7. I’m not disciplined enough
It really doesn’t take that much discipline to get yourself out of debt. It will take some willpower, of course, and a long-term mindset. There are a few ways that you can “cheat” the discipline aspect of this, though.
You can set up a direct deposit as soon as your paycheck hits your bank account that goes straight toward whatever loan you are trying to pay down. Because you never really see the money, you won’t have to be disciplined not to spend it and can instead put it towards your debt consolidation.
Then there’s the Davey Ramsey trick to cut up your credit cards. I wouldn’t recommend getting rid of every single one, though. You never know when you might get into a situation where you actually need to put something on credit.
You could get a second job or side hustle. Not only will you be earning extra money that you can put toward paying down your debt, but you won’t have as much time to be out spending that money in the first place. Win-win!
You will find that by creating a plan and executing it, you will become more disciplined as time goes on. This will help you continue to climb your way out of debt and remain debt-free once you have gotten there.
8. I will start next week/month.. etc
Why are you waiting? What is the reason? It’s like a diet. People so often say they will start it on Monday and then come up with an excuse and say they will start the following week. Before you know it, 6 months have gone by and 6 more lbs. have been added to your waistline.
Start today. Don’t put it off. The sooner you start, the sooner you will be able to shout it loud – I’M DEBT FREE!
9. I need to make more money
I don’t buy this one either. If you are already living beyond your means, what will more money do to help that? Chances are you will live further beyond what you can afford.
More money is not a guarantee of not debt. Look at stars or lottery winners who have had to declare bankruptcy because they have no money. Just because you have more does not mean you can manage it well.
If you truly want to get yourself out from under the heavy umbrella that is debt, you are going to have to make some tough choices—bottom line. But they really won’t seem that tough when you look back once you’re free from the debt burden.
Learn to gain control of your money now – no matter how much you are making. Only then, will a pay increase help you to pay off your debts.
This leads us to the final myth.