“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.
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.
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.
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.