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Today’s post has been contributed by a Savings and Sangria reader. Check out Lindsey’s take on the 5 amazing benefits of a debt-free life!

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5 Amazing Benefits Of Being Debt-Free

Most people think that when you get into debt, you’re going to be stuck there forever. Or at least for the long haul.

Thankfully, that doesn’t have to be true. As long as you have the proper motivation, clearing your debts is possible.

The problem with this is that most people aren’t properly motivated. Sure, you may have been at the beginning of your journey, but chances are, you quickly became discouraged. If this is how you’re feeling, and you’re struggling to find motivation, here are five amazing benefits of being debt-free to motivate your forward!

Increase Financial Stability

Living paycheck-to-paycheck really isn’t fun. But it’s what many people have to go through when they get into large amounts of debt. When you have to live like this, you can’t make the most out of your money, which means that you won’t have the chance to save for your retirement, your child’s college, or anything else. Clearing your debt grants you this stability, and the chance for a better future for you and your family.

Have Guilt Free Fun

When you’re in debt, it’s difficult to do a lot of things that you enjoy to do, simply because you don’t have the money to do them. This often results in people getting further into debt, as they borrow to afford the things that they want. When you don’t have any debts, you don’t have this worry, as you’ll have your own money spare to buy whatever you want with.

Reduce Your Stress

Life is stressful enough without adding debts into the mix. Of course, a little stress can be useful and give you the motivation you need to speak to debt relief services and get some help. But when this stress is constant, and you don’t know what to do, it can be incredibly harmful, sometimes even leading to heart attacks. It sounds dramatic, but being debt-free could literally save your life.

Improve Your Credit Score

When you have a lot of debt, your credit score is often the first thing to suffer. While this might not matter much to you now, in the future, it could stop you from getting a loan, buying a house, or even renting an apartment! Clearing your debt one bill at a time is a great way to build your credit score back up so that these things become possible again.

Teach Your Children

If you want your children to grow up to be responsible with money and their finances, you need to show them the importance and the benefits of being debt-free. Unfortunately, this information is going to fall on deaf ears when you’re in debt yourself. So lead by example and start paying off your debts. If you don’t, you’ll end up looking like a hypocrite.

When it comes to paying off debts, it’s all about momentum. You have to have the motivation to get going, and then remain motivated so that you can pay off more and more debt. This, of course, is rarely easy, but the hard work is incredibly rewarding.

If you need a little help with the step-by-step process of paying down debt, check out How to Pay Down Debt When You Can’t Even Pay All Your Bills.