Life After too much Debt: Staying on Track

Most people know what it feels like to live with debt, but for many of us the last time we didn’t have mortgages, credit card balances, and student loans, we were too young to own much more than a bicycle and a pack of gum. As an adult do you know what life would like without debt? Is that even something you consider as a possibility in your life?

What does life look like after debt?

  1. You get to relax

Since you’re debt-free, you don’t need to worry about collection agencies call you at all hours of the day and night. You don’t even have to feel that clenching anxiety as soon open your credit card statement – instead, you get to relax knowing that you don’t owe anyone anything.

  1. You get to keep more of your money

Having debt means paying interest and unfortunately that means you get to use less of the money that you earn. When you live debt-free, you don’t have to give your money to banks and credit card companies. Your salary is worth a lot more – you can start saving for sun vacations, new cars, and other times that you never thought you could afford. Without debt, you need a lot less money to live on.

  1. What’s Yours is Yours

When you buy things on credit, you don’t really own those things. Think of all the people who have lost their homes, or cars in recent years because they could not keep up with the payments. That is because the families never owned the homes, the banks did. When you have paid off the mortgage and cars, the things are really yours.

  1. You are Happier

Have you imagined life after debt?  It is much happier and more carefree. When you don’t have the weight of debt hanging over you, you get to breathe easier and dream a little.

  1. You get to say “I’m Debt-Free!”

So once you have set a goal and you accomplish it; and you get to be proud of what you have done.

For most people, living debt-free sounds like an unreachable fantasy however, with the right approach, commitment and willingness to stick with “getting-out-of-debt” process even when things gets tough you will be able to eliminate debt to live freely!

So How Do You Stay On Track To And Become Debt Free And Financially Stable?

1. Set financial goals and create a plan of how to get there.

By setting financial goals you have something to work towards. This will enable you to manage your money better and stay out of debt. Once you reach your financial goals you will feel a huge sense of achievement and that will help you keep on track.

2.Build a financial safety net by saving.

Building up a nest egg of money gives you the security should you be retrenched or your car need major mechanical repairs you have instant access to much needed cash and not rely on borrowing money to get you out of the crisis.

3. Live within a budget and revisit it on a regular basis.

Budgeting enables you to stay on track financially. It is quick and easy to set up a budget and will ensure you remain debt free. Assess your budget frequently as your pay increases. This keeps you in control of your finances.

4. Manage your credit by setting limits and paying back more than the minimum required.

Should you have a credit card – always try to pay off the full balance or as much as you can afford each month. Paying off the minimum balance means a lot more interest will be added making your debt higher.

5. Research and become financially informed.

Doing your research is imperative. You can save money by finding better deals on items you wish to purchase. There are various websites enabling you to do this. Shopping when specials are on and comparing prices in different shops also helps.

6. Ask for help when and if you need it. The earlier the better.

Should you find yourself getting in too deep financially don’t hesitate to ask for assistance. Realising problems early on saves you potential legal fees and judgments on your credit record for non-payment.

7. Keep cash as your king as far as possible. This means you are not getting into debt.

Try to use cash for purchases rather than relying on credit cards and loans. Staying on track with your budget and not over spending will mean you remain debt free.

Life without debt is amazing! And the best news is that you can experience it too!

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