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How can I reframe debt as a solvable problem (Kay) · Wellbeing Solutions - Ask A Counsellor

• 0:00
  SPEAKER_00: How can I reframe debt as a solvable problem?
• 0:07
  SPEAKER_00: Research shows that having a lot of debt can be associated with avoiding socializing whilst also affecting our self-esteem, and in some of us this can lead to depression, avoiding friends, family, and in some cases we can avoid work.
• 0:29
  SPEAKER_00: This could mean missed opportunities in your life or even preventing us from seeking help and support.
• 0:38
  SPEAKER_00: Identifying when this may be occurring within ourselves is the first step of regaining control of our finances and our life.
• 0:51
  SPEAKER_00: To allow us to move forward from this, we can reframe the debt we have, we can think of this as a project, keeping it separate from our personal life.
• 1:05
  SPEAKER_00: Think about it logically and something that you can find the solution to.
• 1:11
  SPEAKER_00: You could begin by tracking all spending for one month to discover where money is going.
• 1:18
  SPEAKER_00: There might be a pattern emerging which can help us identify our most destructive spending habit, which in turn will allow us to change this.
• 1:32
  SPEAKER_00: You can record this, which would be easier to find a way that works for you.
• 1:38
  SPEAKER_00: It could be a spreadsheet or good old pen and paper.
• 1:43
  SPEAKER_00: You can make a graph to spot where the improvements are or other parts that may still need work.
• 1:54
  SPEAKER_00: Some banking apps also have tools to help us see where our money is going, which helps a lot.
• 2:03
  SPEAKER_00: When we are proactive about making the situation better for ourselves, it helps our self-esteem, confidence, and gives us a peace of mind that we are doing something about the situation.
• 2:17
  SPEAKER_00: When we have completed this, we can begin working with a budget and check our spending each month to see the improvements or identify where we could make some changes.
• 2:32
  SPEAKER_00: By breaking this down into bite-sized chunks each month or every two weeks, we will feel less overwhelmed and find this more manageable.
• 2:47
  SPEAKER_00: You can reach out for help from your lenders.
• 2:50
  SPEAKER_00: You can also reach out for counselling if this is causing you distress in any way, or if you're feeling down or depressed because of this, talking really can help.