Have you ever had a conversation with someone who was working so hard at paying off their debt but were completely miserable? Like, “I can’t meet you for coffee because I have debt” miserable?
So have we, and friends, we want to offer you some hope:
It does NOT have to be that way.
In this episode, we get into how to change your mindset so you can effectively pay down debt and live a full life at the same time—including the neuroscience behind it. Plus we share five simple tips for ending debt stress for good.
We know you’ll find this helpful and possibly an eye-opener to changing your entire experience.
But first! We have a BIG announcement!
You have been asking for it and we have been listening. We are so excited to announce the upcoming launch of not one but TWO podcasts!
The One Big Happy Life podcast will launch in November and then Tasha will start her own podcast on starting and scaling a business to 7 figures and beyond, starting in December.
You can sign up here to be the first in the know when they go live.
Now, on to the show!
If you are finding yourself in a discouraged place with paying down debt, these five steps can completely change your experience and get you back to enjoying your life.
[2:27] You can follow your dreams and still pay down your debt. There are ways to pay off debt without sacrificing your mental wellbeing. On our journey, we have paid down over 200k in debt while enjoying our lives. We’ve taken international trips, vacations and even changed jobs by creating balance in how we approach our debt.
[5:49] To change your feelings about debt, you have to change your thoughts. Our subconscious stores the repeated negative thoughts we have and builds it into our automatic thought processes. This creates the stress we feel about debt.
[7:04] Money is abundant. When you begin to believe the concept that money is abundant, you will begin to see the limitless opportunities to make more when you need to. There are always ways to make more money.
[7:48] Debt is a circumstance. Not a moral issue. There is no morality tied to debt. It’s just a circumstance. When we realize that the supply of money is infinite, but our time is finite, we start to use money and debt as a tool. Debt and interest is a way to use money (infinite) to buy back time (finite).
[9:50] Step one: look at your debt. Know all your interest rates, due dates, how long it’s going to take to pay off, and how much the balance is. Knowing exactly what you have will start to diffuse the anxiety around it.
[10:50] Step two: create a sustainable payment plan that allows you to also meet your financial goals. You need a workable plan that you can stick with. There is no one right speed to paying off debt.
[13:03] Step three: automate your debt payments as much as you can so you aren’t having to constantly make decisions regarding your payoff plan. Ex: if you want to pay $50 more a month on your minimum payment, go to your bank or credit card’s site and set it up to automatically draft that amount on the same day each month. This keeps you from having to do a lot of mental work each time you pay down something.
[14:30] Step four: look at your calendar and see when you’ll be able to pay your debt off quicker and when you will need to slow down. When are your heavy spending times like vacations, birthdays, and holidays? And when do you not have as many expenses? Use this knowledge to slow down on paying off debt when you need to and also pay off bigger chunks when you can.
[16:30] Step five: find a community who have the same goals and can be an encouragement to you. That’s exactly the kind of supportive group we’ve created inside of Wealth Builders Academy. The doors won’t open again until 2020. Click here to get on the list and be the first to know when they do.
Links mentioned:
One Year Spending Plan Template
One Big Happy Life Podcast
Wealth Builders Academy Waitlist
Brooke Castillo Podcast
Dr. Shannon Irvine Podcast
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