freedom from debt

$700 Until Freedom … But What Does Freedom from Debt Mean?

Freedom. Sweet, sweet freedom from debt. I can almost taste it!

It hasn’t really sunk in, but I’m now only $700 away from becoming completely debt free. That means I’m on track to make my last debt payment in early October. And that means I’m 2 months ahead of schedule of my goal of becoming completely debt free by the end of 2013.

Heck yeah!

freedom from debt

So, what exactly does freedom from debt mean? Besides opening a big bottle of champagne, here’s freedom from debt means to me and why I’m so freakin’ excited to get this debt off my chest.

(Kinda reminds me of that incredible song from Team America: Freedom Isn’t Free)

I’ll have $900 extra in my pocket each month.

Like any normal human being, there are a lot of things I’d rather do with $900 than pay down debt 🙂 Over the last few months, I got super aggressive with my debt payments. Since I’ve been paying almost $1,000 a month toward my loans (holy crap, that’s still incredible to type out!), I’ll be freeing up a ton of money. It’ll be a big relief to not have to worry about the equivalent of a second rent check coming out of my bank account each month!

I’ll be completely free to use my money how I want.

Without a regular monthly debt payment, I now get to use every single penny I earn on what matters to me. I felt so beholden to my creditors; it was a regular monthly bill I could never avoid. But without that debt, I can choose who I pay and where my cash goes. I can always change or negotiate the other bills in my life (I can always change phones or where I live). Now the debt is gone, I’ll have complete freedom over my money – and that’s empowering 🙂

I get to set a new goal.

At the moment, I have three financial priorities in life: getting out of debt, investing in my health and traveling to visit family and friends. Now with my first goal about to be checked off my list, I can reevaluate. A few of my readers left some very insightful comments and good advice on what my next financial goal should be. I still haven’t decided what my next big goal will be, but I know this: I want to keep growing my net worth like crazy!

Stay tuned for my “Freedom from Debt” celebration and giveaway!

Oh, and when I finally do pay off that debt, I’ll be having a huge celebration on the blog, including a nice little giveaway 🙂 Stay tuned in early October!

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4 thoughts on “$700 Until Freedom … But What Does Freedom from Debt Mean?

  1. Debt Blag

    This reminds me of that scene in the Mel Gibson bio-pic The Patriot in which someone tells another person “You don’t even know what you’d do with freedom.”

    I think for me, if I ever got out of debt, I’d make it totally invisible and just send that same amount of money to a retirement account. After all, I’ve gotten so used to living with less that I should just keep the train going.

    Reply
  2. S. B.

    Wow. Congratulations! I was once debt free…and then came the mortgage. One day I hope to be back to zero debt. Maybe you are already debt free by the time you read this comment.

    Reply

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