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’13 Reasons Why’ Being Debt Free is Awesome (and I Can’t Wait for It)

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Being debt free is awesome

Debt freedom. Those two words literally make me grin ear-to-ear, and who wouldn’t? Can you imagine what your life will be like once you’re no longer being crushed under credit card bills and car notes? Here are 13 reasons why being debt free is awesome (and I can’t wait to get there).

13 Reasons Why Being Debt Free is Awesome

Although I haven’t gotten there (yet), I’ve heard plenty of people talk about how great it feels to have the heavy burden of debt lifted off your shoulders. Here are a few reasons why it feels so awesome…

1. You are free to truly live.

When you aren’t bogged down with your finances you are free to enjoy other things in life. Maybe the stress of your debt made it impossible to go on vacation or practice good self-care. Without debt, you’ll have the ability to do what you want to do when you want to do it.

2. You feel accomplished.

Most people who have accomplished the feat of debt freedom say there’s nothing else like it in the world. Once you’ve paid off your last account, the sense of accomplishment is astounding. It is enough to boost your self-esteem and help you gain confidence where your money is concerned.

3. Being debt free strengthens your marriage and relationships.

This is especially true if you worked on being debt free with someone. For instance, my husband and I are working together on our debt-free goal. At the end of this journey, we will come out stronger (and avoid debt like the plague).

4. You’ll have more money.

When you’re not paying on your credit cards or other debts every month you’ll have more cash flow. At first, it is important to take this extra cash and fully fund your emergency savings (3-6 months of expenses). After that, you can spend freely, invest, and build wealth.

5. Debt free folks have more fun.

It is true! You’ll be able to take that vacation you’ve been postponing without worrying about being able to pay the bills. Not to mention, you won’t have to check your bank account before you go out with friends. You can have peace of mind where your finances are concerned.

6. The feeling of financial security increases.

Being debt free is awesome because it makes you feel more secure in almost every aspect of your life. Financial security increases, security within relationships, and feelings about yourself all become more positive.

7. You can make changes you’ve been wanting.

Many people who become debt free find themselves changing jobs or moving once they’ve reached their financial goal. If you’ve been putting off going after your dream job or moving to the beach, becoming debt free can help you make those changes.

8. Now you have the opportunity to build wealth.

Now that your debt isn’t weighing you down you have the opportunity to begin saving, investing, and building wealth.

9. Maybe you can retire early!

While you’re building wealth, you’ll also be building your retirement fund. Most people who become debt free early on find they are able to retire early.

10. There are fewer risks and more peace of mind.

When you’re holding on to a lot of debt there is always something worrying you. With less liability hanging over your head you’ll have peace of mind.

11. Your stress levels will drop significantly.

Because of the peace of mind you’ll receive from being debt free, your stress levels will drop. You won’t be biting your nails over the next credit card bill or whether or not your car is going to be repossessed.

12. Being debt free is awesome for your mental health.

All of this has a profound impact on your overall mental health as well. Many people find they are no longer depressed, have more energy, and feel happier. (Remember, debt is not a death sentence.)

13. You’ll be able to live your best life being debt free.

When all is said and done, paying off your debt will free you up to live the best life you possibly can. You will have the freedom to do whatever it is you want to do (within reason, obviously). Take the trip you’ve always wanted, send your kids to college, retire early, and live the way you want to.

For those that are already debt free, what is your favorite part about it? 

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Tips to Help You Find Financial Focus

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financial focus

There is no secret that becoming debt free requires a fair amount of focus and determination. Sometimes it can seem like the entire universe is against you getting back on track or paying off your loan, credit card, whatever it may be. Here is how I’m able to re-center and find my financial focus after a setback.

Recent Setbacks

If you’ve been following our family for the past couple of years, you know I am no stranger to setbacks. After living in a motel for six months, getting into our apartment, racking up some debt, and losing one of our incomes for six months, you think I’d be ready for just about anything, right?

In the midst of wedding planning and my regular busy schedule, I got intensely ill in January and it really set me back. First, I was ill with the flu and then I was in the hospital for possible appendicitis (yikes). Then, when I returned to work I got a notification that the state would be garnishing my wages for my 2017 back taxes. I’d been attempting to work out a payment plan but didn’t owe much so they’ll be taking $460 a month until about May or June.

When this happened I spiraled a little bit. Forget the wedding, forget our savings plan, forget all of it. However, before I completely overreacted, I decided to take a step back and reset my financial focus.

Finding Financial Focus

Obviously, this isn’t the first time this has happened. Sometimes, it is hard to focus on the big picture when everything seems like it is going wrong. Because I have the tendency to overreact, I need a go-to list of things to do to recenter my personal financial focus.

  1. Set small, obtainable, short-term goals. If you put your mind in the now and set more immediate goals you won’t be able to be bogged down by the “what ifs” of six months from now.
  2. Write it down. After you’ve set these smaller goals, write them down. We do this with everything. Whether it is our debt payoff plan, weekly budget, or savings goal. Writing it down helps us set our mind to the task at hand. Then we walk by it daily and are reminded of what we’re working towards.
  3. Search for inspiration. I cannot say enough about following fellow debt-free folks! If you follow the hashtag #debtfree or #debtfreecommunity on social media, you will find loads of inspiration. People will share their stories with you, favorite inspirational quotes, and motivational tips to help you continue on your journey.
  4. Spend time doing things that make you happy but also make you feel responsible. I like to try and avoid spending money when I feel I need better financial focus. To do this, we have a list of things we enjoy doing that cost little-to-no money. For instance, we have favorite walking trails where we take the dog or scrape for free coupons and grab a coffee together.

Lastly, if you’re really struggling to manage your finances, consider speaking with a professional. There is no shame in reaching out for help if you need it. Some financial advisors will even offer up their services for free (or cheap) if you qualify.

Readers, how do you recenter your focus when it comes to your finances?

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Happy Holidays! Here Are Our New Year’s Resolutions

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New Year's Resolutions

Christmas was extremely successful in our home this year. We managed to keep everything low-cost where presents were concerned. However, many of them haven’t gotten in the mail for our relatives out of town (whoops). Christmas Day we went to the dog park with our baby (Enzo) and made homemade lo mein instead of ordering takeout Chinese. We ended the holiday looking forward to creating a vision board for 2019 and setting some New Year’s resolutions.

Setting Family New Year’s Resolutions

My other half and I have a lot of goals for 2019. This year will be our first year creating a Vision Board together. It will include financial goals, of course, and personal goals for us both. On the personal side of things, we would both like to get married next year. I would also like to train for and run a 5K and lose the last 40 pounds I have to reach my weight goal.

Financially, we both have the same long-term goal: be debt-free. However, to hone in on what we need to do in 2019, we’ve made a list of our debts and plan to snowball it starting January 1. Here’s what we’ve discussed so far…

  1. Pay off “small” debts by March. The other half’s car will be paid off by March. We will also have our credit cards paid off by then and a small medical bill ($242). Having these things paid off in full will leave us room to pay off other debts, including new tax debt.
  2. Focus on tax debt while making minimum payments on other accounts. We owe a little over $9,000 and have established a payment plan with the IRS. With my other half out of work last year, we weren’t able to put taxes aside as we normally do. After we pay down the smaller accounts, we will use all of our extra cash to pay this off. Once it is paid we are also going to begin putting big chunks of cash aside for future tax bills.
  3. After tax debts are paid, we will be making extra payments on remaining accounts. Once the IRS is paid, we will start throwing extra cash at the remaining accounts. We will still have our Conn’s bill (about $2,000 remaining), student loan ($22K), car loan ($20K), and the tool bill ($10K).

Creating a Vision

New Year’s resolutions are overrated for the most part. Many people abandon them by the end of March. For us, creating a Vision Board is more important than resolving to change in the new year. Instead, we are focused on large goals we’d like to reach by the end of the year. Each of the steps above will be part of reaching that vision and creating a life we want to live.

What about you? What are your New Year’s resolutions? Do you create a Vision Board?

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Inspirational Money Quotes That Will Motivate You to Pay Off Debt

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Oftentimes, it is easy to get bogged down about what isn’t going right with your finances. Maybe you’ve gone over budget or you feel like you’ll never get your debt paid off. However, in times like this, you need to find the motivation to keep pushing forward towards your financial goals. When this happens to me, I turn to some of these inspirational money quotes to get me back on track.

10 Inspirational Money Quotes

Whether you are looking for inspiration to get back on track or the motivation to get started, each of these money quotes has inspired me on my debt free journey.

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” -Ayn Rand

money quotes

“Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.” – Johann Wolfgang von Goethe

money quotes

“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.” – Dave Ramsey

money quotes

“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” – Suze Orman

inspirational money quotes

“When you know the impact of little expenses, you will realize that there is nothing little in this world.” – Manoj Arora

money quotes to inspire

“It doesn’t matter how slowly you go, as long as you do not stop.” – Confucius

money quotes

“The journey of a thousand miles begins with one step.” – Lao Tzu

inspirational money quotes

“It always seems impossible until it’s done.” – Nelson Mandela

money quotes

“Start where you are. Use what you have. Do what you can.” – Arthur Ashe

money quotes

“The secret of getting ahead is getting started.” – Mark Twain

inspirational money quotes

If I am having an especially rough day and find myself getting bogged down with what isn’t going right, I take a look at these. I hope the money quotes above are able to help you on your journey as well.

What is your favorite money quote or otherwise inspirational saying? Let me know in the comments! I’d love to add it to the list. 

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Affordable Ways to Give Back This Holiday Season

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www-ourdebtfreefamily-com-png1
Since the holiday season is in full swing, this is the perfect time to consider giving back to others. Depending on where you are in your journey of becoming debt free this can be really tough. It’s hard to scrap up enough money to put toward your debt let alone donating money to others.

Since my kids are getting a little older I want to show them that giving back to the community not only helps them, but it makes us better as well. Helpguide.org states [Read more…]

From Credit Card Debt to Loving Her Money with Sarah Li Cain

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A few years ago, Sarah Li Cain found herself jobless, broke, and in $9,000 credit card debt after a breakup with her boyfriend.

Today, Sarah is debt-free, married, and living a happy life with her husband and spirited toddler.

Sarah is a freelance writer and illustrator. She believes in the power of storytelling and wants people to share their money stories to remove the stigma around money. An avid traveler, she believes that the way to a happy and productive life is to love your money and be compassionate when it comes to your finances.

I am so excited to share Sarah’s story and introduce her brand new book, Cha Ching! A Money Coloring Book.

In the interview, Sarah shares:

  • The lessons she learned from racking up more than $9,000 in credit card debt from an unhealthy relationship
  • How she paid off the credit card in less than a year
  • Her advice to anyone currently in a similar situation
  • How she’s using her experience to teach others to love their money
  • And the message behind her brand new coloring book

Thanks again to Sarah for sharing her debt-free journey and her new coloring book with us! [bctt tweet=”How @sarahlicain went from credit card debt to loving her money.” username=”MonicaRLouie”]

Sarah’s brand new coloring book, “Cha Ching! A Money Coloring Book” is available by clicking here.

You can find out more about Sarah at HighFivingDollars.com.

Now I’d love to hear about you!

What did you learn from Sarah’s story? Have you been in a relationship that put you into debt? If so, how did you handle it? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

The 5 Categories Missing From Your Budget

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Are you struggling to make your budget work but keep coming up short?

If your budget isn’t working, you might think that you’re just not trying hard enough to stick to it. But I don’t think that’s always the case.

[Read more…]

How Lauren Greutman, The Recovering Spender, Paid Off $40,000 of Debt

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Lauren Greutman and her husband, Mark, hit rock bottom in their finances a few years ago when they found themselves underwater in their mortgage, $42,000 in debt, and running a $1,000 deficit in their budget each month.

Fast forward a few years, and Lauren and Mark are now debt-free and run her popular frugal living site that helps millions of people, LaurenGreutman.com, formerly IamTHATLady.com.

I am so honored to be joined by Lauren in today’s interview to have her share her story and introduce her brand new book, The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life

Lauren is a wife, mom of four and a recovering spender. If her name sounds familiar, you may have seen her on TV as a frequent guest on The TODAY Show, Good Morning America, Nightline, The Dr. Oz Show, Rachael Ray, and more.

In this interview, Lauren shares:

  • How she and her husband, Mark, dug themselves out of $42,000 of debt in four years
  • What she did to cut her family’s grocery spending from $1,000 per month to $200 (Say what?!)
  • Her advice for those wanting to start a blog to bring in extra income and the great opportunities her’s has brought to her family.
  • What her brand new book, The Recovering Spender, is all about and who will benefit from reading it
  • What to do if you’re a Saver married to a Spender


I love this interview with Lauren! She has such an inspiring story of how she turned her life around from being a compulsive shopper to getting out of debt and now helping millions of others do the same.

Thanks again to Lauren for sharing her debt-free journey and her book with us!

[bctt tweet=”How @LaurenGreutman, #TheRecoveringSpender, Paid Off $40,000 of Debt” username=”MonicaRLouie”]

Lauren’s brand new book, The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life, is available in bookstores and online wherever books are sold.

You can learn more about Lauren at LaurenGreutman.com and find out more about her book at TheRecoveringSpender.com.

Now I’d love to hear about you!

What did you learn from Lauren’s story? Are you a Spender in need of recovery, or do you know someone who is? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

How a Side Hustle Helped Melanie Lockert Break Up With Debt

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Have you considered adding a side hustle to help you break up with debt?

Well, in today’s video, we’ll learn how Melanie Lockert used a side hustle to break up with debt.

If you don’t know Melanie, she’s the personality behind the award-winning blog, DearDebt.com, where she chronicled her journey out of $81,000 in student loan debt. Through her blog, she inspires readers to break up with debt by writing their very own breakup letter to debt.

In 2015, Melanie (and her journey out of debt) was named one of the top five most inspiring personal finance stories of the year by Yahoo! Finance. She currently works as a freelance writer and event planner. Melanie and her work have appeared in Business Insider, The Huffington Post, Yahoo! Finance, INC, and more.

After graduating from college with $23,000 in student loans, Melanie had the opportunity to attend her dream school, NYU, to earn her master’s degree. There, she incurred $58,000 more in student loans for a total of $81,000.

Upon struggling to find a stable, decent-paying job after graduating from NYU, Melanie made some extreme changes in her life to pay off her student loans. In December 2015, Melanie made her last payment and became 100% debt-free.

She is also the author of a brand-new book, “Dear Debt:  A Story About Breaking Up with Debt” which shares her journey and her advice for those in the process of breaking up with debt.

In the interview with Melanie, she shares:

  • What drove her to rid herself of her student loans
  • How she cut her expenses and started side hustling to bring in extra income
  • How her side hustling has led to an unexpected career path
  • Her best advice for how to find a side hustle that’s right for you, and
  • What to do if you want to get out of debt but feel overwhelmed and don’t know where to start

Melanie has an inspiring story that I think anyone struggling with debt needs to hear, and she shares it all in this interview. So here is my interview with Melanie Lockert from deardebt.com. Enjoy!

Thanks again to Melanie for sharing the good, the bad, and the ugly about getting out of debt with us!

[bctt tweet=”How a side hustle helped Melanie Lockert (@DearDebtBlog) break up with debt” username=”MonicaRLouie”]

I hope you pick up her book, “Dear Debt:  A Story About Breaking Up with Debt.” I know it will help you break up with debt once and for all.

I encourage you to check out Melanie’s blog at DearDebt.com and consider writing your own Dear Debt letter to break up with debt.

For others that have got out of debt check out these articles.

How Alice and Scott Paid Off $200,000 of Student Loans in Less Than 7 Years
From Credit Card Debt to Loving Her Money with Sarah Li Cain
How Lauren Greutman, The Recovering Spender, Paid Off $40,000 of Debt

Now I’d love to hear about you!

What did you learn from Melanie’s story? Have you started a side hustle yet so you can break up with debt? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are breaking up with debt so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!