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So Many Benefits

When you were younger, you may have dreamed of being something cool like an astronaut or a zoo keeper.

We never dream about working hard all day just to put money into the credit card and hoping our debit orders won’t bounce.

Debt has a nasty way of creeping up on us and as we become more and more reliant on credit we lose our freedom. And life is full of unexpected expenses that can quickly put us in a deep debt hole that’s impossible to climb out of. It can happen so fast.

Thank goodness for debt review.

 

Debt review has 2 main benefits: First, we are able to afford the things we need each month. We can sleep easy knowing there is food in the fridge and electricity in the meter. Secondly, we slowly pay off our debts.

But debt review has many other less obvious benefits. Ones that will last much longer than the 3, 4 or 5 years that you are in the process. Let’s look at some of them.

Not Spending More Than You Have

It may sound silly but this is something 99.9% of all people do every day.

Before debt review you were probably guilty of this as well. You saw something you liked or thought you needed and you reached for the credit card.

Learning to distinguish between needs and wants is hard. We often feel we want or deserve…everything but our budget may disagree.

When you are in debt review this is something that you have to keep in mind all the time. And because you have no access to credit you cannot spend what you do not have.

Now, some people struggle to prioritise and moan that they need more credit and then foolishly try to leave debt review (instead of realising that they actually need to spend less or go without). They have not learned this skill yet.

But for those who successfully make it through the process, you will have this ability for the rest of your life.

Learning to Say No

It is very hard to say no to ourselves.

Self denial when you want something but can’t afford it is hard. It can be even harder to learn to say no to those close to us:

The co-worker who asks you to sign surety for a debt. 

The relative who asks you for a loan. 

The family member who begs for the new gadget.

It is sometimes easier to say no to ourselves than them.

Learning to work within your budget is a vital life skill and learning to work out the long term consequences of your actions is closely related to saying no.

If you can learn to really take your time and analyse the situation and then point people to the correct resources then this is a life skill that will stand you in good stead. Don’t just agree to everything. Learn to say no.

For example, if someone wants a loan, there are thousands of credit providers out there. If someone is spending more than they have then they should go to a Debt Counsellor. And sometimes the kids just have to wait and save to get that fancy new gadget.

Sticking to a Goal

Many people life their entire life with debt stress.

They are stuck using credit to pay off credit or paying into their credit accounts just to get access to those same funds over and over. They just rinse and repeat each month with no goal of ever getting out of debt.

Many struggle to show any follow through. They quit as soon as things get tough.  This could be at work or home even at school or with things to do with their health.

The ability to set a goal and then stick to it until it is achieved is a vital skill that the most successful people in the world all have in common. They are determined and will not be derailed. No matter what.

If you are struggling to stick with the debt review process but keep making those monthly payments then you are learning that vital skill. It will help you in many other parts of your life and can help propel you to the top at work, in your personal fitness goals, in your studies. Learn to be stubborn…but in a good way.

Asking For Help

We all have a measure of pride.

Some people are full of themselves and on the other extreme some people feel they deserve the bad things they get in life. This is why it can be hard to ask someone else for help when times are tough.

Sometimes it is easier to ask, like if you have a pain and then go see a doctor. Other times it can be hard because it forces us to have some uncomfortable discussions or to spend some of our hard earned money to pay for advice.

‘The most successful people in the world surround themselves with smart people who can offer them the best advice’

The most successful people in the world surround themselves with smart people who can offer them the best advice. So, if they do it why shouldn’t we?

It may have been hard to go talk to a Debt Counsellor about your situation. Having done that at the start of the process you may still find it a little hard to reach out to them for help now (due to pride or fear of bothering them).

If you can change your mindset about asking for help, you will quickly learn that you will get the help you need if you ask for it.

You ask, you get, you succeed.

So, asking for help from people who know more about a particular topic is a skill that you will use throughout your life and will push you further than the overly proud people around you.

Talking About Problems

When you are overwhelmed by debt it is weird how hard it is to be honest about it and tell your family and friends.

You love them and trust them but you do not want them to think less of you. Even if they themselves have many of the same challenges (and let’s face it, everyone is dealing with debt).

The ability to open up and have an honest conversation about money, about relationships, about any important thing in your life is important.

If you are in debt review and have developed good habits like having a monthly financial chat with your family or partner then this is a skill you are refining.

They say a problem shared is a problem halved. This is true. Once the words are out your mouth it is like a weight off your shoulders. Now imaging being able to do that at home, at work, at school, in all of your close personal relationships. To share fully without being shy or holding back.

What a skill.

And this skill can help those around you to really understand you and help you work towards your goals.

For example, simply telling your close friends that you are on a tight budget and cannot spend like they do will help them avoid any uncomfortable situations (for them and for you).

It seems so obvious and easy but it is a skill that you have to learn. And being in debt review can help you learn and practice this skill.

Many Other Benefits

Debt review has many other benefits that are not as obvious as just slowly paying off your debt.

Being in debt review can help you develop a wide range of skills.  And these life skills will help you make a success of your life long after your debts are all paid up.

‘these life skills will help you make a success of your life long after your debts are all paid up’

But to develop and refine these skills you have to push through the hard parts of the debt review process. You have to persist where others fail.

You can learn to distinguish needs from wants and stick within a budget, you can learn to value your personal financial wellbeing and say no to others, you can learn to open up to others discussing serious problems and even asking for help when needed. But you can only do that if you stick with the process.

So, if you feel things are getting tough then use one of these life skills and reach out to your Debt Counsellor. They want to help you succeed and they want to help you develop these valuable skills. 

Skills that you can use for life.