The One Where I Talk About Debt Fatigue and What I Am Doing About It.

 

 

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!

debt debt debt debt debt debt debt debt

It is all consuming!

Student Loan debt.

It’s the bane of my existence.

Have you ever dumped “student loan repayment” or “student loan debt” into Google and seen all the personal bloggers talk about the enormous amounts of student loans that need a monster pay off.  It is crazy the amount of student loan debt that people carry. CRAZY! Some of those blogger around 100k … how does a school, government or country even allow this shit to happen?! It is appalling the price we pay for education which for a lot of people lands them a job teaching English in Asia trying to figure out a way to pay it all off. Or working multiple jobs trying to crush that debt so they can move on with their lives.

I am know different. I have had student loan debt since 2003 when I moved to Nova Scotia to finish my undergraduate degree. I then acquired more debt starting in 2012 when I moved to Alberta to do a diploma in hopes to find work in Canada that paid a decent salary.

Currently, 2017 …. I moved to Edmonton about 18 months ago with a seriously large amount of commercial debt (on top of student loan debt and with an addition of car loan debt). My biggest spiral that caused problems mostly came from NSF charges from my bank accounts. I wouldn’t be able to get a stop payment in or it wouldn’t be possible and then because my credit isn’t good enough for an overdraft I would spiral. Then all of the sudden I am living in a dire situation. Anyway – my point is. I moved to Edmonton, found some cheap housing and I fucking hustled. I paid down all that excess debt with the exception of my car and my student loans. I, like everyone else, experienced fatigue; working 2 jobs is soul sucking. I experienced debt fatigue; I booked some trips abroad to feed my soul. Fell back into a debt routine. But that large debt – it is still looming, 10 years after graduating with my degree and 2 years after SAIT and it is still holding me back.

So here I am on Blue Monday in January of 2017  – the most depressing day of the year – and realize I need to figure out a way to move forward with student loan repayments. So I am on the internet looking for ways I can make this the easiest, quickest, most painless way to get my debt paid down, and feel the freedom and a zero debt balance.

I think I need some accountability for debt repayment. I need a no buy. I need to put my foot down and move forward with full on annihilation of Student loans. So I am starting with asking you, the interwebs, for your best tips and tricks and how you did it? How did you power through 50K of student loan debt?