7 Ways Being Debt-Free Will Change Your Life
While we’re not completely debt-free yet (since we’re still paying off the house), I can already tell that being out of debt is going to be life-changing.
When you’re debt free, you have more:
- Money
- Freedom to do the things you really want to do
- Options
- Stability
And you have less:
- Stress
- Risk
- Juggling to do
Short but sweet today. Really sweet. What would you add to the list?
I’m assuming you’d have less anxiety as well!
Definitely!
I came across this fancy word–deleveraging.
All it means is to lower debt.
Being debt free is how we’re suppose to live. It’s just something I don’t think about anymore.
Unfortunately, it’s also something a lot of people don’t think about because they don’t even realize they could BE debt-free.
I in the final phase of being debt-free – I have to admit its alot less stress and my husband and me communicate better about money.
The budget is still tight – we still have mortgage and my hubby’s hours were reduced at work so we have less income but we are handling the crisis alot better and continuing to reduce our debt even on limited income.
That’s great that you’re able to continue reducing your debt even on a more limited income.
My wife and I are digging ourselves out of debt too, but I can already see these benefits on the horizon! My stress level is starting to melt away and I can tell it’s going to be a great feeling.
I’m also starting up my own website (regarding personal finance of course) which will hopefully bring in some added revenue so that we can pay down those debts more quickly and live a little more worry-free!
Isn’t it a great feeling? :)
(And welcome to the yakezie)
I think you covered it all. I would say peace of mind knowing that if an emergency happens, you are covered… or can cover it with cash instead of credit cards or loans. Freeedom is also a huge factor for me!
Those make a big difference!
I am not yet completely debt free as we still have our mortgage. But as our savings grow
and our mortgage shrinks I feel a lot less stress particularly surround work. I like
my job, but having less debt makes me feel more empowered to make a work change if I
need to. This is covered in your post, with the less stress and freedom, but I’ve been
surprised with how much less debt has affected my view of work!
I find myself enjoying work more, now that I know I won’t be in a desperate situation if I were to lose it. Maybe you’re experiencing something similar…
The day I pay my last bill will be the day my financial freedom finally starts. :-)
Ditto that!
Jackie, great post!
I have mentioned those points and your blog in mine.. in Spanish. I hope that is OK with you.
You can check it here: http://blog.finanzas.ca/2010/12/05/7-maneras-en-como-cambian-nuestras-vidas-al-ser-libre-de-deudas/
Sure that’s fine! Glad you liked the post :)
I love the debt snowball approach, specifically exactly how Dave advocates going through it. If you are talking to the public such as Ramsay, the one thing everyone lacks is without a doubt motivation. A lot of people need to be inspired to keep going, therefore begin with the littlest debts and repay it first.
Debt and Obesity is a major problem. Can’t wait to tackle both!
Happy tackling :)