While no one will tell you that debt repayment is easy, there are some personality traits that can make your journey to debt-free easier. Talking with many people about their struggles with debt has helped me to notice personality traits in myself and others that contribute to (or hinder) success in eliminating debt. Let’s focus on the personal characteristics that make debt repayment easier.
Before we start though, keep in mind that just because you don’t feel you have a certain trait doesn’t mean you can’t get it. While some people are born with certain traits and gifts, they can be cultivated as well. Also, this is by no means a complete list, nor is it a fail-proof recipe for success.
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Thrifty
If you’re thrifty you may just keep yourself out of debt in the first place (though that wasn’t the case for us). For some, being frugal or thrifty comes easily. Using self-control with your money will make serious contributions to your debt repayment. After all, it’s the margin between your earning and spending that will give you the means to pay off your debt.
My husband and I both come from pretty frugal families. Spending little comes naturally to both of us and it makes a huge difference in our ability to pay off our debt. In most cases it’s not even really a sacrifice. We just have a hard time letting ourselves spend a lot.
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Adventurous
Not being afraid to experiment with new ways of doing things can really pay off. Biking instead of driving, making your own cleaning products, cooking from scratch and trying your hand at gardening come easier when you have spirit or adventure. Venturing into earning extra money on the side is easier for those who are willing to take risks.
We are opting for a debt pay-off route that involves, what some may consider, the extreme frugality. Some people think we’re nuts, but our non-standard living arrangement actually works really well for us since we’re always up for an adventure. (I like to think it keeps us young too!)
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Competitive
While comparing yourself with others isn’t a good idea, competing with yourself can bring out your best. The most useful competition is with your “old self,” your goal, or the clock. People who set out to achieve goals are 100% more likely to reach them, than those who don’t.
My husband and I are both competitive. We like competing against each other in triathlons or Scrabble, but when it comes to our debt, we are on the same team. It’s us versus the loans. And WE are going to win!
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Optimistic
In the words of Henry Ford, “Whether you think you can or you think you can’t– you’re right!” Positive thinking goes a long way. When coupled with action, it materializes into wonderful things. Optimism also rubs off on those around you.
One of the great parts about being on a team (aka marriage) is that we can pull one another up when one of us is down. That keeps our optimism balance in the black (budget-ly speaking).
It’s Your Turn
- What personality traits have you noticed in yourself or others that make debt repayment easier?
I am competitive so I am always trying to challenge myself. I am only competing with myself but it is still fun! It also helps when people are strong willed… Nothing can get in their way!
Yes! I am a little strong-willed. If someone thinks I can’t do something, I want to prove them wrong!
Persistance! Just like Mr. Six Figures Under couldn’t finish law school in a couple of months, a person can’t pay back law school debt in a few weeks either.
I feel like the Little Engine that Could when it comes to tackling debt: “I think I can, I think I can.”
That’s so true. We are definitely in it for the long haul. There definitely isn’t a quick fix, so persistence is so important!
Admittedly, I’m not very thrifty. And my husband is even worse. Thankfully we’re not in serious debt, but it’s enough to make me worry that losing an income (without practice) could spell financial disaster. That said, I like your taking on competing against yourself. That would actually be a trait we both could bring to the table that might actually help. I truly admire your persistence in paying off debt. Fewer and fewer people are willing to make those kinds of sacrifices these days.
Thanks Leslie! It’s good to recognize your weaknesses and strengths.
I think you have to be able to bounce back too – if you make a mistake and fall off the budget wagon you have to be able to pick yourself up, forgive yourself, and move on!
Yes Sue! Especially when your goal is big and seems far away. You are going to have some bumps in the road and it’s important to be able to take them in stride.
I’m very thrifty and a saver by nature, also very goal-oriented which have helped us to pay down debt and also live (mostly) debt free. My husband is more of a spender but he has the ability to see the big picture which I have a harder time with beings that I’m busy washing baggies and saving every penny. 🙂 He’s also extremely optimistic which has helped us through financially tight times.
That’s neat to see that you each have different characteristics that work together well!
I think honest is another trait that you could add. You need to be completely honest if you’re tracking your spending habits to establish a budget. That one sandwich bought along the way: you have to write it down. The occasional bag of crisps, the online subscription to an e-book service, via credit card, how minimal it might be, it has to be on paper. If I try to cheat, I only discover that I’m cheating myself in the long term…
You’re so right Elvira! We cheat ourselves when we aren’t completely honest.