Why Are The Best Of Us In Debt Up To Our Eyeballs?

It seems that now, spending money is as easy as taking in some air. Debt is everywhere and we’ve all got our crosses to bear. And it seems that now, no matter how hard we work at fixing our finances, we struggle to get out of debt. And it’s not just people who are poor, but even those that seemingly have a steady income have struggles. So, it begs the question, why are the best of us in debt up to our eyeballs? Is it a unique thing to us, or do we all fall into the same issues?

The Pressure

We can all feel some form of financial pressure. Whether our utility bills are creeping up gradually, or a more personal pressure underlies it, like needing to keep up appearances, this pressure can underpin our spending habits. Lifestyle is such a defining factor for most of us, that we are scared to deviate from the norm and settle for “less”. Sometimes we can tell ourselves that we deserve th treat, or that we’ve had a bad couple of months. And yes, this may be true, but it doesn’t disguise the fact that you are spending above and beyond what you’re physically able to pay back. Feeling that pressure to keep up appearances by getting that car, or going out for meals upon meals soon adds up.

The Blame Game

We can pin a lack of money on a reason that’s completely separate to us. Maybe we’re not earning enough money, or we didn’t get the Christmas bonus, or our partner spends all our money! Playing the blame game means you are unable to take responsibility for your finances. The first step to addressing any form of debt is to admit you are at fault. If you don’t have the means to repay your debt, either on credit cards or you struggle to keep up with the bills, it’s easier to blame something else but it doesn’t solve the problem.

Communication Issues

The relationship we have with money can be different to our relationship with our partner. But when we address our spending habits, we’ve got to ensure that we are on the same page as our significant other. This means that, if you are dedicated to getting out of debt, but your partner doesn’t see it as such a bad thing, it can take some time to see how it affects the both of you in the long run. For example, you may be renting a property, and as such, your money is being wasted on something that isn’t going to be yours at the very end. In the meantime, you can struggle to save up for your dream home. This means that you’ve got to start tackling the issue now. If you have got married, you take on everything belongs to the other person, including their debt! You’ve got to act as a team and be proactive in this, you could start reviewing debt relief programs, building up some form of plan to get out of debt, or start asking for professional advice somewhere, but if you’re both not on the same page, this has to be dealt with right away.

Lack Of Knowledge

You might have the best intentions to give up excessive spending, but if you don’t know how, how can you even begin to step in the right direction? People don’t know what resources they have as far as getting out of debt is concerned. Sure, we can all have a look online, but this information isn’t worth anything until we invest ourselves emotionally in a plan to get out of debt. The debt snowball method is a wonderful example because it’s practical, but it forces you to invest yourself emotionally. By paying off the smallest item of debt first, it gives you a sense of accomplishment. From there, you work on paying the next one up. If you don’t have the desire to get out of debt, you never will! And it’s at this point when it becomes personal, you get threatening letters, or you realize that you can’t buy the things that you want anymore.

There Is No Plan

The best of us are in debt up to our eyeballs because we don’t have a spending plan. This could be due to varying factors, maybe we don’t know how much we’re paying for everything, so we don’t take the opportunity to sit down with our expenses and a calculator, and figure out the best way forward. If we don’t have a plan, we just keep ticking over, paying off the minimum balance on our credit card, and hoping that we get out of debt sooner or later. And even if debt isn’t a major problem but a minor concern, we can still plan in other ways. Our lifestyle is the main reason we spend so much money. While utility bills have a lot to do with this, we can always look for a cheaper provider, or find ways to minimize our television subscription package. In our lifestyle, we can begin to address habits that are particular to us. And the most common one is the food we eat. There’s a big drive now on minimizing waste, and we can jump on this bandwagon to minimize waste, but also save money! There is an abundance of hints to help you take advantage of the food you have in the fridge, like batch cooking, and buying only the things you really need! But if you haven’t got a plan, you’re not going to get there! Yes, it seems that the best of us are in debt up to our eyeballs. And while there are so many things that we can use as a reason in general, that can apply to all of us, the fact of the matter is we’ve got to realize we are to blame. We have our own spending habits, and we’ve got to take charge of this. It’s not just about the money we spend, it’s about our attitudes towards money as well. This could very much be a nature versus nurture debate, but if you look at these 5 points as a springboard, then you can start to dent that debt!