Beautifully Frugal: Paying Off Debt – My Journey to Financial Freedom
Reflecting on my journey to pay off debt, I experienced a rollercoaster of thoughts and emotions. From feeling invincible and determined, to questioning if it was all worth it, each step brought new challenges and victories. Now, as a Financial Wellness Advocate, admitting I once struggled with overspending and managing my finances is vulnerable. I want to share my story to help others on their own path to financial freedom. If you are in the middle of a debt-free journey, you are not alone.
This month on Beautifully Frugal, I am sharing some of the doubts and feelings I overcame during my own journey of learning money management to overcome debt. Understanding that these feelings are common can help you stay grounded and focused on your long-term goals. Hopefully in sharing these feelings, others on this journey won’t feel so alone and can walk the path knowing their temporary struggle is worth the outcome of a debtless future.
Temptation to Splurge
One of the significant challenges I faced was resisting the urge to splurge on a vacation or indulge in frivolous spending. My temptations were strong, especially during those long summer months when everyone else seemed to be enjoying themselves. However, I knew that giving in would only prolong my debt repayment journey and increase my financial stress. By staying focused on my goal of financial freedom, I was able to reduce my overall stress levels and improve my mental well-being. When I hit the halfway mark of my debt repayment, I knew I could make it to the finish line and that the destination was worth the self-control to get there. Finding healthy alternatives to splurging, such as planning free or low-cost activities, can help maintain motivation without compromising your financial goals. Here is a previous Beautifully Frugal series post with low-cost family activities to help get you through those splurges.
Questioning if it Was Worth it
I am naturally a very impatient person and I like instant gratification. Beginning a 15-month long journey of financial discipline was very difficult for me. I dealt with doubts and questioned every step of the way, wondering if the discipline was worth it or not. I wanted to give up countless times. However, having a supportive community and sharing my journey with others helped me stay motivated. When I had those moments, I had to remind myself to look into the future and visualize what owing no payments would feel like. Every time I saw that vision of financial freedom, it drove me to keep going and reminded me my efforts were worth the delayed gratification.
Creating a visual reminder of your financial goals, such as a vision board or a savings tracker, can help you stay motivated during these challenging times. Additionally, creating a budget and breaking down your long-term goal into smaller, achievable milestones can make the journey feel less overwhelming and more manageable.
Wondering if it Would Ever End
As I approached the light at the end of the tunnel, the anticipation grew and fueled my determination. When I finally made that last payment and became debt-free, the sense of accomplishment was overwhelming. The hard work, discipline, and perseverance had paid off. Looking back, I can see with clarity the bigger picture: a few years of dedicated frugality paving the way for a lifetime of financial freedom.
This newfound financial discipline also translated into other areas of my life, such as healthier spending habits, better budgeting for future goals, and reduced financial stress. Not only had I achieved my goal of paying off my debts, I also learned a lot about money management, which served me and my family well into the future. While I felt like those few years would never end, they did, and I am far better for having experienced the struggle.
Whether you're just starting your debt-free journey or you’re already knee-deep in paying down your debts, remember that you are not alone. The doubts and struggles are all part of the process, and the end result is more than worth it. The discipline I learned while paying off debt is something I will carry with me forever while building lasting wealth for my family.
Stay focused, remain motivated, and continue pushing forward. You'll reach that finish line, and the feeling of freedom and accomplishment will make every sacrifice worthwhile. Celebrating your small victories along the way can help maintain your motivation and reinforce the positive habits you're developing.
If you want to get started on your own debt-free journey, schedule a free consultation with me or any of our Trusted Advisors to discuss your situation. We’re passionate about helping people reach true financial freedom and will provide you with the tools and support you need to achieve your financial goals. Let’s get started on your journey today!
Alexandria Miller, CPFA® Financial Wellness Advocate