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Budgeting Essentials Blog

Helping you master the practical essentials of Budgeting, Cash Flow, Accounting and Debt Relief.
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5 Things you can do when you are debt free

One of the things that you should do on your debt relief journey is picture what life will look like when you are debt free. Learn more in this week’s blog.

 

There will be times on your debt relief journey that you will need motivation to carry you through tough stretches. One way to motivate yourself is to imagine what your life will look like when you get there. To help you with that, here are 5 Things you can do when you are debt free.

1. Spend your paycheck the way you want to 

Your monthly bills shrink significantly once you stop making car payments and a mortgage payment. The money that you used to be using to make those payments is now available to spend the way you want. Those items add up to a lot of money for many people.   This is definitely something to look forward to on your Debt Relief Journey.

2. Own the things you buy when you pick them up

Another advantage of being debt free is that when you buy something, it is all yours.  You are no longer sharing it with the bank.   When you are debt free, you aren’t making payments on your things.  You don’t have restrictions on how they can be used because of note restrictions.  It is yours to do with as you please!

3. Save money for what you want instead of paying for what you already got

When you are debt free, you have the ability to save for new items that you want instead of paying for items that you already have.  This gives you more freedom in buying because you don’t have to be approved for the purchase.  After you have saved the money, you can decide when you are going to make your purchase and how much you are willing to pay for your purchase.

4. Keep the money you save on discounts

When you borrow money to make a purchase, you increase the purchase price of the item.  Even when you get a discount, you don’t get to keep it because it is offset by the interest you pay on the loan.  This is especially true on purchases you make on credit cards that carry a balance from month to month.  Those credit cards have much higher interest rates because the credit card company doesn’t get or want a lien on your purchase.  But that interest makes your discount disappear.

5. Help others without shorting yourself 

Another advantage of being debt free is that you have the ability to help other people.  It is much easier to be generous when you are not struggling yourself.  It is also very rewarding to help other people when you have the ability.  You also have the choice of who you help! 

Once you are debt free, you can be an example to people who are still in debt. You can help others see how much better it is to be debt free. It all starts with making a decision to be debt free and imagining how you can live when you are!

If you loved this  blog post, get the next one by getting your name on the Debt Relief Journey blog list.  Don't miss out.

At www.BudgetingEssentials.com we want to help you become debt free.

Get my Free Personal Debt Reduction Workshop.  This workshop will begin to change the way you think about debt and spending For The Better Life you want now!

You’ll be amazed how free you feel without debt! And just imagine the things you could do if you had no debt!

Anything you tolerate becomes normal to you. When you stop tolerating debt, you increase your ability to function without it.  You can get yourself debt free. It will take you some time, but the end is worth it!- Dan Heiland

Scroll down to the comments and tell me if this post has helped you and how it did!

If you know someone this post will help, please share it with them!  If you aren’t already a subscriber, SIGN UP to receive notification emails and information on promotions we run periodically!  You can also learn more about personal debt reduction by taking my free online “Debt Relief Workshop” by clicking HERE.

God Bless your week!

Copyright

© 2019 Dan Heiland 2019 Kat Heil, LLC

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