Free from Debt! What’s Next?
Feeling awesome after making my last loan payment! Its excitement led me to have a mini celebration at the grocery store, where I finally got to treat myself to a couple items I’d been denying myself – Oreo Jell-O Pudding Cups and Fuzzy Coat Nail Polish!
But after that little splurge, I was a bit at a loss. Sure, I had plans. I’ve been reading tons of blogs by people who’ve managed to erase their debts and knew that, while it’s okay to treat yourself a bit after achieving such a goal (I did just pay off $30,000, so an $8 purchase feels justified), it’s crucial not to fall back into old habits.
So, that tempting sweater at the store, the food fair, or my desire for a slightly more expensive apartment – each time these thoughts popped up, I reminded myself of the discipline I’d learned while paying off my debt. With the money I was saving from not having to pay off my loan anymore, I realized the best reward was being able to move back near my family and use that money for rent.
Crucially, now that I’m debt-free, my future financial decisions could shape my life significantly. I’ve trained myself to minimize expenses and maximize payments while in debt. With my debt gone, I have to figure out my expenses in a new financial landscape – such as how much I’m willing to pay for solo living and other daily decisions that will impact my savings and investments.
The personal finance dilemma gets even realer at this point because every decision reflects my priorities. For instance, there’s happiness in affording things I’d always wanted like living alone or joining a gym.
Yet, my struggle with debt taught me valuable lessens. My debt-clearing journey taught me the art of being frugal, which I intend to practice throughout my life. Also, that hustle instinct still remains strong within me, pushing me to find extra gigs to make more money. I hope to preserve these traits as I navigate these new financial shores.
Curious about how you’d treat yourself when you’re debt-free? Share your thoughts with me.
For more professional insights on managing your money, you might want to check out Suze Orman’s The Money Book for the Young, Fabulous and Broke. They’re holding a giveaway contest till 12/31. Don’t miss out!