Debt fatigue occurs when a debtor becomes overwhelmed by the amount of debt incurred and the seeming futility of the debt repayment process, and it may result in a debtor giving up on making loan payments and beginning to overspend again.
This is for real and my life. DEBT FATIGUE. As of April 2019, I am feeling some serious debt fatigue. I have a few weeks of holidays right now. When I bid for these holidays, I actually had thought I was going to be in Asia for a few weeks. I am not in Asia – I am sitting on my friends couch hanging out with her cat listening to podcasts and writing this blog. I am not in Asia because I don’t have money to be in Asia. Since shit went down in my life in Montreal I have been very careful with my spending and hyper focused on paying off my debt. But the reality of focusing on paying off debt is that I have been feeling the debt fatigue for awhile.
The thing is I am not even sure if it is debt fatigue or if I am just not making enough money.
In the past I have made some really bad financial decisions. I bought into the student loan thing for a university degree then I bought into it again for a college diploma – and now I am working a full time job that I am not sure I even need post secondary for … I am now looking for a second job that is so far removed from either of those things just so that I can pay off students loans for a degree and a diploma that I am not using in the conventional sense.
About every 6 months debt fatigue happens to me. Everything goes to shit. I stop paying my bills, break free and do something financially stupid. Go on a trip or spend my entire payday on shit that I don’t need. Or just stop paying my bills. It gets so damn exhausting paying bills and putting everything towards my debt. I then feel guilty and spend like 6 months recovering from the financial mistakes that I made. The thing is sometimes it feels like I am not even making a dent in my overwhelming amount of student loans.
I have written about side hustles in the past. I have had 2 jobs many times in my life – I have no aversion to hard work, but I promised myself I wouldn’t work two jobs when I started flying. But after almost 2 years I think I am looking to restore a little bit of balance into my life. See I invest 20% of my payday, every payday into stocks. I am building a nest egg to pay off my loans – but that is leaving me with not so much money when its all said and done. – not so much for right now money. So, I end up flying more, then I am gone more and the cycle just keeps repeating itself. I need to be home a bit more and the only way I can do that is if I make money from another source. And here we are May 2019.
It is Wednesday night, May 1st and I am listening to Dave Ramsey and trying to refocus my priorities. I do realize that this might mean doing things that I don’t want to do. Manifesting debt reduction is happening. My plan is in place. I just need to keep pushing myself. It has come to my realization that I need to use my free time to make some more money – it doesn’t matter what it is just need to put cash in my bank account.
So what do I do about the debt fatigue??
• Stop, Breathe, Relax, Put my wallet and credit card away.
• Start applying for second jobs and ways that I can bring in extra income.
• Only drink free coffee on the airplane, drink free coffee in the hotel room, stop buying coffee out – goodbye Starbucks for a little while (yes, the latte affect)!
• Think about it, write about it, put my stress onto paper instead of on my waist line or my bank account.
• Look at the money growing in my stocks and see the nest egg I am building that is making it all worth it!!
• Remind myself how cool thrifting is and how wicked it is for the planet and how lucky I am that I have a uniform job, so I don’t need to invest in work suits and clothing that I would never wear in real life.
• Make a new budget that is more attainable.
• Talk money with my friends see what they are doing – how are they making ends meet?
• Realize I am not alone but also realize that everyone’s journey is different.
• Remind myself that future me will thank present me for getting a second job and getting my shit together!
• Breathe in some lavender and relax!
• Budget into my spending that this will probable happen again in 6 months time and plan for it, because making a financial plan to work through expected debt fatigue is probable the smartest thing I can do.
Have any tips for me on dealing with debt fatigue? I would love to hear them!