellspring of life.
Proverbs 23:7 – ‘As [one] thinks in his heart, so is he…’
The Best Credit Cards with Low Interest Rates
| Credit Card Offer | Purchase Rate (p.a.) | Balance Transfer (p.a.) | Annual Fee | Apply now | ||
|---|---|---|---|---|---|---|
| rate | period | |||||
|
HSBC Credit Card No annual fee. 0% on balance transfers for 8 months. Access to offers, discounts and benefits. |
17.99% | 0% | 8 months | $0 |
Featured Card |
|
ANZ Platinum Credit Card Platinum rewards. 0% balance transfers & purchases for 6 months. Apply before 12 June 2012 |
0% | 0% | 6 months | $0 |
Editor’s Choice |
|
Citibank Clear Platinum Credit Card 0% for 6 months on balance transfers. Platinum rewards. 1/2 price annual fee 1st year. |
0% | 0% | 6 months | $49 |
Editor’s Choice |
Image: alancleaver_2000
Sarah is a twenty-something living on the Mid North Coast of New South Wales, Australia and works with a not for profit organisation. She’s passionate about learning from and working alongside the disadvantaged, loves keeping healthy and drinking chai tea. Sarah has also contributed many of our 
David Boyd
Andrew Boyd
St.George Vertigo MasterCard
Westpac Low Rate Credit Card
ANZ First Visa Credit Card