Debt can feel like the heaviest weight on your shoulders… even for athletes who are used to pushing forward with confidence. Whether it’s student loans, credit card debt, or medical bills, being in debt can take a toll on both your financial and mental wellness. I can easily recall the feelings of having thousands of dollars in credit card debt after we renovated our first fixer-upper in New York City. The feeling was suffocating, and there were times I felt like I was in a ‘debt hole’ with no way to get out. The good news? You’re not alone, and there are steps you can take to manage debt while maintaining a strong mindset. Here are six ways to improve your financial wellness and stay mentally strong in the process.
How to Tackle Debt and Prioritize Wellness
1. Shift Your Mindset: Focus on What You Do Have. Debt can make you feel like you’re drowning, but instead of focusing on what’s lacking, shift your mindset to what you have going for you. Maybe you have a steady income, valuable skills from your athletic career, or a support network of friends and mentors. This might sound corny, but it can help you decompress when those spiraling thoughts return about payment plans, lack of cash, etc. Practicing gratitude and reminding yourself of your strengths can make a big difference in how you approach debt repayment.
2. List Out All Your Debt to Take Control. Avoiding debt only makes it worse. Instead of ignoring it, write down every amount you owe, the interest rates, and the minimum payments. Seeing the numbers can be intimidating at first, but this step gives you clarity. Once you know exactly what you owe, you can create a plan to tackle it—whether that means using the debt snowball (paying off small debts first) or the debt avalanche method (paying off high-interest debt first).
3. Reach Out to Loved Ones or a Support Group. You don’t have to go through this alone. Talking to friends, family, or a support group can help you feel less isolated. If you’re comfortable, let someone you trust know what you’re going through. They might offer emotional support, helpful financial advice, or even an accountability partnership to keep you on track with your goals.
4. Leverage Your Athletic Skills for Extra Income. As an athlete, you have skills that can translate into extra income. Whether it’s coaching, personal training, speaking engagements, or running sports camps, there are ways to use your expertise to bring in more money. Even part-time or freelance opportunities can help accelerate your debt payoff while keeping you engaged in something you love.
5. Prioritize Self-Care to Reduce Financial Stress. Being in debt can be stressful, and that stress can impact your decision-making. Make time for exercise, meditation, journaling, or whatever helps you stay mentally strong. The more you take care of yourself, the better you’ll be at managing your finances with a clear mind. Paying off debt might mean playing the long game, and maintaining your well-being is just as important as making payments.
6. Educate Yourself on Financial Literacy. One of the best ways to take control of your financial future is to keep learning. Read books, listen to podcasts, or take online courses on budgeting, investing, and debt management. The more you understand money, the more empowered you’ll feel to make smart financial decisions.
Being in debt doesn’t define you, and it’s not a life sentence. With the right mindset, a clear action plan, and a commitment to financial wellness, you can work your way toward financial freedom. Remember, small steps add up over time—stay patient, stay focused, and keep moving forward.