Disclaimer: Views are my own. You should seek advice from a professional, and also know each person’s circumstance differs.
Yup, I said it: I don’t want to pay off my debt completely. Even if it’s one of my goals this year – to pay off all debt, I’m still struggling with the concept.
I realised this because I have a choice between paying off debt (and be debt free) or I can still pay my normal instalments per month and have money left in the bank.
You see, I need money in the bank because you never know when something can come up, like an emergency. (Enter emergency fund – this should always be in the picture.)
At the moment, I’m unemployed, my money is busy running out and I am (or should I say “was” instead) the breadwinner. How can I still pay retail bills when my rent and food are more important? (Just a thought. I do still pay my retail bills even if it’s lower than the instalment.)
I think the real reason I don’t want to (or rather I feel I can’t, not want) pay off my debt is because of my mindset.
Hear me out.
My mind has doubts that if I pay more on debt like a retail account, that somehow I won’t have money to pay for something important that might come up. But what if nothing else comes up, Melissa?
The “what if” is clouding my mind and that makes me rather play it safe than sorry. Then I remind myself of my goal and think “what are you willing to do to accomplish this goal?”
With any goal, you have to adjust, even if it means adjusting your mindset. This means you should ask yourself whether the doubts are valid. And if your doubts are valid, what are you going to do so that you eventually achieve your goal.
Also, it helps to have a deadline to a goal. Why? Because when we work for an employer we are given deadlines and we try to make that deadline because it’s important. Achieving that deadline will contribute to the success of the company. The same goes for personal goals.
This takes me back to my why. Why is this so important to me – to pay off debt? Why should I change my mindset? To pay off debt – to pay more on an account – I have to continuously think of my WHY.
Related post: My motivation behind my determination
Have you ever paid off debts? What helped you through the process of paying off debt or to reach any other tough goal? Please let me know in the comments below.