At MoneyPlus, we understand just how stressful dealing with debt can be. Whether you have a loved one’s birthday or Christmas coming up and are worrying about finding affordable gifts or are simply struggling to pay your utility bills this month, just trying to live your life while juggling crippling debt can feel all-consuming.
However, it’s important at these times to remember that help is always available and that no matter how severe your financial difficulties are, you don’t have to let them take away your joy and happiness.
No matter if you’re simply going through a rough patch financially or are working through a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA), it’s always important to remember that life is for living. And after all, there are countless ways to have fun and stay entertained without spending a penny.
With this in mind, in this guide we help you discover how to stay motivated while paying off your debt and ensure you continue to enjoy life to the fullest, regardless of your financial situation.
Is it possible to have a happy life in debt?
Of course. Although it might not always seem the case when the weight of debt is sitting on your shoulders, it is absolutely possible to lead a happy life when dealing with debt.
Aside from finding the expert debt management support you may need to start improving your financial situation, the key lies in shifting your perspective and focusing on the positives. Here are some tips to help you stay happy while managing your debt:
1. Focus on what you have
Happiness isn’t material. This is to say, when you find yourself struggling mentally and in debt, instead of dwelling on what you lack, try to concentrate on the things you already have. It may sound cheesy, but thinking about your family and friends, your good health, and the future that’s still ahead of you can help. Even remembering the small things like taking your dog on long walks or enjoying a good book can help you remember that there are so many ways to find joy without spending money.
2. Set achievable goals
When you are struggling with debt, setting realistic financial goals is essential. This will not only help from a practical point of view, it will also give you a sense of purpose and progress. To do this, simply break down your debt repayment into smaller, manageable steps and celebrate each milestone you reach. This approach makes the process less overwhelming and also provides regular boosts to your morale.
3. Don’t be too proud to ask for help
Pride is one of the largest barriers when it comes to beating debt. Never be afraid to ask for help and always try to surround yourself with friends and family who understand your situation and offer encouragement. Remember, positive social interactions can really improve your mental wellbeing and provide essential emotional support if and when you need it.
How to stay motivated paying off debt
Staying motivated while paying off debt can be tough and represents one of the biggest challenges when it comes to staying positive. The thing is, motivation is crucial when it comes to getting yourself out of debt. Fortunately, there are ways to keep motivation high through the tough times. For example:
- Try to visualise a debt-free future
Hope is a powerful thing. Keep it alive by imagining the freedom and opportunities that come with being debt-free. By visualising a future without financial burdens, you can help yourself stay focused and motivated. Using props like a vision board or setting reminders of your goals using sticky notes in places you see daily can help with this.
- Track your progress
Sometimes a lack of motivation can just come down to not being able to see the wood for the trees. By simply keeping a detailed record of your debt repayment progress, you can help yourself stay motivated and on track. Think about maybe using a spreadsheet, a financial app, or even just a notebook to record your payments and watch your debt decrease over time. Seeing these tangible results on paper (or screen) can inspire you to keep going. - Reward yourself for milestones
As well as documenting your progress, it’s also important to celebrate hitting milestones. No matter how small, when you reach a debt repayment target, try to reward yourself with a free or low-cost treat. Whether that’s getting a takeaway for dinner, going on a date night with your partner, or even just having a beer at the end of the day, recognising your hard work and progress can keep you motivated.
The importance of fun…
Alongside your practical efforts to regain control of your finances when you are struggling with debt, making a conscious effort to enjoy your life and have fun is really important. After all, having fun is essential for maintaining your mental health and wellbeing, especially when dealing with financial stress.
However, individuals struggling with debt tend to neglect this form of self-care, with many wrongly believing that having fun has to cost money they can’t afford to spend.
Fortunately, this is not the case. You don’t need to spend money to have a good time. In fact , there are many enjoyable activities that can provide a much-needed break from worrying about debt and help you recharge, which are totally free. Here are ten fantastic ways to enjoy yourself for free:
10 ways to have fun for free
- Try a workout at a local gym. Most hand out free day-passes in an attempt to get you to sign on the dotted line, but there’s no obligation to join.
- Visit the beauty counters and blag some samples. They’ve usually got loads of goodies hidden away. Be genuine. Tell them you’ve got dry skin/breakouts/excess oil and you’re considering their products but would like to test them out first.
- Be a culture vulture. Museums, art galleries, castles, cathedrals – there are loads of places of interest that you can wander around for hours for free. There are usually free tours and workshops too.
- Watch a show being recorded. You can apply for free tickets online to be in the audience of a huge range of TV and radio shows and witness some of the country’s top performers in action.
- Check out your local bookshop for visiting authors/events. You’ll be amazed at the amount of cool stuff taking place, from readings to launches.
- Sign-up to be a Mystery Shopper. You could end up sampling restaurants, cafes and amusement parks for free in return for a review.
- Invite everyone round to your place for a meal, with the understanding they each bring something – pizzas, beer, doughnuts etc. You provide the plates and the comfy couch!
- Ask your local hairdresser if they’re looking for models. You won’t have much say in what you look like, but it’ll grow again, right?
- Dig your old library card out! Remember how great it was to mooch around the bookshelves without making a noise and getting slung out? Libraries are great places to go if you’re in need of some peace and solitude. And you can borrow the latest best-sellers for free.
- Have a box-set binge. Sign up for a free trial on Netflix, sit-back and prepare to get square-eyes.
