Minimize your debt: Set Boundaries

Julie Murphy • May 17, 2013

What’s more American than debt? From the bottom to the top, the majority of us know a 25-year-old law school grad with over $200k in student loan debt and someone twice their age owing $300k or more on a mortgage. Even our country champions debt; America’s trillion-dollar debt will never be paid back.

Debt is a way of life.

Many of my clients are pulled both ways. They’re taking care of both their aging parents and their soon-to-be college-aged children. And let’s not forget about their debt; mortgages, car notes, student loans of their own and credit cards are part of their monthly expenses.

Does this ring true in your life?

This week, I want to talk about boundaries. All of us have a lot on our plates, you included. We’ve got kids growing up seemingly at the speed of light. Our parents are getting older, sicker and needier. Work obligations. Friendships to maintain. Church commitments.

Maybe a part of the reason why we’re drowning in debt is because we have trouble setting boundaries.

Picture this. You have a few low-interest credit cards you pay off at the end of every month. You spent a few years working on paying down your student loans, and now you pay a little over the monthly minimum to finish it off. Your mortgage is reasonable, your car is paid off and you have enough disposable income left over to live comfortably.

Now think about you. Is this what your financial life looks like? Is this what you want it to look like? Consider setting some boundaries. Start saying “No” to things that don’t fit into your ideal financial life. Spend a few hours deciding what you want your ideal financial life to look like, then spend the next six months to a year living that ideal.

It’s time to place a premium on yourself. Remember your worth; the people who truly care about you will understand if you turn things down for a few months. Saying “no” to things for a few months is a good reset not just financially, but personally as well. Discover what you truly desire, what your ideal really is. Setting boundaries is an important choice during this phase of your life for you, your life and your debt.

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