How do you avoid the debt depression spiral?
Ever spend to make yourself feel better, only to end up feeling back when you get the bill in the mail and start the cycle over again? Then you’ve experienced the debt depression spiral. Start your journey to financial independence by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
What is the debt depression spiral?
Have you ever used spending to make yourself feel better, only to feel worse when you get the bill in the mail? And then you spend to feel better AGAIN, only to feel worse when you get the NEXT bill in the mail? If so, you’ve been caught in what we call the Debt Depression Spiral.
On this episode of Queer Money®, we share five ways to avoid the Debt Depression Spiral, explaining how a no-spend weekend can help you reset your finances. We challenge you to focus your thoughts on what you’re grateful for and focus your spending on things that bring you long-term happiness.
Listen in to understand the benefit of having a regular cookoff or potluck dinner and learn how taking a break from social media can improve your mental and financial health!
Listen to our tips for avoiding the depression that comes form debt:
Topics Covered
- What the Capital One Financial Wellbeing Survey taught us about impulse buying
- How stress leads to spending and why the LGBTQ community is under added stress right now
- What triggers the Debt Depression Spiral and why it’s challenging to get out of it
- Our top 5 ways to avoid the Debt Depression Spiral
- How a no-spend weekend can help you reset your finances and analyze past purchases
- Focusing your spending on long-term happiness vs. momentary dopamine highs
- The benefit of having a regular cookoff or potluck dinner with friends and family
- Why we recommend creating a daily gratitude jar
- How social media can have an adverse effect on your mental and financial health
Watch this week’s episode
Previous 3 Podcast Episodes
- How to be a Leader with Ash Beckham
- What Michael Sayman Knows about LGBT Success
- Transgender Rights with Jack Knoxville
Resources
Connect with David and John
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on Apple Podcasts
- Email [email protected]
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.