You’re always hearing about the high cost of pay interest on debts, especially credit cards. And of course, no one enjoys wasting money! But there are even more reasons that paying off your debts can be a very wise decision.
Freedom. Not only are you free from those notices that keep showing up in the mailbox; you will become a bit more free with regard to your job and lifestyle. Once you’ve eliminated debt, you could take that dream job that pays a bit less, or move to a new location, or take up a hobby that has always inspired you.
Ability to pursue a new dream. We often put off our major dreams because of major limitations within our lives. When you’re struggling under a high debt burden, it can be hard to go back to school, purchase a home, get married, or have a baby. Eliminating debt means eliminating a common roadblock to your dreams.
Enjoy more travel. When you don’t have to work day after day just to pay the bills and survive, you become more free to travel. Just remember to save for your vacations in advance, so that you don’t run up the credit cards again!
Open up your prospects as a single person. More and more of us are getting divorced and re-entering the dating scene in our forties and fifties. It can be difficult to feel serious about finding a new partner when you’re financially strapped, and serious debt can cause suitors to pause as well. Paying off those debts can make a big difference to your social life.
Ability to splurge on yourself. When too much of your budget is devoted to debt, it can be hard to find room for a gym membership, new hairstyle, spa treatments, or expensive dietary supplements. But once you’ve eliminated debt, you can spend more on taking care of yourself.
Save more for retirement. And of course, more room in your budget means improved ability to save for retirement. Retirement is an inevitable reality for all of us, so do what you can to build a significant savings.
And on that note, give us a call to discuss your financial strategy. We can help you decide how to eliminate debts in your life, so that you’re free to better prepare for the future.