Becoming debt-free is a life-changing goal, and it’s one that many people strive for. My partner Greg and I achieved this financial milestone, and it’s been nothing short of transformative. In fact, living debt-free has reduced our stress, allowed us to focus on what truly matters, and opened up new opportunities we hadn’t even imagined.
When we started our journey, I didn’t expect the impact to be as profound as it turned out. Sure, I knew there would be benefits, but I was looking for more security and freedom—something that debt-free living provided in abundance.
We went from feeling trapped by monthly bills to experiencing greater financial security and freedom. It even allowed me to quit my job and pursue a freelance career in writing, which eventually enabled Greg to leave his job as well. Our debt-free lifestyle not only provided peace of mind but also empowered us to build a life we love.
However, reaching this point wasn’t easy. It required hard work, discipline, and sacrifices—sacrifices that most people aren’t willing to make. Here are five key choices we made that helped us achieve debt freedom.
1. We Stopped Eating Out So Much
At one point, dining out became a regular part of our routine. We’d eat out multiple times a week, claiming it was our way of treating ourselves after stressful workdays or busy schedules. However, when we tracked our spending, we realized we were blowing over $1,000 a month on food.
To turn things around, we started cooking more meals at home and cutting back on restaurant visits. We made this a priority until we paid off our debt. Once we were debt-free, we reintroduced eating out, but we kept it far more reasonable, sticking to a budget that allowed us to enjoy the occasional dinner out without guilt.
2. We Stopped Trading In Cars
Before becoming debt-free, we were constantly trading in cars. Every few years, we’d upgrade to a newer model, taking on a new car loan each time. Not only were we paying car loans consistently, but we were also constantly increasing the amount we owed. Eventually, we realized this was a never-ending cycle of debt.
We made the decision to buy used cars with cash and drive them until they were no longer viable. This saved us thousands in car payments and allowed us to redirect that money toward other financial goals. The difference in our finances was incredible.
3. We Let Go of the Dream House
When Greg took a job in a new city, we began looking for a home. We found what we thought was our dream house—spacious, beautiful, and perfect. But after some reflection, we decided not to make an offer. Instead, we kept searching and eventually found a house in the same neighborhood for nearly $80,000 less.
That smaller house helped us avoid unnecessary debt and gave Greg the freedom to work from home. If we’d purchased our dream house, it would have locked us into bigger mortgage payments and possibly kept us from having the freedom we now enjoy. It was a sacrifice, but one that paid off immensely in the long run.
4. We Cut Cable TV
One of the easiest and most impactful changes we made was cutting out cable TV. At the time, we were spending about $150 a month on cable, internet, and a landline, but we realized we were hardly using any of it. So, we decided to cancel cable and keep just the internet, saving us $125 a month—or $1,500 a year.
Not only did we save money, but we also freed up time by watching less TV. We used that extra time to focus on our finances, build our blog, and work on other projects that would eventually help us increase our income.
5. We Gave Up Some of Our Time
While we gained some time back by cutting cable, we also gave up other free time to focus on becoming debt-free. We used our evenings and weekends to budget, clip coupons, shop for deals, and brainstorm ways to earn extra income.
Achieving debt freedom requires a lot of upfront effort, and time is a big part of that. But, when you prioritize what’s truly important, that extra effort pays off big-time in the future. The sacrifices weren’t easy, but they were absolutely worth it.
Conclusion
Becoming debt-free didn’t happen overnight, and it required significant sacrifices. We had to re-evaluate our spending habits and make some tough choices along the way. However, those sacrifices were the key to our success.
If you’re looking to become debt-free, ask yourself: What are you willing to give up to achieve the freedom you desire? For us, it was about making hard choices and focusing on long-term goals. The journey isn’t easy, but it’s worth it for the peace and opportunities that come with living debt-free.
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