“Action expresses priorities” – Mahatma Gandhi
We talk about how badly we want to pay off our debt, how desperately we would like to start saving for the future – but now just isn’t the right time.
We say, “When I make more money…When I have more time…When the stars align -that’s when I can start my emergency fund…pay down debt…save for retirement”.
The perfect time to start will never come and waiting for it will only lead to more stress and procrastination.
The right time to start making changes is today. Your future self will thank you.
Imagine life ten, or twenty, years down the road: you have all of your debt paid off, emergency savings in the bank, and a decent chunk of change in your retirement account.
Let’s take a look at six ways life could be different at that point.
Less stress
Gone are the sleepless nights over whether you will be able to pay the electric bill, make that car repair, or retire before the age of 90.
Once you have an emergency fund and tackle your debt, knowing you can pay the bills and handle unexpected expenses makes money-related stress a thing of the past.
More control
You now decide where your money goes and how much you pay for purchases. No longer are you at the mercy of the creditors who determine your payments, interest rates and due dates.
Life feels out of control when it is replete with financial problems, but when you take action and do something to change that, you feel more in control of your money and your life.
Clarity
The fog lifts and you are able to see life more clearly. Who knows? You may decide you want to change careers, go back to college, hike a mountain, become a black belt or simply spend more precious time with loved ones.
Having financial stress can be like living life with blinders on – it’s hard to see past money problems. Paying off debt, or even having emergency savings to fall back on, not only creates less worries about money, but allows you to see life more clearly.
More money to spend on things you enjoy
That vacation to Hawaii you’ve always wanted to take? You can now save up to make that dream a reality.
When you’re debt free with money in the bank, you can spend more on the things you love. But, spend with caution and maintain control, as this is how many people wind up in debt in the first place.
Better health and relationships
Your health and relationships are better than ever and you are more content with work, knowing if you lost your job, you would be able to survive long enough to get another job.
Taking control of messy finances can feel like a huge mountain to climb. Overcoming financial obstacles creates momentum toward other positive life changes – health and relationships and, even career, are likely to improve as a result.
Your children learn fiscal responsibility
You have educated your children on the importance of being financially responsible. Leading by example and teaching them the ins and outs of money management, you have set them up for a brighter financial future.
I loooove this. These are the kinds of things I tell myself…and go on and on at my husband about!
It’s easy to think you have more time to do things…but taking action is the best way to go. I am very much a ‘this must be done immediately’ kind of person! I think it’s always helpful to read motivational articles etc from people who have been in a similar situation.
Thank you, Francesca! I’m so glad it resonated with you. Whenever I find myself thinking “I should” do something over and over, I know it’s time to just do it!
Sometimes with those big goals, it’s so hard to get started. It feels like you’ll never get there! But this is so true…slow progress adds up over time, and the best way to make tomorrow better is to start today.
Agreed! You have to start somewhere – even if it’s just $10 or $20 a month toward a financial goal in the beginning, it adds up over time!
I LOVE this! You are correct that there will never be the “right” time to start paying off debt. Getting out of debt is hard work, but the many benefits that you listed make it all worth it!
Thanks for stopping by, Jen! Yes, it can be hard work, but, you’re right, it’s all so worth it – less stress and peace of mind are priceless.
Good point, if you haven’t taken control of your finances by now, today is the best day to do it. We owe it to ourselves to take control of our money.
No-one else is going to swoop in and save our budget or retirement fund, we must do it ourselves.
The change in mindset wasn’t really a change for us. We spent a lot whilst we were dating, but as soon as we moved in together. It just kind of naturally happened, I’m glad we didn’t have to go through a bunch of debt to learn our lessons.
Tristan
Tristan
Thanks for stopping by, Tristan. Absolutely, we do owe it to ourselves to take control of our finances. I think it’s great that you started off on the right foot – you are way ahead of most by avoiding the debt in the first place.