Three Benefits of Sharing Your Debt - Free Journey
Debt is an issue for many people in the U.S. Millions face some form of debt, whether it’s due to medical issues, overspending, a credit, or a loan. For example, there are 44.7 million in the U.S. with student loan debt that currently totals over $1.68 trillion, and that is just one common cause of debt.
And yet, people tend to feel ashamed and secretive, reluctant to celebrate their achievements on the path to a debt-free life. However, sharing your milestones can be a fantastic idea for several reasons.
The first reason to share your debt-free journey is that it helps you acknowledge how far you have come. Acknowledging the milestones on the path gives you a sense of progress and motivates you to keep going, especially if you see others leaving you encouragement and support. Often, it’s easy for us to dismiss our accomplishments as important, and making them public is a good way to avoid this.
The second reason is that it creates accountability. If you are consistently sharing updates and then stop, people will want to know what happened and that is a strong incentive to stick with the journey. Even if it’s hard, knowing that others will notice that you are not reaching your goals, and it can be that little bit of motivation you need not to spend money and to stay on track. We are social beings, and other people’s approval or disapproval can contribute significantly to our commitment.
A positive view of the process
Having debt can make us feel guilty, worried about what it says about us. We might see it as something to be ashamed of, so we can’t even enjoy the journey of becoming debt-free, blaming ourselves for being indebted in the first place. Sharing your process can change this mindset and help you see the process in a more positive light - you are moving towards something good and achieving your goals. Instead of being worried or ashamed about the debt, you can feel empowered to move forward.
Only a few years ago, mental health was a taboo topic. Today, people feel a lot more comfortable sharing their struggles, and in large part this was due to those who first opened the conversation. Showing that debt is something that can be overcome and what that process is like. It’s inspiring to see others on the same path you hope to take. Additionally, it can be a way for someone to start planning their own journey.
Posting about your journey to a debt-free life has a lot of benefits for yourself and others. It can help you stay on track, focus on your goals, and resists passing temptations to spend money. It can also inspire other people and help them move towards new financial goals. Your journey can be meaningful for others, and sharing it will support your own perseverance and ability to reach a new way of living.
Of course, a financial coach can be there to help clients with motivation, accountability, and a positive view of the process.