A debt free mindset will lead you to a debt free life. Basically, if you want to be debt free you need to think and act debt free. You won’t get there if you don’t start implementing the strategies that it takes to be debt free.
8 strategies for getting into a debt free mindset
1. Plan your spending
Make a plan before spending any money. This goes for everything. Heading off to the grocery store? Make a list and give yourself an approximate budget. If it is not on your list, do not buy it. Notice the pricing while you are at the store. If it seems higher than you anticipated then evaluate if it is really needed at this time or maybe you can wait for a sale. Planning to buy a larger ticket item? Make a savings plan so that you purchase it outright and not with credit.
2. Reconcile your accounts each month
Keep on track with your finances by reconciling your bank account every month. Go one step further and evaluate your spending. Most bank accounts have online reports you can use that track spending by category. Check these out to see that you are spending per your budget. Don’t be surprised.
3. Pay attention to what you buy is key to having a debt free mindset
Are you buying things that are meaningful and useful to you or are you impulse buying? A debt free mindset is controlling how you spend your money. Know what you spend your money on and why.
4. Have visions and goals
By having clear visions and goals about being debt free you naturally will be in the mindset to succeed. Remind yourself often with vision boards, affirmations, journaling, and daydreaming what debt free living will feel like to you.
5. Maintain faith
Whatever circumstances that occur be sure to maintain faith that you will achieve your goal of living debt free. Sometimes patience is required, especially if the road is quite a long one. Just remind yourself that you are learning new money management skills through the process and every day you get closer to realizing your goals. Be your own cheerleader and root yourself forward all the time. Having faith that you will get there will help you stay in the positive mindset that is required for success.
6. Do not use your credit card
I am not against using credit cards if used wisely. However, if you are on a debt free journey I am guessing that you want to pay your credit cards off. So…..don’t use them. Find another way to buy what you need or do without if you have to. A debt free mindset is being able to say no to any debt. It is telling yourself that you will stay away from debt no matter what.
7. Meditation/Mindfulness practice
Meditation and mindfulness help relax your mind, especially if you are overthinking money issues. When your mind is relaxed you open it up to allow ideas and inspiration to flow in. Having an open mind leads to decisions made for your higher good. In this case, decisions that support debt free living. Whether that be going forward with a purchase, a plan to earn some extra income or a budgeting strategy you had not thought about, practicing meditation and mindfulness is a good tool to help you have a debt free mindset.
8. Remember your values
Remind yourself why you are choosing a debt free lifestyle. If it is because of your values, whether core values or the current personal values you have for the stage of life you are in, then be sure to put those values somewhere to refer to on a regular basis. When faced with a financial decision, reflect on your values and ask if the decision lines up.
In summary
All of these strategies will help you keep a debt free mindset. Some are the inner work such as meditating, mindfulness, values, faith, and vision and others are external such as spending, budgeting, and monitoring yourself.
It is the balance of internal and external strategies that will lead to your success and happiness. Enjoy the process and remember why you chose this vision.
Thanks for reading!
Stay balanced,
Jill