Listing all of the reasons you should get out of debt is a great way of motivating yourself to stay on ‘the straight and narrow’, on your way to becoming completely debt free! This way of keeping your eye on the prize is most effective if you remind yourself frequently why you really want to become debt free.
Ask yourself the following questions regularly: how will being debt free benefit my life? What will I be able to do when I’m debt free that I can’t do now? And, how will debt freedom brighten my future? Below are the answers to these burning questions that will inspire you to get on board and stay on course!
You’ll secure the future sustainability of your finances
Debt not only negatively impacts your present finances but also leaves you in a position of vulnerability when it comes to the security of your future finances. Once you have settled your debts, your financial health will stabilise, so you will be able to hold steady, should you experience unpredictable knocks to your finances in the future. This means your finances will be more resilient and bounce back quickly, so unforeseen economic blows won’t wreak havoc or cause irreparable devastation.
You’ll have more money to invest in the important things
Just thinking about all the money you could save, if you didn’t have to spend it all on your debt repayments each month, is enough to get you to reform your debt accumulating ways on the spot!
As parents, grandparents, husbands or wives, we have a responsibility to ourselves and our loved ones to ensure that you’ll all have everything you need in order to maintain your health, happiness and comfort in the future. Therefore, it is essential that you save every rand you possibly can right now, to secure a financially stable life for you and your family going forward.
Becoming debt free means that you will be able build up savings for medical emergencies, the best tertiary education for your children and for a comfortable retirement for you and your spouse. You will finally be able to afford those home improvements you’ve always dreamed of, without burying yourself and your family deeper in debt. Not to mention the good example you will be setting for your children by working towards freedom from debt, when it comes to how they will manage their own finances in the future.
You’ll eliminate unnecessary stress in your life
Psychological stress has been scientifically linked to the development of physical ailments. Feeling sick, tired and stressed all the time not only affects the way you handle your finances but also permeates into your relationships, causing strain between you and your family, friends and colleagues.
Being free of debt will alleviate your stress, thereby eliminating the source of your physical illness and this means your overall health will improve. You will also feel strong enough to cope with any financial crises that might occur in the future, personal problems at home or issues at work.
You will handle difficult situations better and, in turn, this will improve your personal relationships, making you happier and more fulfilled on the whole. This triple win for your emotional, physical and mental health should certainly serve as a great incentive for taking the first step towards becoming debt free, right this instant!
A positive credit score will create opportunities for you
A negative credit score places limitations on your life. You are more likely to be rejected when applying for credit, as you have shown yourself to be irresponsible and, if prospective employees run a credit check on you, they will deny you the position you want.
On the other hand, a positive credit score could lower your insurance premiums, improve your earning potential and allow you to take out credit as a proven responsible credit user. Furthermore, you won’t be at the mercy of your credit providers, who chop and change their fees and interest rates at the drop of a hat, to suit their own needs and usually to your disadvantage. Also, you will fully own your assets once you have settled your debts, instead of your possessions being attached to your debts and in danger of being repossessed, should you fall back on your payments.
I’m sure it makes perfect sense to you why getting debt free should be a priority for everyone by now. Even though I’m certain their are many other latent benefits to being free of debt that I might not have covered in this article. So, why not make the decision, commit to the process and reap all the benefits of becoming debt free – by striking while the iron is hot and contacting NDA for advice immediately!