If anyone tells you that they are working on getting themselves out of debt, you probably think that they are solely surviving on beans and rice and live a pretty boring life. Is that fair to say?
Prior to starting our debt free journey, I would make the same assumption.
I believed that those wanting to get out of debt more than likely lived a “boring” life. Meaning, all they ever did was live on a tight budget, not spend any money, and bypass all travel opportunities.
Even though this may be the case for most, it does not necessarily mean their lives are boring.
Debt Is Not Normal
I’ve said it before, and I will say it again. Debt is not normal.
It’s unfortunate that some people think that it is “impossible” to live a life free of debt. These are the individuals who repeatedly say, “One can never be debt free because there’s always something to pay on”.
What these folks are referring to is paying for things like your trash service and utilities, or keeping a cell phone plan active.
Blah blah blah. I get it.
But these are not the typical debts I am talking about. I am only taking into consideration the debts that have interest charges, late fees, or can be sent to collections for delinquent payments.
Your car loans, student loans, medical bills, etc.
Here are a few reasons why I choose to stick to this “boring” life…for now:
Saving the Fun for Later
I have heard the proverbial saying “I would rather enjoy life now than miss out on all of the fun”…coming from the mouths of 20-year-olds as if they have only 5 years to live.
I’ll take my chances. Even with that being said, there are ways to “have fun now” without breaking your bank account and spending your hard earned money on nice things, trips, and family vacations.
Keep it local, shop smart, find free local events. Or better yet, set a budget for all of it!
Sacrificing a few short years of not-so-fun days and holding off on enjoying a travel experience on credit (several times throughout the year) is totally doable.
It may be a bit “boring”, but hey, in the end, it will be well worth it.
No More Stupid Payments Down the Road
Monthly payments. Gotta love them. They are repetitive, annoying, and drain your bank account.
This is one reason why I am choosing to sacrifice living a life of travel and frivolous spending. I want to avoid a lifetime full of monthly payments. To no longer deal with expensive car payments and those dreaded student loan payments is going to be AMAZING!
Related: Should I Refinance My Student Loans?
If you are interested in refinancing your student loans, check out LendEDU and find out how you can potentially save thousands of dollars!
Several weeks ago, I actually managed to pay off my 2012 Toyota Camry. That’s a couple of hundred dollars each month that we have left over to save!
More importantly, that’s one less payment we have to worry about…and more money we’ve got sitting in your account to be applied to other debts.
I Will Never Have to Rely on Credit Cards
Credit cards, you either love them or hate them.
I love them for the sole purposes of the incredible perks. I hate them for the power that they have to cause thousands to become addicted to them.
Between my husband and I, we share one credit card with a $1,500 limit and pay off the balance before the end of each month. It’s how we avoid getting hit with interest.
So, none of this “I have my own credit card and he has his own credit card” mess. We merge our income, our debts, and are paying it off together.
Relying on credit cards to live is tough. There is no denying that, especially if you have no other financial resource to make ends meet. This is when creating a budget and reassessing spending habits is crucial.
Check out this post to help get you started.
I’ll No Longer Be a Servant to the Lender
According to Proverbs 22:7, “The rich ruleth over the poor, and the borrower is servant to the lender.
The lender (banks, a family member who loans you money, financial institutions, etc) rule over the borrower (the poor). As a person in my 30s, I do not want to be chained up for all of my days paying borrowed money back to lenders. It restricts me from reaching any real financial goals.
Eliminating my debt is the only way to eliminate myself from being a servant to these lenders. With that said, I would much rather live a not-so-exciting life and have my fun later on down the road.
I Can Teach My Child(ren) the Importance about Money
For those who have families, or want to start a family. Read this:
Please consider your offspring’s financial well-being. One day when they are older, they will thank you for not encouraging them to open up credit cards. If you have not started a 529 plan, at least encourage them not to blindly apply for student loans.
Talk to them, tell them why it is important to first apply for scholarships and work/save during every opportunity they have to pay for education in cash.
Although my daughter is very young, our goal is to get her through college without any financial debt.
I Can One Day Travel at My Leisure
Oh, to be able to travel.
I do make a sad face ( 🙁 ) whenever I see my peers travel leisurely or on a whim every some odd months.
I want to travel at my leisure, too!!
Although I can whip out my trusty credit card and book a flight somewhere, it’s not always in our budget, nor will it take us toward our goal of becoming debt free any faster.
So, I will continue living this “boring” life, travel only when it’s budgeted for, and stay put in my comfortable small town. It’s not that bad.
Do you think “living life” is more important than getting out of debt?
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