Reasons Why Deprivation Isn’t A Good Debt Payment Strategy

But guess what? Turns out, that approach might not be as awesome as it seems. Let’s dive into why.

Why Deprivation Isn’t Good

The deprivation strategy promises rapid progress by cutting every non-essential expense. While the sentiment is commendable, deprivation often backfires because:

1. Unsustainable Living

Imagine munching on lettuce and sipping water day in, day out. Not exactly a dream scenario, huh? Deprivation is like that – totally unsustainable.

It drains your energy, kills your mood, and makes you crave all the things you’re cutting out, which can lead to overspending later. Trust us, it’s better to go for a plan that lets you enjoy life a bit, even if it takes a tad longer to pay off the debt to that authorised money lender.

2. Stress Overload

Debt’s already stressful, right? Adding self-inflicted deprivation to the mix is like throwing gasoline on a fire.

Constantly feeling deprived can mess with your head, leading to anxiety, feeling down, and even messing with your health. Take care of yourself, seriously – it’s vital for the debt-busting journey.

3. Say Bye-bye to Productivity

When you’re feeling constantly deprived, your brain’s just not firing on all cylinders. Your focus goes AWOL, creativity takes a vacation, and productivity? Yeah, that’s off on a nosedive. Not great for work, which could mess with your income and how fast you pay off that debt.

4. Strained Relationships

Nobody wants to hang out with Mr. or Ms. Grumpy about money all the time. Being in a constant state of deprivation can mess with your relationships – friends, family, even your partner. Trust us, support’s a game-changer in tough times, so don’t isolate yourself.

5. The “All or Nothing” Trap

Deprivation often leads to this mindset where it’s either 100% on track or you’ve completely blown it. One little slip-up – like a night out or unexpected expenses – and suddenly, you feel like you’ve wrecked your whole debt-free plan. It’s a recipe for feeling rubbish and maybe even giving up altogether.

What You Can Do Instead

You will not be able to build a healthy financial life if you yourself – physically, mentally and emotionally – are deprived of essentials. So, instead of deprivation, try this:

Track your spending

Knowing where your money’s going is step one. Track your spending for a month and spot where you can cut back without feeling like you’re punishing yourself.

Make a budget

Divvy up your cash for essentials, debt payments, and hey, a bit of fun money too (gotta live a little, right?). Feeling in control is way better than feeling deprived.

Explore ways to earn more

Think about side gigs, turning hobbies into cash, or gunning for that promotion. Boosting your income can turbocharge your journey to being debt-free.

Get some support

Talk to friends, family, or a financial whiz. Having someone in your corner can make all the difference when you’re on the road to being debt-free.

Conclusion

Remember, getting rid of debt’s more like a marathon than a sprint. Pick strategies that keep you feeling good and put your well-being first.

You deserve to enjoy the journey to financial freedom, so ditch the ramen diet, find ways to manage your money that don’t leave you feeling miserable, and have fun along the way!