Everyone has been in debt at some point in their life. That is for a fact. But it does not mean that you will be in debt for the rest of your life. You can live a debt-free life and once you are free, you would remember the things that debt has taught you and how it changed you as a person.
Living a debt-free life is not easy. Take it from people who have been in their worst part of debt. But they have learned their lessons and they want to share them to those who are currently in debt, those who are in the process of getting out of debt, and to those who are now free of debt. Here are few of those lessons:
You have to sacrifice
Debts should be paid and you have to sacrifice to pay your way out of it. These sacrifices may include working extra hours, taking part time jobs, or working twice as hard as you did before. But once you’ve paid your debts, you would feel accomplished – more than ever.
Debt-free life is a healthy life
Once you have accomplished a debt-free life, you feel more secured, stress free, confident and healthy. You can perform well in your work and you are more confident to interact socially, because debts worry you no more. You can sleep and eat well, meaning you feel healthier than before. Living a debt-free life means a healthy financial status and enjoying your freedom to choose where to spend your money.
When you are in debt, the money that should be in your savings goes to your debts. And this is not financially healthy, especially when you are saving for your family, loved ones, or for your retirement. Clearing your debts allows you to invest and save more for your and your family’s future.
Going back to debt
You can go back to debt again. But you know the options this time. You can spend excessively again and go to the same process of sacrificial paying, or stay out of debt and live a fun healthy life. Living a debt-free life is an option that most people don’t see earlier this time. But once they have been in that dark hole and got out, it will be a relief they will treasure.