Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.
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What is Debt Burnout?
Burnout is feeling exhausted with your day-to-day routine or the lack of flexibility in your budget. Some people get tired of not having extra money in their food budget to go out to eat occasionally or buy a wider variety of foods at the grocery store. Others grow tired of having little to no budget for entertainment and fun. Burnout leaves you feeling fatigued, frustrated and ready to give up on your debt-free dreams.
Beating Debt Burnout
After you’ve diagnosed yourself with debt burnout, it’s important to take immediate steps to correct it so you don’t end up un-doing all the progress you’ve made toward paying off your debt. The steps to beating burnout don’t have to be drastic. It’s possible to do it by making a few simple adjustments.
1. Reassess Your Budget
After you’ve paid down some of your debt, it’s common to start feeling some burnout from the lack of flexibility in your budget. This may be a good time to reassess your budget and perhaps give yourself a little more money for things you enjoy, like increasing how much you spend on entertainment or giving yourself a little more money for going out to eat with friends and family. This may decrease the amount of money going to debt payments, but that’s better than getting burnt out and going on a crazy credit card shopping spree down the road.
2. Plan a Fun Trip or Event
While your family is paying off debt, it’s common to give up all vacations, trips and fun events. But when you start experiencing debt burnout, planning for one of these events is a great way to stay motivated and give your family something to look forward to. The trip or event doesn’t have to be a huge and expensive ordeal. Even a short day or weekend trip is something to look forward to when you are living on such a tight budget. Try planning for when you hit a milestone – paying off half of your debt or even for when the whole thing is paid off.
3. Find Some Support
When you start to feel burnt out and unmotivated to continue your debt payoff journey, seeking out an accountability partner is a great way to help you stay on track. Single people can especially benefit from having someone to confide in and bounce ideas off of. But even couples and families can use the outside perspective of an accountability partner to help them keep focused on their financial goals and beat debt burnout.
Debt burnout is a real thing that many people struggle with as they work their way out of debt. The more debt you have to begin with and the longer the time frame for paying it off, the more likely it is that you’ll face burnout at some point.
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What other ways can you think of to help beat debt burnout?
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