“I will never be rich.”
“It’s impossible to pay all this debt.”
These are the type of negative statements many people make about their finances.
But have you ever stopped to think about how your thoughts – especially your negative thoughts – influence your emotions and behaviour?
In her book Crazy About Money: How Emotions Confuse Our Money Choices and What to Do About It, author Maggie Baker, Ph.D. mentions that negative emotions can be two-and-a-half-times as strong as positive emotions! No wonder so many people are in a constant downward spiral when it comes to money matters.
So, how do you break the cycle?
It might sound like a cliché, but there is value in this statement. By adopting a positive attitude toward finances, people stop seeing debt as an insurmountable obstacle, but rather as a challenge that is to be tackled head-on.
A positive attitude toward your financial position will also allow you to look objectively at the problem and to take the necessary steps, such as debt counselling, to solve it.
Don’t be afraid
Fear is a great contributor to people’s financial difficulties. Some people fear looking incompetent or ignorant when asking for help to get things back under control, and just go on pretending that everything is fine. Others fear the potential negative consequences that could come from admitting to having financial problems, and may even hide their problems from their significant others. Then there are those who keep on making their problems worse for fear of not keeping up with the Joneses.
Don’t let your fears stand between you and financial wellbeing. Identifying and acknowledging your fears are the first step towards mending your relationship with money.
Stop making excuses
Many people who struggle financially have convinced themselves that they are doomed to a life of money woes because they are “just bad with money”. No matter how much money they earn, they always end up in the red at the end of the month. By telling themselves that they are bad with money, they basically give themselves an excuse to not draw up a budget and sticking to it.
Budgeting and personal financial management is a skill that anyone can learn – if they are willing to. By admitting that they’ve been hiding behind an excuse, most find that they are not as bad with money as they previously thought.
Talk about it
Using someone as a soundboard is a great way to get a new perspective on what you are thinking. When faced with a problem, it is human to only see one side of things. Another person may be able to point out solutions to the problem you haven’t considered, or may be able to reframe your negative thoughts into a positive action.
If you are feeling that negative thoughts around your finances are making it difficult to make the right decisions to get out of debt, get in contact with Debt Rescue’s today.