I do know a few of you may need raised an eyebrow on the title of this submit as a result of I’m not fairly debt free but (wishful pondering!), however I shall be quickly sufficient. Ever since I began this journey, I’ve grow to be so targeted on paying off my debt and it’s just about taken over my life.
I’m obsessive about budgets, hooked on watching the numbers go down and enthusiastic about what the longer term holds. I’ve to say, I’m lots happier now that I’ve a stable debt compensation plan and I’m definitely embracing the journey but it surely’s necessary to comprehend that each one journeys, good and dangerous, come to an finish.
Debt Is Solely the Starting
Once you’re paying off debt with such a laser-like focus, it’s straightforward to get so caught up in that drive and motivation that you simply solely see your finish aim of changing into debt free. However what occurs after that? Are you able to even think about what your life shall be like?
I’ve targets to start out investing extra and put more cash towards financial savings and enhance how I handle my funds to keep away from stepping into debt once more. I take into consideration how low my bills shall be and the way I plan on retaining them low. After I make my closing fee, I in all probability received’t get up the subsequent morning to an ideal life the place no hardships or monetary emergencies ever happen once more, however I’ll have extra decisions and extra management.
I can work much less, spend much less, spend extra time specializing in my values, management my cash higher and construct wealth and expertise what it feels prefer to not must owe anybody something. That is my ‘why’ and it’s necessary to maintain it in sight always.
To me, changing into debt free signifies that I’m one step nearer to monetary freedom. It’s not the tip of one thing, it’s solely the start.
Realizing What You Worth
I’ve realized a lot from being in debt and on account of this journey I’ve realized what I worth in life probably the most. To this point, I’ve labored my tail off to chop bills, enhance my revenue, spend mindfully and stay motivated. These are all key parts in changing into debt free. There’s no secret or magic method. You simply have to plan every part out, keep targeted and maintain making funds till your stability reaches zero.
Frugality helps, but it surely’s not required. Nevertheless, I’ve developed a love for frugality that I by no means thought I’d have.
I worth experiences and high quality time with my household, relaxation, journey and exploration, stability, spirituality and my religion together with having a constructive artistic outlet. None of those contain debt.
The life adjustments that I’ve made received’t simply disappear when my debt is gone. I do know that I don’t need to be working properly into my 60s or dragging myself to work every morning to commerce my time for cash so I can battle to afford my life-style.
In an effort to keep aligned with my values, I’ll have to proceed dwelling beneath my means and discovering satisfaction within the little issues that I take pleasure in and worth as a result of fortunately, I’m not a flashy one who want lots to be impressed.
Setting Extra Targets
I’m tremendous aim oriented, so that is undoubtedly a motive to not view debt compensation as the tip all be all. I’ll nonetheless have to stay afterward and I’ll nonetheless have targets and obstacles in my means. I’m the type of one who doesn’t know find out how to chill out and I have to work on that. In school, I’d pile on extra courses to my course load for the semester, after which I’d discover two internships to work as properly. You solely stay as soon as so you’ll want to go exhausting and construct off of every aim that you simply attain.
I’m going to chill out for a bit after I pay all my debt, then I’ll begin up once more with the subsequent set of targets.
These targets will embrace:
- Rising my emergency fund
- Getting extra into investing
- Saving as much as purchase a home (I do know, this may occasionally trigger extra debt. However I’ve a plan for this…and you need to stay someplace)
- Setting extra apart for my son’s school fund
In any case of those targets are met, I’m undecided what the longer term will maintain, however I’m certain I’ll be busy working towards all of those for some time anyway. That’s why it’s so necessary to embrace the journey, however notice that it’ll finally come to an finish and at all times be ready for the subsequent step. Life just isn’t a race that you’ll want to rush by means of, but it surely’s at all times good to know the place you’re going.
Associated: Why Do You Want a Full Emergency Fund?
Have you ever given a lot thought to what your debt free life will appear to be, or are you simply too fixated on the aim itself? What have you ever realized to worth over time?