Jan 20 2009

Why we want to be out of debt

“Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don’t have to worry about money no more. And I said, that’s good! One less thing”. — Forrest Gump

Being out of debt will certainly be one welcome less thing to worry about. I can’t say that I really worry about money (or much of anything) since worrying doesn’t do any good. But, not having debt to factor into our budget has got to be a great thing.

Sometimes, I get so caught up with wanting to be out of debt that I start to forget why it’s important to me. Here’s some reasons.

  • I don’t want to owe anyone — including my bank — any money. Owe nothing but love, ya know?
  • The money has to be repaid eventually, so I might as well pay it as fast as possible to be done with it and to minimize the amount of interest we pay.
  • Once we have our last debt paid, it will be like getting a tax-free raise. That minimum payment takes up a good portion of our monthly spending, and when that’s out of here, we’ll be able to free up that money for something else.
  • Living will cost less.
  • We’ll be living within our means.
  • The lower our expenses, the easier it will be on us if we lost our income.
  • We’ll have more money to do the things we want, such as saving for retirement, saving for our son’s college, saving for a down payment on a house, vacations, and other fun things. Anything has to be more fun than paying interest!

What are your reasons?

My post was inspired by Mrs Micah



9 Responses to “Why we want to be out of debt”

  1. I want to get out of debt because it’s SO much harder to get ahead when you owe money! The more you owe, the harder it is. We could be saving so much more if our student loans were paid off (our emergency fund would be complete already and we could start saving to buy a house!). I can’t imagine coming up with extra money for a down payment at least until those debts are gone. :(

    Karen’s last blog post..Menu Plan & Grocery Round Up: 1/17-1/23

  2. All great reasons! :) I particularly love the tax-free raise bit. It would be so cool if Micah & I were able to keep all the money we earned and use it on our current needs or save it for the future. Hot dang.

    Mrs. Micah’s last blog post..Lessons This Generation Can Learn

  3. Hi Kacie! Thanks for visiting my blog. Also, welcome to Pittsburgh, since you’re a (fairly) recent arrival. How bout this weather? And most importantly: how ’bout dem Stillers! (isn’t the accent hard to get used to?)

    And to answer your posts questions: my reasons for getting out of debt (which is only school debt, and hasn’t started to be repaid) and for staying out of more debt is for freedom. Freedom to spend and save without having to constantly pay for things that I’ve already acquired. Having the freedom to do the most with your income that you can must be an incredible relief, and I look forward to that.

  4. Hello,

    We still owe on our mortgage but are working dilegently towards paying it off early. The chief reason we want to be completely out of debt is because we like our money to be OUR money. It feels horrible to constantly be handing over a good portion of it to someone else.

    Karen is really right about it being difficult to get ahead when paying debt. I cana’t wait for the day when we are done!!!

    Take Care,

    Trixie
    http://farmhomelife.blogspot.com/

  5. Debt = Stress

    I could do with a lot less of both of them!

    Eponine’s last blog post..Woo-hoo! I’m Certified!

  6. I want to pay off debt because:
    I want to make choices about how to spend money that reflects things I want now or in the future, as opposed to paying for the past.

    I want more security. How can I feel secure when we have to spend tons of money every month on debt repayment? What if something happens, like job loss or a dental or car emergency?

  7. Thanks for the reminder Kacie of why we should want to be debt free. We are striving to pay off $25,000 this year and while it won’t be easy not much worthwhile ever is easy. I want to be debt free to set a good example for my kids, live like God intended for us with no debts to anyone, and free up money to put towards bigger and better goals. It will all be so worth it in the end!

    Angie

    Angie’s last blog post..Free Pet Adoptions January 24th

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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