Know Why You Want To Be Out Of Debt

Everyone wants more money and getting out of debt helps with that.  Maybe it's for travel, or to be able to buy the newest fashion trend or maybe it’s to drive a great car.   Once you figure out your why, you need to think about what you will sacrifice to achieve this goal.  I have 'sacrificed' the trendy clothes to achieve this goal. Our clothes are mostly second hand. Guess what, we are ok! And sometimes we even get compliments on our clothes.  I often hear “Don’t tell me you got that at Frenchy’s” (a used clothing store). 

We have also ‘sacrificed’ what we drive. We drive old cars. My husband drives a 2008 Toyota Yaris, and I bought a used 2013 Toyota Corolla a year ago that we saved up to buy and traded in a car towards the price.  Is it my dream car? Nope, but to lease my dream car would be over $40,000 for 4 years and not even own it.  Knowing our WHY, to get out of debt made the other things seem not so important, and eventually we will have the 'things' that we want.

Our why is to give our children a better life then we had. Don't get me wrong, my childhood was amazing. However, my husband and I want to give our children the gift of experiences and the gift of an education. Being debt free was the only way we saw this could be possible.

I wanted to have our house paid off.  Not having a mortgage payment would allow us to put aside money for our children's RESP university tuition and have money to travel.  I want our kids to start life off without a large student loan debt.

Once you know your why, you can determine if the small sacrifices are worth it.   Know that these sacrifices aren't forever.   We still had fun during our 5 year journey to get out of debt. We still took great paid for vacations, we just had an envelope to budget for it. It is worth it!

Make your why specific to ensure it is achievable. Simply saying I want X amount in your bank account isn't good enough.  Grab a pen and your partner and start dreaming!

Once you know your specific why, you are ready to achieve it. Great things will happen!

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