As part of your quest to get out of debt, you want to reframe your relationship with money. What mental tricks should you use to get out of financial quicksand and stay out?
U.S. News & World Report offers suggestions that you may find useful. See how these tips may help you overcome credit card debt.
When you use your credit or debit card for purchases, you do not see the money draining from your account. With cash, you watch your stash shrink with every purchase. Switching to physical money for transactions may help you pause before spending money.
Pinpoint emotional triggers
Do you find you spend more money when you experience a specific emotion? Perhaps stress or anxiety leads you on a spending spree, or maybe you make purchases out of boredom. Pay attention to how you feel before, while and after spending money. Identifying emotional triggers aids you in developing healthy coping strategies that do not drain your bank account.
Celebrate financial victories
Being financially responsible may not feel as exciting as buying something. To help you stick to your efforts to get your money in order, implement a reward system. For every milestone, buy yourself a small treat or meal to celebrate. Whatever you choose as a reward, make it financially sustainable and inexpensive.
Do you have a lot of accounts to pay off? Rather than keep up with several due dates, set up automatic payments if doing so means that you do not overdraft on your account. That way, you whittle away at your debt without worrying about missing a payment or incurring late fees.
Worker smarter at improving your financial health. Hopefully, mental tricks aid you along the way.