Wednesday, June 27, 2018

Another Payday, Another Bunch of Money Thrown at Debt

Today was payday (yippee) and my entire paycheck went towards paying off my credit card.  It is a giddy feeling to make big payments towards debt.  I can't wait until this debt is paid off (followed by paying off the car then the house).  I've been completely debt free before and it is a great feeling both to have very few bills to pay each month and to not have any outstanding debt that I have to worry about paying each month.  I hope to get back to that situation soon.

Besides the obvious positives like not paying interest on debt and being able to spend my income on things I want now as opposed to paying for past purchases (many of which I can't even remember), recent months have given me quite a few examples of why everyone should be debt free.  Most importantly is the flexibility of being able to spend my time and money on any crisis that may occur (I spent a week in the hospital with hubby when he had a heart attack, if I had to be working at a job this would have been impossible; a cousin recently died and I am pretty worried about how his wife and daughter will get by without his income; another relative had open heart surgery and his care was so poor at a rehab center he is now at his daughter's house with in-home care...needless to say, medical situations are both time and money intensive both of which are in short supply if you are working like a maniac because you are buried in debt!).

There are a lot more reasons to be debt free, of course, and with the uncertainty of our government, the possibility of jobs being harder to find due to automation, and the uncertainty that comes with ageing, the ability to live on very little/save a lot of money is even more imperative than it has ever been in my life.  It's a scary (financial) world out there!

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