BENEFITS OF BEING DEBT-FREE
Being debt-free is a dream of a lot of people. Who wouldn’t want to be spared the trouble, stress, and anxiety of having to pay off debts? Getting out of debt is key to financial independence and will give you the freedom to live life on your terms.
Here’s a list of awesomely good reasons to get out of debt.
GROW your SAVINGS
Yes, you got it right! A debt-free lifestyle makes it easier to save! Though it can be tough to become debt-free immediately, you can opt to act little by little to free yourself from the agonies of debt finally. You can start with just lowering your interest rates on credit cards or auto loans, and voila! This may help you start saving. Those savings can go straight into your savings account or help you pay down debt even faster. Having more savings allows you to build an emergency fund, plan a fun trip, and even save for early retirement.
More funds to invest
One of the great benefits of having no debt is INVEST. Having less money being poured toward paying debts/loans, you’ll have more funds to put toward the future- business ventures, adding up a property, your dream trip.
Free FROM ANXIETY
There’s anxiety in owing money, and that’s a grueling fact. What if you had no bills? For many, that would be a welcome relief. Knowing you’re expected to pay large bills can be unsettling, especially if your budget is tight and your income is not enough to cover everything. You won’t have to worry about making debt payments when you are debt-free. Thus, it will allow you to save and enjoy what you want.
Life will be MORE FUN
SAVING for your goals gets a whole lot easier when you have no debt. The money you would otherwise be allotted for debt payment can be used to create a fund for leisure, recreation, trips, dining out, or taking up a new hobby without worrying about debt.
The Freedom to Choose
Being debt-free lets you choose what you want to do with your money. YES! That freedom can put a spring in your step because instead of putting any extra money into debt, you can spend the money on whatever you choose.
A debt-free life can increase your financial security and means that you don’t have to worry about the debt hanging over you if the unexpected happens, like losing a job or medical issues. Life may throw a curveball anytime. It will be much easier if you don’t have baggage like debt to get in the way of your finances.
Build up Security
If you don’t have any debt, you’ll have a good credit score and financial health indicators. This may result in a higher credit score that may be helpful to any future financial endeavors, for instance. This may be useful for your credit score in rental applications, and you may qualify for better mortgage rates. Having a debt-free life will give you more options, financial security, and stability.
The road to a debt-free life will be bumpy and challenging. But if you put yourself into it and do whatever it takes to finally free yourself from all the gruesome impacts of paying off debts, achieving your DREAM life is possible. It’s all in your hands!