The best debt is the debt you don’t owe anymore! — Patrice C. Washington
I’ve gotta be honest. I’ve been plugging away at debt for a few years. The cost of debt really hit me when I left graduate school in 2013 and saw the colossal debt mountain obstructing my view of financial freedom. I’ll never forget opening up that first bill in my mother’s house that summer. My eyes leaped out of their sockets and my mouth dropped, forming an oval of surprise.
Almost four years later and several monthly payments of $350, I still owe more than the original balances. These federal loans are just my highest monthly payment. Small undergraduate loans and three credit card balances stand in my way of financial bliss.
I’ve known how to get out of debt for years. It’s simple:
Live below your means. Put the difference towards your debts. Don’t acquire more debt.
It’s just like losing weight. You have to burn more calories than you consume by exercising and eating well. Easier said than done. The why‘s more important than the how.
In order to climb Mount Debt, I must always keep my why front and center so I can push through the discomfort, the days when I want to blow my budget and the nights when I want to say “Yes!” to my friends’ invitation to hang out. The motivation must be strong.
Here are 7 reasons I want to get out of debt—and stay out of debt!
7. To bless others. Right now, my natural talents are my gifts. Need someone to spruce up your resume? I’m yo’ girl. But, sorry, I can’t donate $50 to your cause right now. I’m my own cause. Ha ha! I can’t serve others the way I want with my money being tied up in debt. I can’t help the poor if I am the poor. This debt has gotta go so I can spread more than my wealth of knowledge to my community.