When you finally make the decision to become debt free, like I did recently, you’ll quickly find it takes more than just willpower. For many of us it’s a long journey, one that might take years to complete. So how do you keep up the intensity without getting discouraged?
Even with the best technology, apps and financial tools available, the only thing that’s helped me stick it out is reminding myself of why I’m doing this in the first place. I had to find inspiring reasons to live a debt free life.
The awesome thing about finding inspiration for your personal finance journey means there aren’t any rules. Inspiration can come from anywhere (or anyone) in any form, shape or size. Here’s a few things that inspire me.
Freedom to choose
Going through the latest economic recession has taught many of us valuable life and money lessons. Our futures aren’t as secure as we thought, we took too many risks and didn’t educate ourselves about proper money management. But after that all came crashing down, we learned that we’re stronger, more resilient and smarter because of the experience.
Becoming debt free alleviates some of the pressure from bills and lets us choose what we want to do with our money. It opens up opportunities to save more, invest more, give to charities and help our kids go to college.
Lead a passionate life
This is one of the inspiring reasons I wanted to become debt free. One of my passions is traveling, so not having any debt means I can see the world and become location independent with my career. I can create a job that revolves around my life instead of my life revolving around my job.
Living with less debt means more freedom to see family and friends whenever we like, or take time off work without wondering how we’ll pay the bills when we get home. It’s the opportunity to live a more stress-free life, make decisions based on what we really want and follow our passions.
Being in a relationship, whether it’s with your kids, your partner or your peers is always more difficult when you add money to the mix. Money fights and money arguments are one of the main reasons couples get divorced, and it’s the biggest reason my past relationship failed too.
There are so many more important things to work on in a relationship than to constantly worry about money. While becoming debt free won’t solve all relational issues, it definitely brings more peace and stability to the situation.
Recent studies have shown that many retirees have been unable to quit their jobs and retire when they originally planned. They weren’t able to save enough for their future during their working lives, and are having to work longer or scale back their lifestyles in their retirement.
As mentioned above, freedom from debt means we have more control over our future and retirement savings. We won’t need to rely on the (broken) Social Security system or get financial help from our kids. We can be financially independent and enjoy our retirement years.
These are just a few examples of what being debt free can mean. Now it’s your turn to share.
What are your inspiring reasons to become debt free?
Photo Credit: carolynconner