Most people define debt fatigue as the feeling you get knowing that you have been in debt for quite a while, and you probably will be for some time to come. Some individuals or families live for years with debt hanging over them, and most people agree that it’s not a comfortable feeling.
While there is seldom a miraculous answer regarding how you can get out of debt, there are ways to deal with the accompanying fatigue that can help you with your mental and physical health. Finding methods to combat the feeling of fatigue is vital. If you worry that debt is overwhelming you, that can adversely impact your daily existence and hurt your relationships with family members and friends.
Let’s talk about four ways to combat debt fatigue that anyone can try.
1. Take Progress Into Account
You might not be out of debt yet, but perhaps you’ve been making a concerted effort to whittle it away. Maybe you’ve paid off one of your credit cards recently, or you’ve been cooking at home rather than spending more money dining out.
If you look at your FICO score vs. credit score, you can see that there’s a difference between them. If you’ve been working diligently on reducing your debt, you might take a look at both and see that they’re going up.
Even if each score going up happens incrementally, you should congratulate yourself on that progress. Let yourself feel good about the effort you’ve been making, even if you still have a ways to go.
2. Make Sure to Set Reasonable Goals
Debt fatigue is a mindset. While you can’t always control how you feel about your financial situation, you can try setting reasonable goals that you’re liable to reach. You want milestones that challenge you, but they should not be unobtainable.
A reasonable goal might be paying off a used car by the end of the year or paying off one credit card entirely within six months if you know you’re making enough money for that possibility. As long as you’ve created realistic goals, reaching them can seem like a small victory. That can do wonders for your mood and self-esteem.
3. Allow Yourself to Have Some Fun (within Budget)
Budgeting to reduce your debt can seem like dieting. They’re both about abstinence and in each situation, you have goals you’re trying to reach.
Just like you can have a cheat day while dieting, when you might indulge in some pizza or a burger, you might try something similar to relieve a feeling of debt fatigue. If you’ve hit all your financial goals for the week or month, you might splurge on something nice for yourself.
The key is buying an item you’ll enjoy that doesn’t cost so much that you set yourself back. Think about options like a new article of clothing or a video game rather than a high-end car or something else you can’t realistically afford right now.
4. Surround Yourself with People Who Will Cheer You On
Most people know someone who’s frequently negative. Being around pessimists while you’re trying to feel better about your debt will not do you any favors.
You should try to spend time with individuals who will make you feel better about the steps you’re taking to reduce what you owe. Those might be friends, family members, a spouse or partner, etc.
If you only associate with individuals who will boost your resolve, it can make an enormous difference. Conversely, try to remove those who drag you down emotionally from your life.
Debt Fatigue Does Not Have to Control You
Reducing what you owe might feel like a laborious process sometimes, but following these tips should help. Figuring out healthy ways to celebrate your progress while gradually eliminating each of your debts is essential if you wish to maintain your health.