Done. Besides our mortgage, that’s what our debt is. Making the final car payment last week, my emotions went wild … joy, relief, pride, heyday. Click, done.
Because digging through that awful pile of debt, I uncovered something incredible. A feeling of freedom that was worth every missed latte or shopping trip. Here’s a secret: We are no longer a dual income household.
Meaning: We no longer depend on dual incomes to make ends meet. We have dual incomes, yes, but that’s completely by choice. One of the two is pure gravy, whipped cream and a cherry on top.
I can’t explain it any other way, or tell you anything other than: You want this feeling.
Here’s what I wish I would have learned sooner about life, debt and making money:
- Always, always, always have a safety net. 6 to 12 months of income saved to cover your lifestyle in case of a job loss or just to find something better. Instead of staying in a job you don’t like, why not take a break? That’s what I call freedom. Family obligations? Covered. Mortgage? Covered.
- Save a little as soon as you start making money. When I think back to all the money I wasted as a single girl, my brain dulls like I’m drinking those $7 dollar martinis all over again. Start small, but early. If you’re 18 reading this, take a dollar out right now and put it in a jar. (Then transfer it to an account that gains interest.)
- Never spend more than you make. Ever. Stop it today.
- There are really nice alternatives to really expensive things. I’m not talking about fake Coach or Gucci – but pay attention to material, silhouette, color, function. Before you buy, ask: “Do I really like this? Is this worth my freedom?” Stop buying plastic, junky, cheap stuff. Buy less with more quality. An expensive pair of jeans you really love will last for years. A cheap pair that fits weird is a waste of money.
- A lot of really awesome things are free. Or pretty close. Like love, family time, running, music, libraries, water, yoga, sunsets, outdoor air, snuggles, organizing, writing.
Are you on the road to (debt) freedom?
Photo by dydcheung
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wait wait wait…gravy, whipped cream, and a cherry on top? BLARGH!!!
That aside – I agree with everything you’ve written. I have never really been in heavy debt, but being currently unemployed, yet STILL ABLE TO TAKE A MONTH OFF TO REGROUP feels awesome, because I can afford it.
@ Tracy – Don’t diss the combo until you’ve tried it … lol.
@ Dustin – Thanks for the virtual high-five. Thanks for stopping by.
@ Michy – Isn’t it wonderful to stop living paycheck to paycheck? Cheers to your future success! Keep me posted.
Congratulations, Melissa! My wife and I became debt-free (other than our mortgage) two years ago, and it has been wonderful!
As you know, I’ve been reflecting on our journey and what it’s meant to us lately. If anyone is interested, I posted our story on my site recently and the marriage benefits on Simple Marriage today.
Enjoy your freedom!
P.S. For anyone interested in Dustin’s tips, check out the post:
http://www.simplemarriage.net/why-you-want-a-debt-free-marriage.html
My husband and I are working really hard to get to the debt-free point! We’re getting very close, and we’re looking forward to our tax refund this year to put another huge dent in it. We have finally gotten to the point that we’re not scraping by to pay bills. Now, we have some money to put into savings and charity, debt payment, and even a little spending money we don’t have to feel guilty about using. I look forward to feeling true freedom, though!
BTW, nice blog title.
It really caught my eye (and mind).
Big congrats Melissa!!!
I am very jealous of all of you. With a hubby who has been unemployed for 8 months, there is no way we can do any of this. We have no safety net except for the Unemployement benefits we have been living off of. We learned all of these lessons too late and now are stuck until he gets a decent paying job, which apparently don’t exist currently. We are even holding off on having a second child due to potential daycare costs.
But, on the bright side, here are some other Free things that we have been taking advantage of:
-The Wildlife Sanctuary
-Parks
-Long walks around the neighborhood (now that it’s sunny til 7:30)
-Spending time with friends (we need to do this more often, Melissa!)
-Cooking special dinners at home instead of eating out (nearly free – just costs a little more than the average dinner at home!)
-Campfires in our fire pit (you can usually find firewood at the city yard waste center or curbside if someone cuts down a tree)
@ Rachel & Lynn – We need to enjoy the spending time with friends bit SOON.
Lynn – Awesome additions to my free list. Rachel is right, hang in there. Focus on the big picture, which is getting your family through this tough time. When you need a friend, call me.
WOW!! I am so happy for you. Great tips too.
Hang in there Lynn! Things will get better. We will enjoy some of those Free things right along with you:)
What a great story! I think too often smart financial advice is often paraded out by nerdy, accountant-types who preach about prudence rather than empowerment. Nice job illustrating that this can be more about emancipation than obligation.
If we only knew someone in the newspaper industry who could publish more articles like this…..
@ Brian – Hmm, I’ll see if I can think of someone in the industry …
Thanks for joining in the conversation here.
found you thru “organizing your way”…. clicking thru and reading lots of articleS!! thanks for the inspiration! i have a summer savings goal all set up!
Love these posts – such great inspiration! (Found you via Zen Habits)
We just have the mortgage left (and lost some steam post other debt) but are getting back on the aggressive bandwagon!
Cheers, Jenny
Ooo, Mr. Right keeps pushing for us to pay off the mortgage. We’ll get there – we have some savings goals in mind first.
Good luck to you and thanks for stopping by!
Love this. I recently talked about this same thing, how you should create a Trust Fund for yourself. A fund that says you trust in yourself, your talents, your resourcefulness – whatever it is you need a cushion for.
My parents had financial spikes and deep lulls while I grew up, so I learned fast money is just a tool and that’s it. It comes and go and you can greatly reduce dependency by sticking to a lifestyle that doesn’t triple in expense just b/c your income might temporarily.
We paid off all our debt just shy of getting married and I couldn’t be happier to know our savings is our own and that our time is our own and not spent stressing over debt.
Congrats!! That’s really exciting and phenomenal.
Hi Susan! Nice to see you here. Excellent points all around. Stressing over debt is soooo draining. I’m glad to be done with that.
Talk to you soon.
Melissa
Congratulations, Melissa! I enjoy the community spirit you’ve created around living simply and without debt. It not only makes individuals’ and families’ lives better — it makes the world a better place! Thank you!
Hi Melissa,
I happened upon this while doing some research on “success/failure orientation.” I’ve clicked on SEVERAL links and enjoyed each and every posting, including feedback from your many followers.
We recently experienced Dave Ramsey’s Financial Peace University at our church and being debt-free (except the mortgage) is very liberating indeed!
I’m working on my Plan B (www.sendoutcards.com/carolcares) so I can retire from my nursing job and help people in other ways.
Keep up the great work and congratulations on “breaking up” with your day job!
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