“Money isn’t the problem, we are the problem”

– proverb

How is your financial status now?

When managing personal finances, I think everyone would agree that nobody wants to get into debts.

Interestingly enough however, I find that what people think about money and how they feel about it could lead to poor money management, in which they may end up running up debts.

When a mounting burden of debt takes control over people’s lives and emotion, they may make irrational and unwise decisions which could harm not only themselves but also people around them or their loved ones.

For this reason, as someone who has been in that ‘position’, I would like to share some tips on how to get out of debts. There are seven steps, but for now, I will just discuss the first and foremost step, which I call 5A.

We often ignore or do not recognize some early signs of trouble as we should. For example, having up and down emotions or feeling fatigued over a period could be a sign or symptom of something more serious if not recognized or treated well. When dealing with debts, always stay vigilant and be in control of every financial activity, no matter how small or trivial they might be.

Admitting to having financial trouble possess a challenge on its own as the burden of shame, guilt or fear can sometimes be unbearable for some. Yet, acknowledging to the true situation is crucial and is required before continuing to the next step.

This means to accept hard realities with a brave heart. Life is not always smooth, but there is an end to everything, including financial hardship. So, forgive yourself, gather your courage and power through!

ASK (for assistance)
Sometimes we feel reluctant to share our problems with or ask for help from others like our close family members or professionals because of our own fear of rejection or social judgement. But this is merely our own assumption. The key here is to talk to the right and trusted person(s). It can help re-evaluate our current financial position and find the best possible solution to pay off the debts.

ACT now
We are responsible for our own actions. Falling into a cycle of debts is also due to own decision, so blaming others or situations is certainly not a solution. Instead, be accountable, make a wise decision and act upon it until the end.

Hopefully, these five tips can be the first step to motivate you to find a solution to your financial difficulties.  

See you all in the next post!

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