Changing Debt Attitudes and Habits

One of Sesame Street’s best-loved songs - Put Down the Duckie (If You Want to Play the Saxophone), teaches children about the need to let go of some things in order to achieve their goals. It is a valuable lesson, and one that we all need to learn – especially if we decide to live debt free lives.

Not all of our budget-crippling habits and attitudes are as obvious as a yellow rubber duckie. However, by taking a careful inventory of ourselves, we can begin to see what we need to ‘put down’, to achieve our goal of being debt free.

Here is a short set of questions that will help get you started on your journey of self-discovery. Be sure to answer them honestly and completely.

1. Do you think that saving $1 a day is worth doing?


2. Have you set your own financial goals – if so, what are they?


3. If you have not set your financial goals - why not?


4. Do you view shopping as recreation?


5. Do you keep careful track of your income and expenses?


6. Do you like leftovers? If not, why?


7. Do you know what you are paying in interest rates on your credit cards and loans?


8. Are you more afraid of looking poor or being poor?


9. Do you like the challenge of making do?


10. Does the idea of leaving home without a credit card worry you?


11. What are you currently saving for? If so, what interest rates are you getting?


12. How much are you paying monthly in banking fees?


13. Are you sabotaging you efforts to get out of debt? If so, how?


14. Do you view your cost-cutting and frugal lifestyle as temporary?

Some of these questions ask you to look closely at various debt-free behaviours: money management, debt elimination, cutting costs, etc.; while others dig a little deeper into the emotions behind your spending.

Although building good debt-free behaviours can be as easy as developing good habits – changing your emotional response to spending and saving can be more of a challenge.

Once you begin to understand what your financial rubber duckie is – learn to put it aside – and
get on with building your debt-free life. As with all change, it can be scary, but you and your financial freedom are worth the effort.