If you’ve been diligently working towards getting rid of your debt or saving for a significant event like a wedding or house purchase, you might get to a point where you’ve had enough. Here’s what they don’t typically tell you about managing debts: sometimes, it’s perfectly fine to take a break from focusing on finances.
Imagine being on a weight-loss plan where you’re consistently reminded of everything you can’t indulge in — eventually, the deprivation will drive you to binge-eat. When the financial burden of settling debts becomes overbearing, it might be time to take a breather.
Social Judgment
In today’s economic climate, frugality is almost fashionable. The trend of clearing off debts and achieving a debt-free lifestyle resonates with many and is something we hope endures for future generations. However, hearing tales of how others managed to clear huge debts effortlessly can be disheartening, especially to beginners in debt management.
Certain people might criticize you for making what they consider frivolous purchases. Despite doing your best with available resources, you may be questioned, “Do you really require this expensive item?” Maybe they managed to clear their debts quicker by working several jobs and enjoy making light of your free weekends. Your decisions to dine out may not escape their scrutiny.
Time Against Debts
After clearing over $10,000 in credit card and auto loan debt, I hit a stumbling block. Having cleared roughly a third of our total debt and yet having two-thirds left seemed daunting. The thought of such a significant sum yet unpaid can be intimidating.
Particularly with student loans, which are typically manageable enough to be lived with. Justifying the retention of such debts is quite easy. The reality, however, is that debt repayment can never be too swift. Other expenses require our income, and as much as we try to prioritize debt repayments, it doesn’t always work out that way.
We may not be able to eliminate our debts as quickly as I’d wish, but it’s a gradual process, and we’ll eventually get there.
Pleasure amidst Pressure
Working to clear your debts and becoming debt-free is an excellent ambition, but remember to also enjoy life once in a while. Don’t let your pursuit of a debt-free status overshadow your happiness.
If there’s a concert you’ve always wanted to attend or a vacation spot for your wedding anniversary, don’t hesitate – plan for it! Regardless of the size of your debt, it’s perfectly alright to indulge occasionally, as long as you’re consciously working towards debt reduction. After all, life is to be enjoyed.
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