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The positive benefits of being Debt Free:
So if you’ve been following my blog, I’m sure you’ve noticed I haven’t written in a few months. Stupid excuse, but I got pregnant.
Aaron and I will be 41 and 39 when this baby comes. Aaron’s youngest child is currently 18 and our grandson is 18 months old. I guess now days that makes you a typical family.
We’ve been trying to get pregnant for over 4 years and had a miscarriage earlier this year.
Even though this was something we had been wanting for a while, we had both gotten into the mindset that it wasn’t going to happen.
So, “surprise it is a girl” was a bit of a shock to our system.
I’m super excited, but know that a baby is going to drastically change our lifestyle.
After a lot of discussion, we made the decision for me to go part-time once the baby comes.
I make a large income, so this is a huge decision for us. It will mean a decrease of $40,000-$60,000 in income depending on how many hours I’m able to work.
The only reason we are able to make this change is because we paid off all our debt except our home last year. There is no way we could handle such a drastic decrease in income if we were still paying off credit cards, student loans, and car loans.
I’ve written extensively on why it is so important to get out of debt, but it has always been kind of an abstract concept for me. It was about the numbers and making it happen. I talked about the freedom and decreased stress it provided, but honestly, I really didn’t get it.
Now, I get it. I’m making the choice to work part-time.
I could quit my job entirely if I wanted to – we would be very tight, but we could make it work. However, I love my job and since this is going to be our only child together don’t want to stay out of the workforce indefinitely. Being able to work part-time is a perfect solution for us.
I know that budgeting and working towards getting out of debt is the most boring thing in the world. It is hard work and at times can be so incredibly frustrating.
But once all the sacrificing is done and you are able to reap the rewards of debt freedom, it is so worth it.
I’m incredibly thankful that we are in a financial position to make this change possible.
Typically I want my blog posts to be full of helpful ideas on various subjects.
This post is a bit different.
This post is about what happens when you follow through with your goals and are able reap the benefits of your lifestyle choices.
Obviously being a stay at home mother isn’t for everyone. To be honest, I’m not even sure it is for me. I’m petrified that I’m going to go up the walls of boredom.
My job gives me a lot of personal satisfaction, I’m constantly challenged and learning new things. I love my co-workers and count many of them as close friends. I can’t imagine staying at home full-time. I’m just not one of those “pinterest” women. I wish I were, but I love working.
On the other side, I was raised by a stay at home Mom and am constantly in awe at the amazing job she did raising six kids. My Mom is awesome and I know that a big part of who I am can be attributed to the time and attention that she gave to each one of her kids. Her job was to raise her kids and she gave it everything she had.
Being this type of mother is the greatest sacrifice a women can give to her children.
At times I feel selfish that I want to continue to work and am not planning to stay home full-time.
There is a lot of anguish and shame women feel when making this decision. I’ve heard arguments on both side and have been subject to some cutting remarks from both sides as well.
Ultimately what you decide is your business, but having the freedom to make the decision without having to worry about the financial implications completely changes the decision making process.
When the baby comes, I’ll be able to take 12 weeks off. Our emergency fund will easily cover the missed income. After my maternity time is over I’ll return to work on a part-time basis.
I don’t know what is going to happen from there. I may discover that I love being at home, I may hate every minute of it.
I don’t know, but am so incredibly thankful that I have the financial flexibility to find out what I want to do and most importantly what is best for our family.
So even though it is hard to live on a budget and get out of debt – keep moving forward. Every penny you pay off gives you a bit of extra freedom and flexibility.
Every penny you pay off gives you a bit of extra freedom and flexibility.
When You Are Debt Free You Can Accomplish Your Big Dreams
I have no idea what you want our of your person life, but can guarantee, that you will have an easier time achieving your goals if you are debt free.
When we got married our monthly payments were $4,175. Now with just the house, our monthly debt payments are $1,100. Think about the debt payments in your house. What would happen if those payments were completely gone?
How amazing would your life be without the stress and anxiety your debt causes you. Then think about the major decisions you’ve wanted to make in your life. I can guarantee that in virtually every situations decreased debt would make it easier to make the life changes you dream about.
I know it is hard work to manage your personal financial life and live on a budget. I still struggle with my budget and we make good money and only have a small house payment left.
Looking back, I’m so incredibly thankful that we got out of debt. Being able to work part-time is a dream come true for me. Every little bit of scrimpting and saving was worth the pain now that the reward is here.
Here are some of my favorite resources to help you get out of debt:
Money Saving Tools/Classes:
- Grocery Budget Makeover – This class changed my life. I thought I was great at grocery budgeting, but this class helped me save even more money.
- 5 Dollar Meal Plan – I’m still trying to get my meal planning right, but on the weeks I actually follow through with my meal plans I always save money (and eat more healthy).
- EveryDollar – Budgeting software from Dave Ramsey. I’m not currently using this system, but it is amazing – especially for newbies to budgeting.
- Envelope Budgeting System – The envelope system is great for cash spending.
How to Budget:
- Two Unbreakable Rules of Budgeting
- How to Budget If You Have An Irregular Income
- How to Set Up a Percentage-Based Budget
- How to Create a Budget
Money Saving Posts:
- 14 Money Saving Tips to Lower Your Grocery Bill
- 5 ways to Stop Spending Creep from Destroying Your Budget
- How to Cheat Your Clothing Budget and Still Dress in Style
- How to Avoid Busting Your Budget
Favorite Debt Reduction Books:
- The Total Money Makeover by Dave Ramsey
- The Millionaire Next Door by Thomas Stanley and William Danko
- The Richest Man in Babylon by George F. Clason
The key takeaway from this post is one word: freedom
When my two girls were born we were at the opposite end of financial stability and it saddens me that I was unable to spend much time with them in the beginning because I was working multiple jobs. Babies are always a blessing, but it’s a different kind of blessing to be able to make the decision not to work!
Good luck and thanks for sharing!
You nailed it. Financial stability is FREEDOM! I’m so thankful that I’m able to be here for my daughter. The sacrifices at the time were hard, but so worth it in the long run. It sounds like you guys are on the right track as well, so congratulations!