Paying back debt is not fun.
Depending on what you owe, it can be a long, frustrating and exhausting process.
I know this, because these are feelings I’ve experienced at different points while we work to pay down $65K of debt.
So if you’re feeling burnt out and tired on the debt-free journey, this post is for you.
What is debt fatigue?
Investopedia defines debt fatigue like this:
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.
Debt fatigue can cause debtors to feel depressed or burnt out. It can also lead to overspending, resulting in — you guessed it — more debt.
It can happen to anyone.
It’s been more than two years since we started our debt-free journey. During that time, we’ve paid back more than $35K. We have learned a lot on the journey so far — and there have been times where I’ve felt burnt out.
Feeling burnt out on the debt-free journey?
Maybe you’re feeling that way right now. You’ve been working hard, plugging away at your debt but starting to feel like you’re not getting anywhere.
If that sounds like you, there are five things I want you to know.
It’s OK to feel tired of paying back debt
There’s no way around it: paying back debt…sucks. A lot.
Watching the money you work hard to earn disappear from your bank account to service a debt isn’t enjoyable for anyone. And it can be particularly exhausting if you know you’re going to be at it for a long time.
It’s OK to acknowledge how tiring that can be. Because, well, it is.
This leads me to my next point.
It’s OK to take a less aggressive approach
Going “gazelle intense” is great — but it’s not the only way to get debt-free.
While taking an aggressive approach to paying back debt obviously speeds up the process, that doesn’t mean anything less is without benefit. Paying back debt is not an all or nothing thing. Reality is if you are actively working toward paying back your debt, you’re on the right track.
And if you have been paying back debt aggressively? It’s OK to take a break. Progress is progress, even if it’s a season of minimum payments.
It’s OK to do things that make you happy
Paying off debt quickly is a good idea. There is a saying that goes it’s better to want than to owe and honestly, there’s a lot of truth to that.
There are some who would say that, while in debt, paying it back should be your one and only focus.
I’m…not one of those people.
Look. I’m not here saying it’s a good idea to be reckless with your money when you’re in debt. It’s not. But I am a big believer in the idea that the purpose of money is to spend it. And that, while getting debt-free is a great goal, it’s OK to enjoy your life while you’re working on that.
So go ahead and have the coffee. It’s OK to do things that make you happy. Just make sure you’re taking care of both wants and needs.
It’s OK to celebrate the wins
Not only is it OK, it’s recommended.
Depending on the amount of debt you have, the process of paying it back can be time consuming. And the longer you’re on the debt-free journey, the easier it is to find yourself struggling with debt fatigue.
That’s why it’s important to celebrate the wins. Keep track of your progress and, as you achieve your milestones, find ways to acknowledge it.
One of my favourite ways to track our progress is using one of these Debt Free Charts. We keep it on the side of the fridge and colour it in as we go. I find it really motivating to shade in the bars — plus it helps me see how far we’ve come.
If you’re struggling with burnout the debt-free journey, I really recommend taking a moment to consider how far you’ve come and how, as you move ahead, you can create opportunities to celebrate the wins.
It’s OK to take care of yourself
It can be easy to feel discouraged, depressed and hopeless when facing down a mountain of debt.
People talk a lot about the whole idea of self-care these days. And while I think in some cases, the interpretation has strayed from the original intent, I do think it’s important.
Self-care on the debt-free journey is going to look different for everyone. That said, the point is the same: it’s not just OK to take care of yourself. It’s absolutely necessary.
Final Thoughts
Dealing with debt fatigue can be tough.
If you’re struggling with feeling burnt out, I want you to know you’re not alone. Many people have felt — and will feel — the same way. And that’s OK.
Have you ever felt burnt out from paying off debt?
