5 Lessons I Learned When Paying Off My Debt

To many people, paying debt is as painful and difficult as going on a diet.

It’s something that we know will be good for us, yet we resist taking action because we know how much effort it will require.

As someone who spent many years in that phase – planning to pay off my debt but never actually getting around to taking serious action – I know first-hand how that feels.

However having paid off all my consumer debt (eventually) I am also now free to see “the other side” of the situation.

And I’m pleased to tell you that getting out of debt isn’t all bad news. It isn’t non-stop self discipline, self-denial and heartache about the life you want to lead.

No – the odd thing I found when paying off my debt was that once I successfully adopted the habit of frugality combined with debt repayment good things started to happen.

And we’re not just talking about my debt mountain decreasing each month; there were also all sorts of other benefits and lessons I learned along the way.

If you’re currently looking for the motivation to get started repaying your debt here are some of the factors that you too may be able to look forward to…

Frugality Is A Muscle

If you’re like most people then you won’t have huge piles of cash available to start your debt repayment journey. Instead, you’re probably going to have to economize.

By significantly cutting your spending you’ll free up capital each month which you can spend on debt repayment.

Here’s the thing; frugality can be tough at first. Cutting all those things you enjoy – the meals out, the cable TV subscription, that expensive cell phone plan – is a painful process.

What you find though is that frugality is a muscle – the more you exercise it, the stronger you become. Over time, it gets easier and easier to cut expenses from your budget.

So if the first cut is difficult, don’t worry. In the coming months you’ll naturally find it becomes easier and easier to live more frugally. Indeed, living any other way will seem like a terrible waste of money.

Money Is Nowhere Near As Important As You Think

You know all those things you’re going to have to cut?

You know how much your subconscious is resisting making cuts and “going without”?

Well I found a funny thing happened when I bit the bullet and started to economize; you don’t actually need all these belongings to be happy.

That new pair of shoes you have your eye on, or the latest Apple gadget you desire, really doesn’t improve your life that much.

Oh sure, you’ll have great fun for the first few weeks showing off to your friends, but the “excitement of the new” soon vanishes. The debt doesn’t, though.

Once you start trying to live on as little money as possible you start to realize that the things that really matter cost very little at all.

Time spent with family and friends, time spent with a good book or movie, or walking in the countryside or relaxing at home or going to church or whatever really feeds your spirit.

These things cost very little at all – and yet make you much happier over the long term than a new cell phone.

Belongings Are Nice – But Having Money Is Nicer

I used to be one of those people who never checked my bank balance. Why bother? After all, the ATM would either spit out money or not. If it did then shopping was on. If not, then I’d just have to go without until I next got paid.

I didn’t make financial plans; all I did was create mental shopping lists of things to buy next time I had money.

Then I grew up, started to budget and started to pay off debt. I stopped buying pretty much anything other than “essentials”. I stopped buying all the stuff I wanted, and tried to take pleasure in not spending money.

And I made a startling discovery; actually having “spare money” in your account is a wonderful thing.

Checking your balance and realizing that not only are you going to be able to pay off some more debt this month but that you’ll also manage financially till the end of the month without any issues; that’s golden.

What I discovered was that the security and freedom you feel with a bank account stuffed with money is a much better feeling than an empty bank account and a house full of “junk” that you’ve bought and long since got bored with.

You’re Far From The Only Person In Debt

When you’re in debt it can feel like you’re the only person struggling with such a problem. However when you start digging around on the Internet – or discussing your debt elimination plans with your friends – you realize that you’re far from alone.

It’s not just that lots of other people have debt; many of them have more debt than you or earn less.

If they’re succeeding then why can’t you?

After all, your financial situation, no matter how bad, is almost certainly better than at least a proportion of these people.

While talking about debt with your family may therefore feel alien and uncomfortable, appreciate that if you’re ever struggling to get (or stay) motivated to pay off debt there is plenty of help available online.

Find a few blogs that really “speak” to you and subscribe to them.

They’ll provide you with a regular dose of inspiration to help keep you going.

Paying Off Debt Helps Develop You As A Person

Arguably the biggest lesson I learned when getting out of debt was that the very act of paying off debt can help you to grow as a person.

Flexing your “frugality muscle”, being strong-enough to deny yourself unnecessary purchases and tracking your debt as it spirals down to nothing can teach you so many things.

I truly believe that after going through the process of paying off debt I came out the other side a different person – in a positive way.

What have you learned about life while paying off debt? Please leave your experiences in the comments section below…