I can’t wait to celebrate my Financial Independence Day! Have you ever thought about what your Financial Independence Day? The day when you are free from all debt? I know I have. I’m planning on celebrating that day at the end of 2009. We have a little less than $7000 to go in student loan debt.
What Will Financial Independence Mean for Me?
I get to decide where my money goes every month.
Right now $200 every month is marked for debt repayment. And extra money from my blog, pet sitting, or any other odd jobs my husband and I take on also goes to debt repayment.
When our debt is paid off, 100% of our money will go toward the things we decide to spend it on. More than likely it will go toward beefing up our emergency fund.
I can relax, knowing I’m indebted to nobody.
When we took on our student loan debt, we made a promise to pay it off. Sometimes it’s hard having that commitment hanging over our heads. What if something happens and we can’t pay? It doesn’t matter. We’re still obligated.
When our debt is paid off, we aren’t beholden to the bank anymore.
I will no longer pay the Stupid Tax (Interest).
Every month a portion of our student loan payment goes to interest, and it bugs me. That money isn’t working for us. It’s beefing up the bank’s coffers.
When our debt is paid off, no more money will be wasted on interest payments.
I can plan on the future, rather than remind myself of the past.
Every month when I make the student loan payment, I’m reminded of the graduate school program I never finished. I’m reminded of how my husband and I naively took out more student loans than we needed at a time we could ill afford it. I am reminded of how my husband and I had no clear goals for our lives.
When our debt is paid off, I can look toward the future. I can save a good emergency fund, so my husband and I are prepared in case of financial emergency. When our emergency fund is big enough, we can save money for a home of our own. And the list goes on. When we’re debt free, we’re free to put our goals for the future into action.
I can’t wait to celebrate my Financial Independence Day, and when I do, you’re all invited to celebrate with me! So mark your calendars now!
Are you looking forward to your Financial Independence Day? What will it mean for you?