Maybe you’re riding in a massive credit card debt plus a hefty mortgage to boot. Can you imagine a life that’s not riddled with high-interest credit cards, student loans, nerve-wracking mortgage payments, and lots of other personal debt? You can call it the Holy Grail of financial freedom, a life without debt!
While living a life without debt in today’s complex world is no easy walk in the park, the perks are too irresistible. Let’s take a look at five awesome benefits of embracing a debt-free life.
(1) More Savings = More Financial Freedom
A life without debt means that you no longer have to pay interest. And no interest implies that I can tuck away more money in my savings account. Of course, with extra savings, you will be able to build a contingency fund, enjoy a greater financial freedom, and managed to put away something for retirement.
(2) You’ll Spend More Wisely
Have you ever realized that borrowed money almost always end up being misused? Most credit card debt usually goes towards financing a short-lived lifestyle and making frivolous purchases.
Luckily, the opposite is true. When you live a debt-free life, you don’t just spend your hard-earned money willy-nilly. The odds are that you’ll do due diligence, draw up a budget, and make sure that every penny goes to good use. More importantly, you will work extra hard to pay off the remaining debt and invest in things that are likely to give more returns.
(3) Less Stress, Happier Life!
When you’re expected to pay off car loans, mortgages, credit card debt, student loan, and whatnot, it is easy to find yourself wrestling with anxiety and stress. That’s never good news for my health and overall well-being. When you live a life without debt, you put your best foot forward and rest easy knowing that no lender is breathing down your neck and that your personal finances are in a great shape.
(4) You Can Lead the Life You Want
Have you always wanted to volunteer but debt kept you working tirelessly? Do you desire to move and work in another city? Do you want to change jobs without being burdened by the thought of financial uncertainties? Debt can hamper your life choices. With no debt kicking your butt, everything is possible. You can move to a new place, change careers, enjoy the little things in life … you can truly live the life you want!
(5) Enjoy More Robust Relationships
It’s a well-known fact that debt is a relationship killer. When you are dealing with lots of debt, you can easily fly off the handle and get on each other’s nerves. In other words, debt can put a huge strain on relationships and marriages.