When you commit to yourself to get out of a huge pile of debt and wait until you’re free from all the stress – the whole thing can seem like a marathon. An exhausting one! Sometimes the pressure can be too much and when that pressure is stretched for a long period of time, the debtor starts experiencing burnout due to the exhaustion that comes with curbing the desire to overspend and save-up the finances.
Breaking down the debt fatigue
The most immediate result, or you can say the sign of debt fatigue, is that the person starts overspending as a way to compensate for the time of financial deprivation. This tendency to overspend more than the person saved up is what is called debt fatigue.
How to avoid debt fatigue?
Trying to get out of debt can be exhausting for anyone irrespective of whether you are paying mortgages or student loans.
Here are some surefire ways to combat debt fatigue and come out of the whole situation with flying colors –
- Build the momentum slowly
In the words of Dave Ramsey – “paying off debt is about momentum, not math.”
Start off with the smallest item on the list. The logic behind it is that the smallest loans are easiest to pay off and just the mere act of being successful is enough to keep the person motivated and avoid feeling like a failure midway. The chances of giving-up halfway will be reduced substantially if you start off small, slowly building the momentum towards bigger items.
- Find social support
It’s very easy to have a mental breakdown and feel like a failure when the debt continues for a long time. Humans are social creatures. Therefore, it’s important to have a support system to rely on for motivation. Talk to people who are going through same situation as yours. Bank on someone trustworthy and dependable who would not judge your situation but will help you stay afloat in the middle of a financial crisis.
- Visualize your goals
Arnold Schwarzenegger is the finest example of the personality who credits visualization technique for his immensely successful career. Learn from such examples. Visualize the motivation behind why you need to pay off debts. Think about an exotic vacation you will be able to enjoy or a house you can buy when you are out of debt.
Keep reminding yourself of such inspirational imagery. It will give you the much needed motivation to keep going and not succumb to debt fatigue.
- Keep rewarding yourself every now and then
When people try to come out of debt, they curb their need to overspend or indulge in luxury. They start suppressing their wants. And we know that any desire suppressed for a long time will one day bounce back with double the force. The same applies to curbing your emotions to spend the money. You may hold it in for some time, but after that – you will start overspending.
To avoid this, keep rewarding yourself every now and then. Treat yourself to a hearty meal at a nice restaurant or buy a pair of shoes you have been eyeing for a long time. Doing so will convince your subconscious mind that you are not making any sacrifices. That way you won’t feel the need to suppress your desires and end-up overspending after some time.
Paying off debt should not have to be a challenge. It’s an art. If you can practice that art, you will definitely be able to kiss your debts goodbye without the stress of it. Just make sure to follow these tips religiously.