Quote of the Week:"Pay off your debts from the smallest to the largest. It's not about math, it's about momentum”~ Dave Ramsey

mental debtDiscouragement

When working to eliminate debt, at times you will feel like you are not making progress. When your regular payments seem to have no effect on the overall debt, you can get discouraged and tempted to give up. To counter this, automate and track your progress. Also, get someone you trust to be accountable to.

Being in Debt Becomes a Cycle

Being in debt can become a lifestyle cycle that is tough to break. Some people work hard to pay off debt, only to wind up in debt more debt years later. This happens because debt is only partially a financial issue. Debt can also be a product of a financial philosophy and mind-set. In order to break the cycle, it’s important to evaluate your past, personal beliefs about money, realign your priorities, and hold yourself accountable moving forward.

Instant Gratification

Our culture is going through a “YOLO!”(you only live once) moment. We all want to bottle up time to prevent it from slipping away from our grasp without us fulfilling our dreams. Technology has shortened our attention spans and patience. The ease of getting mobile credit makes it harder to fight impulse buying. We can beat this by cementing good budgeting habits. The gratification of meeting your financial goals will counter the desire to spend money you do not have.

Keeping up with Peers

The need to maintain appearances can get out of our control and mess our finances. If you are feeling pressure to maintain appearances, here’s what to do, evaluate your reasons, find out what resources are available, and take your time in making any purchases, making sure they make sense for your budget/spending plan as much as they may make sense in your life. Most of the times we do not want to think about our purchases because our reasons for buying them may not pass our scrutiny!

You do not ask for Help

Most people are ashamed of their debt status. This often causes them to miss out on a valuable resource to beating debt, support! Telling people you trust gives you access to moral support, accountability and will allow them to show you ways to beat debt that you may never have thought of. Professional financial advisers will also help you with insights to improve your debt payment. Admitting to debt and asking for help is difficult but beneficial.

Stay Focused on the Goal

The most important thing you should remember when reviewing this list is that having one or more of these mental barriers is okay. None of us is perfect. However, the first step in dealing with a problem is by first accepting that you have a problem.

Now that you have discovered the obstacles preventing you from paying off debt, let us help you take action. Call or come and talk to us at our offices in Ecobank towers 7th Floor.

You can send your comments or questions to This email address is being protected from spambots. You need JavaScript enabled to view it. , or visit our offices at Ecobank towers, 7th floor, MuindiMbingu street for more information on personal financial planning. You can also follow us on Facebook and twitter @ZimeleAM