In 2016, I am highly enthusiastic about clearing all my credit card loans and repaying the debt I owe to my parents. Although I will not be entirely debt-free after settling these, my overall economic health will significantly improve. After managing those payments, I’ll only have a manageable student loan, a car loan with low interest, and my mortgage remaining.
While I aim not to decrease my debt repayments until my student and car loans are fully settled, there are some items I eagerly anticipate purchasing once my credit card obligations are fulfilled, and only my mortgage remains.
You might question the logic of plunging into expenditures after shaking off my debts, yet there are acquisitions I have held back on while focusing on debt repayment. These are the primary items I hope to afford after liberating myself from credit card debt.
By no means do I intend to plunge back into the consumer debt cycle. Hence, I am planning to maintain tight control over my spending as I endeavor to pay off my mortgage and grow my savings and investments. Still, I am excited to have some additional freedom to afford things I need and items that bring me joy.
Here’s a sneak peek at what I look forward to purchasing once I’m free from consumer debt:
1. HOME RENOVATIONS
I recently realized I could decrease my house payment considerably by seeking a roommate or tenant. The obstacle with this idea is that I am a staunch advocate of privacy, which comes from living alone. Having said that, I could still accept a tenant while preserving my privacy by altering certain aspects of my house. Presently, these renovations are financially viable once I overcome my credit card debts, enabling me to charge rent and pay off my mortgage quicker.
2. TRAVEL PLANS
Lately, I’ve been infected by a strong desire to travel. Growing up, I did not experience a lot of journeys. However, now I see the educational and exposure value it offers. While I’m paying off my credit card debt, I plan on embracing more local travels, with grander international travel plans reserved for when I am debt-free.
3. CHARITABLE DONATIONS
Despite currently grappling with debt, I still endeavor to contribute to charity and community organizations that I believe in. It will be much more effortless to do this when I’m freed from consumer debt obligations.
4. QUALITY PRODUCTS AND SERVICES
Aside from my recent revelation about my shopping addiction, I am still excited to spend some of my money on high-quality goods and services, which could range from clothes and shoes to superior food items and durable commodities for my home.
Though I have these spending plans for when I’ve cleared my credit card debt, I must also ensure I do not regress into old spending habits and find myself encased in debt once more. The secret to avoid finding myself back in debt could be to pace things and save for some of these expenditures.
I am curious, do you have something in mind that you’re excited to spend on once you’re debt-free? And if you’re free from debt, what did you relish most about your debt-free journey?
