Living Life without Debt: 6 Amazing Benefits of Financial Freedom
Posted on November 02, 2018 by Joelene Lemke, One of Thousands of Life Coaches on Noomii.
How changing my financial habits lead to Financial Freedom. What a Debt free life has taught me.
Living Life without Debt: 6 Amazing Benefits of Financial Freedom
6 years ago, I was swimming in a massive debt – $55,000 in maxed-out credit cards plus a hefty mortgage, to be precise. I couldn’t help but imagine a life that’s not riddled with high-interest credit cards, student loans, nerve-wracking mortgage payments, and other forms of debt.
I must admit that the culture of debt is so rooted in our society that we often think it’s a fact of life.
It’s not.
Well, if you asked me six or so years ago, I’d say something in the line of “debt is ubiquitous and you can’t entirely untangle yourself from it.” However, when I finally faced the reality of my debt and began to seek “repair” programs and help, I discovered I had to change my habits or nothing would last. I would end up in this cycle again.
Thankfully, 6 years in, we only have $7000 left in debt. As if that isn’t fabulous enough, we still managed to squeeze in family vacations, anniversary trips and other life treats. But what makes me truly happy is that we managed to begin the life we want: a debt-free life!
Don’t get me wrong; getting rid of our debt was no picnic, and justifiably so. It was a slow, step by step process. Even still, I’m thankful that we changed our financial habits, and the benefits are amazing.
Let me share with you 6 wonderful benefits that we have enjoyed since embracing a life without debt.
(1) Debt-Free Life Has Allowed Me to Get Rid Of Self-Entitlement
When I used to “put it on plastic,” I always felt a deep sense of self-entitlement. You probably feel this way too. You feel that the world owes you something just because you can use your lines of credit to buy whatever you want. The truth of the matter is that nobody owes you anything. And the sooner I realized this, my life changed for the best.
Ever since I began living a life without debt, that feeling of self-entitlement has disappeared into oblivion. In a way, debt-free life has helped me appreciate more the value of hard work and patience, as well as cultivate a can-do attitude.
(2) I Now Spend Wisely
Have you ever realized that borrowed money almost always end up being misused? I can attest to this. Nearly all of my $55,000 debt went into financing a short-lived lifestyle and making frivolous purchases. I bought fancy outfits that I no longer own. I used that money to go to expensive dinners that I don’t remember at all.
Luckily, the opposite is true. Today, I don’t just spend my hard-earned money willy-nilly. I do my due diligence, draw up a budget, and make sure that every penny goes to good use. More importantly, I work extra hard to pay off the remaining debt and invest in things that are likely to give more returns.
(3) More Savings = More Financial Freedom
A life without debt means that I no longer have to pay interest. And no interest implies that I can tuck away more money in my savings account. Of course, with extra savings, I’ve been able to build a contingency fund, enjoy a greater financial freedom, and managed to put away something for retirement.
(4) I Enjoy Less Stress and Anxiety
When I was expected to pay off car loans, mortgages, credit card debt, student loan, and whatnot, I found myself wrestling with anxiety and stress. I knew that wasn’t good for my health and overall well-being. That’s why I put my best foot forward to live a debt-free life. Without credit card companies breathing down my neck, feel an incredible relief knowing that my financial security is in great shape.
(5) I Can Lead the Life I Want
Does volunteering tickle your fancy? Do you desire to move and work in another city? Change jobs without being burdened by the thought of financial uncertainties? Debt hampered my life choices. With no debt kicking my butt, I feel that I can do anything. I can move to a new place, change careers, enjoy the little things in life … I can truly live the life I want!
(6) Better Relationships
It’s a well-known fact that debt is a relationship killer. When you are dealing with lots of debt, you can easily fly off the handle and get on each other’s nerves. In other words, debt can put a huge strain on relationships and marriages.
Do you want to achieve the ultimate financial freedom? Embrace a life without debt and you’ll be empowered in more ways than you can think. Debt-free life means less stress, better spending, improved relationships, and more savings. Who wouldn’t want that, right?
