Student Life Mindful ways millennials can combat debt stress

Published on July 4th, 2018 | by Jones


Mindful ways millennials can combat debt stress

Leaving university or school and jumping into a job is both exciting and scary. For one, you’re becoming the adult you’ve always wanted to be and two, you’re earning an income. As much as the financial freedom is, well, freedom, you can get caught up in debt easily. When you’re young and naive, you forget about the added responsibilities of the working life when you’re faced with your first few pay cheques.

Another concern with millennials is how they don’t consider the importance of budgeting and having a set financial plan. Often times, all that matters is the moment. If you want to spend a large amount of money on a brand new pair of sneakers, it seems achievable right now… but what about tomorrow? While it’s important to enjoy the money you work for, there needs to be a limit on where you draw the line.

If this sounds like you and your current situation, there are countless ways to get yourself out of this mindset. If you are sitting in the unfortunate event of being in debt at such a young age, you need to learn how to gain control of your money. Struggling to get through the month, let alone pay off your debt is not easy. So, start today and cut the curb of your unneeded financial concerns, stress and debt.

Here are a few tips on how you can combat debt stress:

  • Get to the root of your money shame

The thing about debt at such a young age is that it’s easy to attain. From the media, millennials have been encouraged to think that they can have everything they want without thinking about the consequences. However, sometimes these money problems and challenges are rooted in life events which have escalated over the years. If you feel that something like this is at the root of your problem, you should desperately examine your feelings and try to let it go. You need to try and regain control of your life and your finances before you need to come to terms with the acknowledgement of debt template. Once a person signs an acknowledgement of debt, they are bound by such an agreement.

  • Own your choices

If you’ve been speaking to someone for guidance and advice, there is only so much they can do to help you. As tough as it sounds, you are in control of your finances and spending addiction. Take responsibility for your choices and prepare yourself for what’s to come. If you’re required to sign an acknowledgement of debt form or stay home for the next six months, then so be it. You’re going to need to do anything to squash your debt and take away that unnecessary stress at such a young age. If possible, find a part-time job which can help you either get through the month easier or add to your debt fund.

  • Create order out of chaos to feel more in control

When you’re feeling shameful about something, you tend to avoid it. And avoidance is worse than facing it head-on and being open about your mistakes. In the beginning, acknowledgement of debt may feel embarrassing, but you need to be honest with yourself. Look for ways to aid your situation. When you eliminate all these chaotic thoughts, it will give you a clear understanding of where you stand in your own life and how to look for alternative options that could make you progress. For example, if you feel that you’re going above and beyond in your job to work hard and do well, speak to your boss about a raise. You never know where the conversation could go. And, any proactiveness will help you get out of debt.

As they say, money doesn’t make you happy. While it might not make you happy, it sure pays the bills. So, try and change your mindset around your financial goals in order to make wiser decisions in the months to come. Sometimes you’re going to need to make sacrifices to put yourself in a safer and more secure financial position, whether you like it or not. Of course, fear of missing out is a real feeling and it’s something you will continue to experience when you’re unable to attend events or invest in the sneakers your friends have. But, having a solid financial foundation will make you happier and less stressed out.

Final words

Financial management is a mental exercise. You need to train your mind to not give in to the things that you feel you ‘need’. Debt is debt. Whether it’s small or big, it’s not something you want to become familiar with. Having to sign an acknowledgement of debt template is a serious concern, especially because debt has the ability to consume you. The faster you decide to buckle up your boots and take control of your life, the easier it will be to manage your finances. The minute you can do this, you will live a happier, stress-free life. Make the decision to change your life today!

Tags: , ,

About the Author

A keen writer, giving advice about work and life.

Leave a Reply

Back to Top ↑