To live debt-free was a long time goal for Liann and me. Neither of us like the idea of debt, but we had accumulated some in the form of a student loan, a mortgage, and car payments. In our mid-20’s, we got serious about living debt-free and put all of our effort behind the idea. Within a few years, and after a lot of hardship, we did it – we became debt-free! There is nothing simple about getting out of debt, but it is well worth the struggle.
Here are some of the things we have been able to accomplish since becoming debt-free:
Save More Than 50% of Income
With no debt, we contribute more than 50% of our income to savings, investments, and retirement. So, essentially, we are living off of 1 income.
Got Married & Paid for Everything
It was important to both of us that we cover the cost of our wedding and honeymoon as we entered this next phase of our life. Becoming debt-free made this a reality for us!
Plan for the Future
No more playing catch up with debt and looking towards our future, now we are planning our future.
Grow Investment Capital
Liann and I have been wanting to try out different investment strategies, but haven’t had some of the capital needed to start. Problem solved!
Travel More Freely & Extensively
We have always been into traveling but have always been extremely budget conscience. Now, we travel more frequently, for longer periods of time, and to places further away from us. As always, though, we make sure to keep it budget-friendly. Check out Fly Budget Like a Pro for some tips.
Try New Things
We are now able to try new things at our leisure, like new restaurants, craft beers or cocktails, and new experiences.
Appreciate Quality Over Quantity
We were pretty much always going with the cheapest products while on a tight budget. While there are exceptions, most cheap things don’t last. Now, if there is something we want, we are fine paying a little extra for better quality and to enjoy the benefits.
Treat Ourselves & Others More Often
To treat yourself is to enjoy something special, a little something “extra” than you would ordinarily. The term “extra” doesn’t really exist in budgeting since everything is allocated to some purpose. With no debt, we have added the term “extra” to our budget, and now we can treat ourselves and our loved ones whenever we like to.
Become More Charitable
We have always strived to be charitable, but when there’s not much to give, it is hard to do more. Now that we have a more flexible budget, we have upped our charitable donations.
Complete House Projects
You know that saying “if it ain’t broke don’t fix it”? Well, while we were destroying our debt it was more like “if it ain’t really really broke don’t fix it”! Since becoming debt-free, we have completed our backlog of house projects and are able to focus on new projects.
Save Money on Purchases
When you are able to pay for things in cash, you save a lot of money on interest and future expenses. We finance ourselves on big purchases through our own savings and put all other expenses on credit cards that are paid in full every month. Find out more information on these strategies in Save Money By Paying Upfront and Top 7 Rules for Credit Cards.
Started The Freedom Adventure
The Freedom Adventure sparked from our love for personal finance and travel. Without our journey to becoming debt-free, The Freedom Adventure may not have been possible.
Being debt-free is a grand accomplishment and should be celebrated. What are some things you all have accomplished or want to accomplish in a debt-free life? Comment below!