When it comes to money we often look at our lifestyle and tell ourselves that we don’t earn enough. Most of the time earning enough money is not the issue with our finances. There are usually other underlying problems. One limiting belief I had was “I do not earn enough to pay off debt.” It was a big reason that I never tried to get out debt and we lived with consumer debt for so long. It just didn’t seem possible at our income level.
A limiting belief is a constraint we put on ourselves subconsciously.
Limiting beliefs are usually about ourselves and can be hard to overcome.
There are so many limiting beliefs that come to mind when I think about money. Money controls so much and if we don’t believe we earn enough it can really put a strain on us.
I do not earn enough to travel.
I do not earn enough to own a home.
I do not earn enough to fill in the blank.
There are so many scenarios when we can tell ourselves “I do not earn enough”.
I want you to stop telling yourself that you don’t earn enough and start believing in the income that you do have will provide for you and your family.
It is not easy to make that mindset shift but when you do your whole life will change.
I wanted to talk about the limiting belief “I do not earn enough to pay off my debt”.
When we first started our debt free journey we went from earning close to a six-figure income to barely earning the average American income of around $50,000. My thought was “how are we going to pay off our debt when we lost almost half of our income?”
I was subconsciously putting a limit on what my husband and I could achieve. Because of this belief, it took us a long time to get to the point of changing our ways. We decided living with the debt was okay because we did not earn enough to pay it off.
Little did I know I was wrong. I was very wrong!
Then my mindset started to shift. It took a long time to get to this mindset shift. We decided to take Financial Peace University by Dave Ramsey and begin to take a more serious look at our finances. I turned to YNAB for all of our budgeting needs (even if we weren’t perfect with tracking).
Related Content: The Best Budget App to Manage Your Money is YNAB
I needed to look at our income and expenses differently. Were we living above our means? Of course we were. We were going further into debt each month. I knew we needed to make a change at this point. We needed to change the belief “I do not earn enough to pay off my debt.”
It was time to start cutting back and become more intentional with our spending habits.
I discovered the world of minimalism.
Minimalism has helped us shift our focus from consumption to intentionality.
We truly need less in our lives to be happy.
Excessive consumerism is a true problem in the United States. The belief that we needed to buy more and more led my husband and me into over $83,000 in consumer debt. Just look around you – the shiny new cars in driveways, designer handbags, remodeled homes – most of this is done with debt.
So, you may be asking yourself “how did she change her mindset from “I do not earn enough to pay off my debt” to “I can pay off my debt if I am intentional with my money”?
It was not an easy shift. It is something that I still work on every day and getting my husband to shift his mindset is a task itself.
I shifted my mindset over time.
I started telling myself daily that I do earn enough to pay off my debt. I do earn enough to change my life and live within my values.
I started focusing more on my budget and deciding what could be cut back. Do I really need cable? Can I cancel my Amazon Prime Subscription? Is an annual Disney pass necessary?
Examining all of the lines of our budget led us to make some tough decisions. We needed to weigh the pros and cons of every area we were spending money. We cut back a little bit at a time. It wasn’t easy to cancel memberships or stop going to restaurants. However, we knew it would be worth it in the long run.
Then we started seeing progress in our debt snowball. The more money we freed up in our budget the more we could put toward our debt. We were finally gaining momentum in our financial life.
I do earn enough to pay off my debt.
As the debt snowball started rolling it became easier to cut back in other places in our budget. Progress led us to make bigger changes in our life. We were able to move to a better neighborhood. After 3 years of not taking a vacation, we finally saved enough cash to enjoy a cruise to the Bahamas for my 30th birthday. We are still in debt, but we were making progress every day.
We were finally breaking the chains of debt.
The mindset shift is the key to changing your financial future. Unfortunately, there is not one single thing you can do to make that shift. It is comprised of little thoughts and actions over time. You’ll begin to see the shift as you work toward your financial goals. One day you’ll stop telling yourself “I don’t earn enough to pay off my debt” and finally start believing “I do earn enough.”