How the Right Financial Mindset Can Help You Pay Off Debt Sooner

If you want to pay down debt, you’ll need to get your financial mindset right. Here’s how.

About ten years ago, the film and book “The Secret” were all the rage with the New Age crowd. The alleged secret went something like this: How you think determines what happens in your life. This concept is also known as the law of attraction or manifestation. Those things are hardly a secret, though.

Norman Vincent Peale promoted a similar idea in The Power of Positive Thinking nearly 70 years ago. Thirty years before Peale’s book, Napoleon Hill published the bestselling Think and Grow Rich.

I’m not here to bash the law of attraction. Actually, I’m a big believer in the role thoughts play in my life.  For example, when I sit down to write, I might think, or say, “This will be easy and fun. The words will flow.” Most of the time, that’s what happens. You can do the same with personal finances and debt payoff goals.

When I wanted to pay off $10,000 in credit card and medical bills years ago, that goal seemed impossible. Still, I focused all my energy on paying those debts, noticing any extra $25, $30 or $100 in my checking account. Then I paid that money immediately to my credit card account before blowing it on mindless purchases.

Because I made multiple payments each month, my balance decreased rapidly. At the same time, I said aloud many times a day, “Money comes to me from everywhere” or “I have plenty of money to pay all my bills.” Those affirmations, whatever anyone may think of their woo-woo factor, always work for me because they put my mind in the right place.

Law of attraction, positive thinking and affirmations aren’t magic but they’re powerful. That’s because when your mind is focused and your mood positive, you’re open to all kinds of ways to achieve your goals.

Want to give your financial mindset a makeover? Here are 5 tips for tapping into your subconscious mind’s mysterious ways to knock out that pesky debt into a past lifetime.

  1. Trust the universe but do your part

When I looked for a job years ago, I had the motto, “Trust the universe but send out resumes.” In other words, don’t just mutter a few affirmations before plopping on the sofa, waiting for money to drop in your lap. Instead, bolster those affirmations by paying any extra money toward debt so you don’t blow it on something else.

  1. Momentum is key

Once you start chipping away at your credit card balance, building emergency savings or reading daily about money-saving hacks, you’ve created momentum. That momentum builds, drawing more money, opportunities, and ideas for paying off debt.

  1. Examine secondary gain

Secondary gain is a term used in psychology to refer to a hidden benefit a person receives from a self-destructive behavior. Does your inability to improve your credit score reinforce some long-held, negative view of yourself? Understanding why you keep getting in over your head is a good start to turning your personal finances around.

  1. Know you deserve better

Once you pay off debt, you’re no longer scrambling to meet a bunch of minimum monthly payments.  Bill collectors stop harassing you. You can get a loan without a co-signer. Tell yourself that you deserve to have a better life, and then take steps to make it happen.

  1. Use visual tools

For one savings goal, I taped a fundraising thermometer to the refrigerator. If paying off debt will free up travel funds, post magazine photos of beaches or cities where you plan to vacation to motivate you. Take a few minutes before dozing off to picture yourself enjoying a life that’s free of crushing debt.

You don’t have to be Norman Vincent Peale to tap into the power of positive thinking. But don’t expect to kick back and leave your entire financial makeover to the universe. Get your mind right but keep chipping away at your debt. That’s how you’ll achieve financial nirvana.

[CtaInlineCode url=”” btn_text=”Get Started”]Positive thinking will keep you motivated, but money management tools will help execute your debt repayment plans. Check out’s money management solutions section.[/CtaInlineCode]

About The Author:

Deb Hipp is a freelance writer based out of Missouri.