7 Reasons Why I Can’t Wait to Be Debt-Free

The following is a guest post from Kayla at I’ve Worked Too Hard to Be Poor. I’ve had a crazy busy week so I’ll be back tomorrow! :) 

Sometimes I need a little motivation to keep up with my spend-less, earn-more lifestyle so that I can obtain a debt-free life. Otherwise, it can be way to easy to have those YOLO moments where you regret it later, both financially and with a hangover.

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Photo credit: Pete

1. I’ll be able to afford really cool things on a whim.

I make a decent enough income where if I craved a really cool new gadget, item of clothing, getting my hair done, or a vacation, I could pretty easily afford it — but only if I didn’t have those extra ‘bills’ each month, aka my minimum debt payments.

According to my current entry-level income and average living expenses, without any debt I would have over $1,800 to spend in any way I please, or to save for anything I want. That’s about $1,100 more than what I have now. Even with the current $700 buffer I have between my minimum payments and my net income, I still put that towards my overall debt — so I really don’t get to enjoy it at all.

2. I can save for a house, nice car, nice retirement, and luxury items.

I want a house, better furniture, and a number of other long-term goals that require saving massive amounts of money to be saved ahead of time. When I’m out of debt, I’ll have FAR more resources to save up for things I want. When I’m out of debt, saving for a nice home will not only be doable, but manageable as well.

3. I’ll feel financially secure.

I’ll be able to build up my emergency fund (with a lot more ease), and have less worry if anything were to happen, because I won’t be stuck paying down debts. I’ll be able to become cash-rich more quickly, which will lead to significantly less stress.

4. I’ll be richer than most of my friends.

Social influence shouldn’t be a concern, but it is. I’ll have financial independence for myself. Even if I have a friend that has a bigger house with a lot of debt, I know that I’ll have far more opportunities, not being tied down to debt, or any significant debt (not having a mortgage too large).

5. I’ll be able to finally give back.

I know this in practice will be the most rewarding of all. I’ll be able to help out my parents in their old age, help out my brother with his own student loan debt (he’s 3 years younger), donate to my favorite causes/charities, volunteer more, and help out my friends in times of need. I’ll be able to afford more meaningful gifts for friends and family (like savings bonds!), and if I ever have children, I’ll be able to provide them with their own college savings and a good life.

Even on a daily level, I’ll be able to afford more organic foods, support small businesses, and afford more expensive alternatives but in exchange for the greater good.

6. I can better fund side projects.

If I’m feeling creative, I can buy the supplies I need to be creative. If I want to start a side project, I can afford the tools and resources I need to get it done easier and quicker, and focus more on the creative side of things, rather than the grunt work.

7. I can have more (and better) life experiences.

If I go on a vacation, I can afford a luxury service if I’m interested. I don’t have to pick and choose between what I want to do and can financially do. I don’t have to save up for as long, and I can travel more frequently. I can go to more concerts to see my favorite bands, or take a class in something I’ve wanted to learn. While I still always plan on saving up for what I want to do, I can do it in far less time, leaving more time for more life experiences.

What will you do when you finally become debt free?

About the Author

Kayla is yet another 20-something personal finance blogger who is currently trying to work herself out of a starting balance of just over $100,000 in debt, between student loans and one car loan. You can find more of her ramblings, advice, and lessons learned on I’ve Worked Too Hard to Be Poor.

Tonya

Tonya is a video editor and writer living in Los Angeles who enjoys beach volleyball and running. To get the latest updates, be sure to subscribe. Check out her sister site Healthy, Fit, and Frugal.

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  • http://budgetandthebeach.com/ Budget & the Beach

    These are all great goals except for one, and that is trying to be richer than your friends. You should’t compare yourself with how your friends are doing and it’s important to try to be happy for them and their successes too. Focus on yourself and your other great reasons to be debt free! :)

    • TheKayla

      I feel the same way too, I suppose it’s just more that by keeping up with the Jones’, you’re really not helping yourself, but many of us do it regardless. It’s more of a psychological ‘trick’ … you’ll be really solving that need by being smart and paying off debt, rather than having nicer things. More of a play on words than anything else for doing the opposite of trying to keep up with your friends! :)

  • Holly Johnson

    Hey, I think these are all great reasons! I am personally debt free aside from a small mortgage and I think that most of these things are true.

  • http://makemoneyyourway.com/ Pauline @ MakeMoneyYourWay

    Pretty solid reasons, freeing up that much cash each month will give you a lot of breathing room for whatever you please. Keep going!

  • http://www.uniquegifter.com/ Anne @ Unique Gifter

    Those are pretty swell reasons. I especially like the give back one, myself. Best of luck, and hopefully knowing that you will be able to do all of these things keeps you motivated to get to a point where you can.

  • Suburban Finance

    Great reasons, but don’t put your life on hold for debt! You can still experience life with debt :)

    • TheKayla

      That’s exactly what I’m trying to do, but with limited means. :) For example, I’m going on a trip to Florida in two days, but I’m staying with a friend, driving vs flying, we’re camping out on the way instead of staying in a motel. It’s more of an adventure and a different way of looking at how to have a different type of experience — but I can’t wait nonetheless to not have to worry about these things regardless!

  • http://www.makingsenseofcents.com/ Michelle

    These are all great reasons. I just finished paying off my student loans and it still doesn’t feel real!

    • TheKayla

      I am so jealous. I can’t wait to get to that point as well, great job! What have you gotten to enjoy since doing so?

  • http://www.doordebt.wordpress.com/ Do or Debt

    I will travel a lot more, save and put money towards retirement and feel freeeeeee! I cannot wait for that day. Thanks for the motivation.

  • alwayshungry4

    Knowing that I’ll be able to save and pocket the payments I’m putting towards my debt for things I really want (house, vacations/experiences, retirement) are big motivators for me, too! Great list!

    • TheKayla

      Exactly! Knowing that I currently ‘earn’ enough for these things, but my budget is held up by debt, also helps!

  • http://www.newlywedsonabudget.com/ Erika Newlyweds

    my husband and I are $6600 away from being debt free. When we got married a little over three years ago, we had $45,000 in debt. We are in SUCH a better place right now and it is everything people make it out to be. But it took so much sweat and tears to get to this place. We are really starting to save for a house, and a car, and everything else that we think is important like travel.

  • http://momanddadmoney.com/ Matt @ momanddadmoney

    The ability to make little impulse spending decisions, knowing you have no debt and that your savings goals are handled, is a really nice perk. It’s nice every once in a while to not have to agonize over every spending decision and to just go for it.

  • http://www.donebyforty.com/ Done by Forty

    We recently became completely debt-free, and it is a good feeling. After the taxes and utilities are paid for, all the rest of our income can be used at our discretion. Currently we’re trying to throw most of it at saving for a rental property, but we’re just scratching the surface of what we might do with the new-found freedom. :)

    Keep at it and you’ll have that debt gone before you know it!

  • Keren

    I want to not have to look at my online banking to make sure I have enough money to buy groceries or something else before the next pay day.

  • http://www.thirtysixmonths.com/ Marissa

    I know a lot of people out there, including myself, are motivated by this post of yours. Thank you.