I tried to savor the moment. And although the amount was sizable, it was actually fun writing that check that would buy our family even more freedom.
Now, I've been debt-free before. In 2008, I paid the last of my school loan and entered into a moment of debt-freedom that I hadn't experienced since high school – some 16 years earlier. Although, I eventually caved into purchasing a home with a mortgage, the feeling of being free of debt for a season was a liberating one.
I want that feeling back.
Shortly after I was married in 2009, my wife and I took on some “marriage” debt which I have alluded to in previous posts. Three of those debts were another home, a family and car loan.
Several years later, I am pleased to report we are rid of two of those debts (the family loan and car loan)! That's about $25,000 in 4 years. Praise the Lord!
I have to say, it wasn't all that easy and we experienced some definite struggles during that time.
I want to to encourage you that paying off debt can be fun and very beneficial (not to mention liberating, satisfying, joyful, stress-reducing, freeing, and on and on). The way I see it – here's a few reasons that's so:
- Accomplishing Goals. There's nothing like setting a long-term goal and then finally making it happen through a period of dedication and stick-to-it-ness. For my wife and I, paying off debt helped us focus on a goal we could accomplish together.
- More Money in the Pockets. Here at this site, we are all about trying to help others keep a few more bucks in your pockets. When you pay off your debts – you effectively put more of that moola in your pockets. And, that's fun – for everyone!
- More Freedom. In the US, we often equate no debts and financial independence to “freedom”. There are also other great benefits to paying off debt, including (most importantly) having the ability to help others out and to give more generously. While I love the idea of being debt-free – I really love the idea that it will help us to be truly lavish givers.
How about you? Are you still working on those debts and have you made any headway lately? Or, if you are debt-free, how has it helped benefit you and your family?