The Deb Mindset

So you have a little bit of a spend now pay later personality? Who doesn’t? When that spending results in shame and feeling less than it is a mindset problem. Often this personality leads to your debt and the mindset perpetuates it.  I can hear you asking, “Why save when i can enjoy life now? I want to be able to spend and live and experience the pleasures big and small.”

At the same time, you don’t want to stress about future sacrifice or take away something of value to survive later on because you overindulged and have debt.

Changing this mindset with these 4 tips can help you pay off debt and avoid it in the future while being able to enjoy life now.

IN THIS EPISODE

You want to be in a money mindset that is in line with your values, beliefs,  and alignment with current reality.  This is going to be the big shift.

When you have the “put it on a credit card mentality,” and spending more than you are bringing in, you are creating a deficit and, even, manifesting debt. Instead, you want to get into the driver’s seat and tell your money what to do instead of allowing your money to manipulate your emotions. Here’s how to do that.

Create a Splurge Fund

Back in the day, it was the money (birthday, chores, holidays) you would put in a jar to save for something big. Back then your money wasn’t allocated for the shoulds, it was all pleasure.

You can still do that now.

If you are a cash-based household, use an envelope or drawer for your blow off money. If you do online banking, open a separate bank account. Make sure you set aside a certain amount every week. Get disciplined about the only money you spend coming from your splurge fund until you are ridiculously rich.

Use Cash

This is the detox to change your patterns and thinking process. Cash makes you consciously aware of what you are spending. It only takes one time at the register with $300 worth of stuff and only $250 on you to change your habit. It feels weird admitting that you have to put some items back. From that point forward your subconscious brain will do everything to avoid that feeling. It will make you bring a calculator or have you do the math.

Paying attention to cash only spending will lead you to have the excess for the splurge fund.

Freeze Your Credit Cards

For me, I cut them up. It was painful for a minute but rewarding in the end. I actually cried.

If cutting them up is too scary, freeze them in the freezer. Take a tupperwear container and put them in there with water. You need to have an ice pick to get them out. Have someone hide them from you. Make it hard.

Have a Petty Cash Fund

This is a cash fund that is only tapped into for emergencies. You don’t use your splurge money for emergencies, instead you use your petty cash fund. Like in a business, a petty cash fund relies on tracking that money. Anytime money needs to be used, even if it is something like lunch money for the kids, it has to be signed by all of the financial decision makers in the house. This way you are held accountable to replenish that money.

Let’s Chat More

Now that you’ve got these four tips for shifting your mindset and paying off debt, head on over to the Facebook Group and let us know how your mindset is shifting and how this is working for you on your debt repayment.

I'm going to tell my money what to do rather than letting my money manipulate my emotions and tell me what to do. Click To Tweet

KEY TAKEAWAYS

  • 1:52 What’s possible tomorrow definitely has everything to do with the choices you make today, the way you decide to show up, the thoughts that you think, the vibration you choose to live in – all of that creates your tomorrow. But today is a product of your past.
  • 2:44 Although, you can pretend everything’s good but that underlying emotion that that debt is creating is shame, guilt fear struggle scarcity. We don’t want that in our life!
  • 3:20 I’m going to tell my money what to do rather than letting my money manipulate my emotions and tell me what to do.

EPISODE RESOURCES

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o you have a little bit of a spend now pay later personality? Who doesn't? When that spending results in shame and feeling less than it is a mindset problem. Often this personality leads to your debt and the mindset perpetuates it.  I can hear you asking, "Why save when i can enjoy life now? I want to be able to spend and live and experience the pleasures big and small."  At the same time, you don't want to stress about future sacrifice or take away something of value to survive later on because you overindulged and have debt.  Changing this mindset with these 4 tips can help you pay off debt and avoid it in the future while being able to enjoy life now.
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