10 MONEY MINDSETS TO GET OUT OF DEBT | how to get out of debt fast & change your life

so i'm in debt a lot of it but over the past two years i decided no more and i am getting out of this i want my financial freedom and i want my money to be my own when i started i accrued over 120 000 of student loan debt and today as we film this i have about thirty four thousand dollars left and yeah that took a lot of discipline and budgeting but really what it took was changing my mindset i had to make a complete mindset shift about money because for those first five years of being in debt i valued shopping stuff image and aesthetic over having true wealth and true financial freedom something shifted along the way where i said no more and i really had to change my mindset and how i thought about money and a lot about how i thought of myself so these are the 10 mindset shifts i made about money that are helping me get out of debt so if this sounds like you and you think you might see some value from this video then please go ahead and hit that like button it really helps me out or smash it yeah i'm saying smash now and don't forget to hit subscribe for more videos like this so let's get into my money mindset shifts the first shift that changed the way i think about money was that i stopped blaming others for my situation and i know there are some systemic issues that keep people in debt and are designed to keep people poor and struggling but i think that's a separate issue from what i'm talking about here i'm talking about making money management choices impulse and i want it now type of mindset so this is the perspective that i'm taking when it comes to a lot of these mindset shifts so whenever i felt stressed about money i found i would often blame my situation blame my circumstances and blame people around me whenever i started to feel like i was overwhelmed and buried in my debt when i would start to look at the numbers i would blame everything around me except myself for the situation that i was in and it was really a result of my own prioritization at the end of the day i prioritized looking rich and acting wealthy versus actually being wealthy and i think blame is a strong word i mean i think there was some moments of feeling really down on myself and being very upset with myself but as soon as you shift the responsibility back to yourself and see how some of those choices have got you to where you are you can also start to own that the second money mindset shift i made was that i stopped making a joke of my debt i've seen memes around on the internet that kind of that sort of really laugh off over spending and impulse buying and make it almost a joke and i definitely did that i think there's this meme all at it right here and it's a meme that has been sort of burned into my memory um because i definitely used to have this attitude i think that meme is really sort of problematic when it comes to money attitudes and attitudes about having debt it's almost so normal now that people think it's a joke oh what's another hundred dollars here oh oh ha ha i just spent another 500 don't worry about it i'll just get it next month that's not funny over shopping over consuming and stressing yourself out and stretching yourself thin in order to buy stuff that we don't need to impress people we don't really know or even really like it's not something to be laughed at the next money mindset shift i made was that i set a real debt-free date i think every single year whenever somebody asked me how my debt repayment was going i would always say the same amount of time that it would be paid off in so in the first year of paying off my debt when i got when i first got out of school i said oh don't worry about it it'll take me three more years to pay this off then three years later i said oh don't worry about it it'll take me three more years to pay this off cool cool i had my debt on my mind a lot but i had no plan around what i was going to do about the debt how i was going to get rid of the debt and then i decided to start a budget and set a debt free date and once you have your debt-free date you can create a plan around this you can create your budget you can start selling things it creates a little bit of a fire under your butt to start planning and start doing and start figuring out how you're going to reach this timeline the fourth mindset shift i made was that i stopped fearing my budget so i talk a lot about the budget in a lot of my videos and i often get comments like oh i'm scared of my i'm scared of budgeting it seems too overwhelming i don't want to see the numbers i don't want to face the truth sometimes and the ultimate thing is maybe the truth hurts sometimes but it's also really revealing and extremely empowering the one thing i noticed when i made my first budget is and dave ramsey says this all the time is that you actually notice that you almost get a raise oh oh my god because when you don't know where your money is going and how much you've spent and everything is sort of just floating around without any concrete data then you really don't know how much you make and you really don't know how much you're spending so as soon as you write that down and start tracking it and start allocating funds into places that they need to go and start allocating more funds than you thought you were putting down on that debt you really start to see how quickly that progress can happen i think at any income having a budget is so important and most of all so empowering because you have control over your money so you have control over your choices your spending and where you decide to put that money the next shift in my mindset that i experienced was that i stopped caring about all the things i used to prioritize my priorities were definitely image focused and of having an image of being rich without actually being rich i used to value people's compliments on my outfit showing off labels and even having clientele status at certain stores and looking back on that now i'm just i really see how ridiculous that is first of all nobody cares about that and second of all i was making myself more and more broke and more and more stressed and pushing back any goal i ever had for myself further and further away in exchange for a five second compliment on a blazer oh my god i love your bracelet where did you get it or in exchange for giving my money to a company that doesn't care about me and when i really stopped prioritizing those misaligned values is when i really started to make progress on my debt repayment and on actually reaching my debt-free goals and any other goal that i've decided to set for myself so what i will say is it definitely is a behavior shift a mindset shift and about creating that habit and essentially developing a new set of priorities it takes time so give yourself that but it feels damn good when you get there the next mindset shift i learned was that i started to be okay with letting go of things and by letting go i mean by actually physically decluttering my space and getting rid of things around me and i also mean by saying no to things because one thing i also learned throughout this journey is you have to live on less than you make you have to live below your means so you really can't be spending your time shopping and trying to find the best deal and wanting new things all the time money mindset shift number seven was that i stopped using credit as a cushion i touched on this before in one of my videos and it's that credit cards are not money and i definitely used to use credit cards as a cushion as a safety net to get myself to payday but that turned into a cycle of relying on credit through my whole pay period spending my entire paycheck on paying off the credit card bill and then having to use credit all over again to get myself through payday so now with the budget now with my debt-free goals i definitely allocate cash where it needs to go at the beginning of every single month and i stop using credit as a cushion it's not an extension of my money it's not an extension of my pay and i definitely had to learn that i had to let go of the buy now pay later mindset because it would just put it was just putting me in this perpetual circle where i couldn't get ahead and i couldn't put down more money on my debt because i was putting it somewhere else on the credit card number eight was that i stopped looking for the fastest way out and what i mean by this is that i stopped looking for things like get rich quick schemes or get out of debt fast schemes i really had to embrace the fact that this was gonna take me a while i've definitely talked about this before and it's that debt is really easy to get into but it takes time to get out of and i think the thing is once you stop trying to look for all these shortcuts to get out of debt that's also when you will start to see the change within yourself within your mindset within your behavior and within your value system overall if someone handed me 120 000 in cash and said okay your debt is gone my behavior would not have changed and i wouldn't have learned a thing and i would definitely still be in the hamster wheel of chasing stuff money and image to try to find happiness there instead of finding it within myself and within my own struggles on this journey so embrace the fact that getting out of debt will take some time but also embrace the fact that you're going to learn and grow and be a different person than when you started when you get to the end shift number nine and this kind of goes together with my fifth point is that i stopped trying to do it all just because everybody else was some might say that money is the most renewable resource we have but when you're spending it all faster than you're making it i don't really agree with that and that's definitely what i was doing so all of my money were going to places to have it all when really i had nothing everyone wants to keep up and everyone wants to be accepted but at the expense of your own financial freedom and financial future no and the last money mindset shift i made was that i started talking about my debt i'm gonna say it loud for everybody in the back normalize talking about debt and money so you can take control of your debt and your money debt to me is strange because most of us act like we're not in it but most of us are in it what i've learned along the way is if i was able to project an image of wealth and affluence when i was completely broke then how many other people in this world are doing the same thing debt for me isn't anything to be ashamed of but at the same time it's not anything to brush off either and i think talking about it and talking about how you're going to get out of it it's like it creates a sense of accountability and a sense of openness and even a sense of community there's tons of other people who are going through the exact same thing and that's why i'm making this video now because i know i'm not alone and you aren't either debt isn't a secret so don't keep it one so i'm still in debt but i'm working hard to get out of it and these were some of the mindset shifts that i had to make and learn along the way just to get there a little faster and to stay out of it a lot of the time getting out of debt is a long and rough road but it'll definitely teach you a thing or two about yourself so let me know in the comments down below some of the money mindset shifts that you've made on your debt free journey and let me know how you're doing do me a favor and give this video a thumbs up if it helped you and if you want to see more videos like this don't forget to hit subscribe thanks for watching guys bye [Music] you

Channel: Christina Mychas

Views: 33,011

Keywords: money mindset, money mindsets to get out of debt, personal finance, financial freedom, debt free, become debt free, how to save money, money lessons, money mindsets, what i learned from my debt, money lessons from my 20s, debt repayment, how to get out of debt, what i learned about money, change how you see money, money mistakes, debt free journey, low buy, personal finance for beginners, how i'm getting out of debt, changing your relationship with money, how to budget

Id: cLyd8Z7a5cE

Length: 11min 9sec (669 seconds)

Published: Wed Dec 02 2020