I wanted to share some of the benefits we have noticed from being completely debt free in hopes of inspiring others.
1. More Money to Save and Invest. Money that would typically go towards mortgage, car, or credit card payments is instead invested towards our family's future. We also save thousands of dollars that would have gone to interest on borrowing that money.
2. Less Stress and Anxiety. We don't have to stress about making payments or keep track of which credit cards have what amount of interest rates and which to pay first. We don't have to worry about being able to pay for unexpected expenses that may arise in life.
3. Freedom. Money saved and invested gives us more freedom to use our time and resources towards the things that really matter to us. We are no longer slaves to long hours in the office and spend that time with each other.
4. More Time. Since we live below our means, we work less and play hard. We have time to nurture our relationships, passions, and spend time in self care.
5. More Happiness and Peace. Who knew that living with less would actually help us find more pleasure and happiness in life. We notice and find pleasure in the things that don't cost any money, like playing with our children, reading and writing.
Remember you always have the choice to live debt free. Yes, even people with smaller household incomes can live debt free. What are some ways being debt free has improved your quality of life?