I am 6 months late to the party BUT I am currently debt free!!!!!!! I paid of over 23k worth of student loans in under 2 years. I am definitely proud of my accomplishment but I have to be honest with you. I don't feel differently. In fact I am now using a credit card more frequently. Right now I have $400 worth of credit card debt. I am able to pay it all off as we speak but it is still debt. The old saying old habits die hard is definitely the truth! After paying off my student loan I realized that the first step in getting control of your money is not budgeting as everyone says. It actually is learning what kind of a spender you are. For me I am an emotional spender. Although I was very adamant of becoming debt free, I also made emotional spending choices. While trying to pay off my loan one of my sisters became pregnant so I decided to spend over $1000 on her baby shower. Then my other sister got married and I spent over $3000 in her wedding. After finally becoming debt free, I took some family members on an extravagant trip to Europe. Then I got my heart broken and decided to take my son to Disney World just because (even though it was a school day. Don't call Child Protection Services on me lol). I also gave money to a good for nothing boyfriend (post coming soon on why I stay with good for nothing men). I did this all because of emotions and not logic. Now although I am out of debt I still am an emotional spender. I have an annual budget but if somethings comes up that pulls at my heart strings and requires money, chances are I will spend money that isn't in the budget.
All that being said I can't dismiss the power of paying off student loans. Being able to save and invest is not possible if you are walking around with thousands of dollars in debt. Now for the first time in my life I am interested in becoming financially independent. Or not having to work for money and living off of a cash flow. I encourage everyone to pay off student loans as quickly as possible. Find out what kind of spender you are and go on your way to financial freedom.
