If you find yourself struggling with debt, you might feel overwhelmed about your future. It may bring comfort realizing that you are not alone. In the United States, most adults find that finances are a significant stressor in their lives.
To alleviate some of the emotional burden and shift your mindset, you can follow a few tips to help deal with the stress related to your debt.
Put your debt in perspective
Keeping your debt in perspective and viewing it as a business decision rather than something catastrophic and all-consuming in your life, is a healthy mindset to have. Additional stress is typically not worth the added health risks when in reality, many people file for bankruptcy multiple times.
Celebrate your progress towards debt elimination
As you work towards debt elimination, remember to celebrate the progress you made with your friends and loved ones. This creates a special moment in your relationships as well as serves to destigmatize debt. When you feel supported by those close to you, your sense of shame and stress will decrease and may serve as inspiration to keep going.
Remember your other sources of joy
When you face debt and the possibility of bankruptcy, it is difficult to think about much else in your life. To relieve some stress and attempt to stay grounded, it is good to remind yourself of other good things in your life. Think of your other blessings that bring meaning to your life. You can work towards minimizing your debt while also taking care of yourself- you do not have to wait until you reach a zero balance to be happy.
Break the cycle of guilt
When you feel overwhelmed by the seemingly insurmountable debt, you might cope by not paying attention to your finances. You may stop checking your statements or tracking your purchases. This avoidance might make you feel better in the short term, but in reality you might lose control of the situation. By facing the shame, you may actually alleviate more stress than you think.
Seek support from professionals
Working with trained professionals to assist with your debt will help remedy some stress surrounding your finances. A financial advisor, a CPA or a financial planner can help you develop a payment plan and budget to get you on the right track as you begin repayment.
Taking steps to minimize your stress surrounding debt will make your journey much more tolerable.