You might not be aware of this, because let’s face it, who is really debt free these days? Getting out of debt and leading a debt free life can benefit more than just your bank account. Think about the last time you thought about how much debt you had, was it when you looked at your bank account, tried to make an expensive purchase, or when you last applied for a loan? All of these situations would remind you that you need to get that heavy debt cloud from raining on you one day, but once you do, then what? As the stereotypical therapist would say, how does that make you feel? How do you benefit, in a non-financial way, from being debt free?Less stress: Debt is one of the biggest stressors in the lives of many adults. Having to make a million payments every month, not knowing where the money is going to come from and worrying about every little purchases is very, very unsettling to the average consumer. Sometimes it seems the only way to continue life with debt is to create more debt. On the other hand, since paying off debts, consumers tend to be less anxious, they sleep better, and breathe a little easier knowing that their bank account isn’t in the red.
More time: I’m a big believer in taking on extra work, or cutting down on miscellaneous spending, to get debt paid off faster. Debt reduction mode requires a little extra freelance, some additional side jobs, or a little less time going out on the weekends. Sounds like fun, right? This comes with a price; my time. Taking on extra odd jobs to ensure your debt is paid off successfully means that time is needed to dedicate towards budgeting, working, or keeping yourself busy with random activities around the house to avoid shopping sprees. Having all your income committed to payments weighs on your stress level, but it also sucks up all your additional time off to work and earn more money.
Bigger dreams: We all have things we want to accomplish in our lives, most of those things require money. Debt can get in the way of your life-long dreams because it’s very hard to think about traveling or buying a home or starting a business when you’re just scraping by from month to month. Once you are debt free and pocketing all that extra cash from month-to-month, it’s easy to start checking off things on your bucket list like going to Paris, skydiving, or buying a new car. Feeling like your life is full of possibilities again is incredibly satisfying and so worth the stress and hassle of paying off your debt as fast as you can.