The number one reason we don’t pay off debt

The number one reason we don’t pay off debt

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.)

Related post: “There’s a link between your emotions and financial behaviour”

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?”

pay off debt

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.


  1. Was an interesting read on why you aren’t paying off your debt. As long as you can make it work for you. Not having debt will put more money into your account for when you need it.

  2. Interesting perspective. Everyone has to do what works for them. For me, the freedom and peace that comes from not being in debt to anyone is like nothing else.

  3. I know what you mean by the “what if”. But when I resigned from my job I made sure that I paid off debt like my credit card and the one retail account I had. I did this to ensure there’d be money if there was an emergency. Hubby and I also decided to sell one of our cars as having 2 was no longer a need. And then we made (and still make) smaller sacrifices as well, especially since we knew we wanted to have another baby.
    I know you will reach your goal.

  4. For me, it’s about realising the weakness and addressing it, then working on overcoming the issue. I definitely want to pay off my debt within the next few months. It’s a good feeling to know that debt-cloud is not hanging over your head. Thank you everyone for your insights. I appreciate it. A LOT.

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