Hello Friends! Today, I am going to go over debt but not in the way that you think. More importantly, I’m going to go over the emotional struggles of debt and how to get over the psychological part of it. Debt is something that has a great impact on our psychological behavior, the way we think, talk, and behave. It’s something that many people have experienced in the past or are currently experiencing now. I think that getting over the psychological effects of debt is the important first step that people should take in order to tackle debt and start living that financially free life! So, grab that cup of coffee that you made at home because you like to save money and let’s get started!
Have you ever thought about the debts that you have and immediately began to stress or have anxiety? Does the thought of your debts make you feel like you can’t breathe? Do you constantly wonder if you are going to be able to repay your debts? Whether we want to realize it or not, debt can have a great impact on your psychological well-being. Debt can lead you to have stress, anxiety, self-esteem issues, or even depression; that’s not something you should live with. A study conducted by Elizabeth Sweet, professor of Anthropology at the University of Massachusetts Boston, suggested that “higher debt is associated with worse health in a national cohort.” Additionally, they found that “reporting high financial debt relative to available assets is associated with higher perceived stress and depression, worse self-reported general health, and higher diastolic blood pressure.” This isn’t the only study that is happening to connect the link between debt and your psychological well-being. You aren’t alone in this emotional struggle with debt, many people are in the same boat as you. Many other people are feeling stressed, depressed, anxious, worried, and many other feelings, and I am going to tell you that is okay. It is normal to have that feeling, but you don’t have to accept it as the end all. Together, we can tackle this emotional struggle. Mr. Nahas, how can I get over these feelings? Fantastic question, I am going to outline the steps you can take.
I want you to know that it’s okay to have feelings about your debt; there’s nothing wrong with it, to a certain extent though. It’s important that you know your feelings are normal, and you shouldn’t feel ashamed for it. With that being said, you can’t live in your feelings; you can’t let them get in the way of your goal or consume you to the point where you shutdown. Just because you are feeling stressed or anxious doesn’t mean that you should sit down and do nothing; you need to do the opposite. Instead of saying, “I am feeling stressed. I am ashamed of feeling stressed; I don’t want to do anything,” say, “I am feeling stressed, and that is okay. I need to let this stress motivate me to get out of debt.” You have the biggest asset known to man – your mind. The beautiful thing about your mind is that you have the ability to control all of your thoughts and actions. You need to use your mind to your advantage to tackle these feelings, and one way to do that is to accept that it’s okay to feel sad, anxious, stressed, etc. Another way to use your minds to your advantage is to know that you don’t have to constantly live with these feelings. You need to be proactive, what I mean by this is that when you get these feelings, say “it’s okay” and then say “I don’t have to live with this debt; it’s possible to get rid of it, and I will get rid of it.” Constantly remind yourself that debt can be managed, and that it’s totally possible to get rid of all your debt. Keep affirming to yourself that your debt doesn’t define you, and that it’s only temporary. This journey starts with your attitude and thoughts. Think and it can be achieved! Mr. Nahas, can I take a run or workout whenever I feel stressed or have these feelings? Yes, of course you can! Physical exercise can also help tremendously with those feelings but don’t forget to tell yourself what I mentioned above!
You need to accept that you have debt; it may seem trivial, but it’s an important step. Mr. Nahas, why would I need to do this? Good question! You can’t shy away from this problem; you need to tackle it head on. It’s not one of those things where you can say “out of sight, out of mind.” It’s actually really dangerous to say that because you will then let compound growth take effect and wreak havoc. To be in control of your debt, you have to take control of it. What I would do is make a list of all the debts that you have and accept that you have these debts, but it’s important to realize that you don’t have to live with them. You can pay them off and be free, but it’s going to take some work. It’s totally possible to dig yourself out of debt, even if you are at the bottom. There are so many people that have been in debt and then climbed out; they will tell you it’s hard work, but they will also say that it’s completely possible and worth it to.
This is the step that helps you get out of debt but before you move on to this step, you need to understand and practice the two previous steps. You need to know it’s okay to have feelings about your debt, but you shouldn’t accept that you have to live with them. You need to accept that you have the debt that you have but realize that it’s possible to pay off your debt. But Mr. Nahas, where do I start? I think it’s important to have financial philosophies that you live by. This will help you realize what’s important in your life and what isn’t. Once you realize that, you will then have to create a budget and stick to it. This may be hard for the first couple of months, but it’s worth it. The sacrifice now is worth not having debt. The good thing is that if you stick to your financial philosophies and budget, you will see progress. Once you see progress, your mood, attitude, and feelings will change for the better. It takes time to get rid of your debt depending on how much you have. You got this!
I hope that I was able to help you with the emotional struggles of your debt. It’s totally possible to pay off your debt; you just need to believe in yourself and master your mind. There will be struggles and days where you “just can’t” but you need to be strong and move forward, keep being proactive. If you have any questions or need me to clarify anything, post a comment and I will reach out to you as soon as I can. Thank you, friends, for stopping by! Take care and see you soon!