You think you have your finances all sorted, but never keep a track of your spending. You tell yourself that you deserve to spend your hard-earned money as you like, but never compensate overspending with plans to cut other corners. You think you are spending your paycheck sensibly, but never really save enough for emergencies – If this sounds like you, then you are living a lie.

Debt is an extremely complicated situation that can leave the best of us in denial. Don’t be that person. But if you tell yourself one or more of these lies, then you probably are!

You Cannot Have the Life You Want Without Relying on Debt

Are you guilty of buying expensive shoes that cost a tad too much or going to an upscale restaurant without the financial bandwidth for it? When you are in the process of paying off your liabilities, you often tell yourself that debt is the byproduct of the life you want. We often attach our self-worth and value of experiences based on the money we spend. However, that is not true. Living a happy and wholesome life does not require you to spend irresponsibly. Believe it or not, you can still have fun without burying yourself in mounds of debt.

[Related: 5 Steps to Successfully Pay Off Your Debts]

You Can’t Get Out of Debt on a Low Income

It is possible that you do not make enough money to save, just as it is also possible that you are overspending. Before you can find the solution to your problem, you need to find the root cause of your problem. If it is indeed overspending, then you need to find ways to cut corners and reduce your living expenses. However, if you are not making enough money, then you must concentrate on ways to supplement your income so that you can stash a few extras away as savings. Alternatively, you can also find ways to pay off your debt with the income you have. Many people falsely believe that paying off debt on a low income is impossible, but that is not true.

While it is natural to feel overwhelmed and not know where to begin, it is important to stay focused on your goal of being debt-free. There are plenty of debt repayment strategies out there that can help you get out of debt faster – Debt stacking and debt snowball, debt consolidation and debt restructuring among others. But before you try any new approach or tools, you must stop believing the lie that you cannot get out of debt on your income. Just trust in yourself and believe that paying off debt is possible.

You Can’t Save While Paying Off Debt

Do you really see yourself living paycheck-to-paycheck until your retirement? Not contributing to your retirement is not an option. Period. When you feed yourself this lie, just remember that saving small right now is much better (and easier) than saving big later. But with debt weighing you down, you have to strike a balance between debt repayment and saving for your future as well as emergencies.

The process of living a debt-free life begins with changing your thinking first. You need to understand your financial goals and stay true to your resolve of being debt-free because you recognize that it is the right course of action for you.

[Related: Save Money or Settle Debt – How to Prioritize?]