Did you know that you can enjoy life AND pay down debt at the same time?
Often times, people think that they have to give up everything they love to pay off their debt and while you can choose to do this, you do not have to. In fact, there are ways that you can still enjoy the things you love without having to kiss them goodbye until your debt is gone.
People who are able to continue to do the things they love while paying off their debt are happier than those who feel weighed down by their debt without a single chance to enjoy life.
Below, we will talk about how you can save some money and pay down your debt while still enjoying the things that you love the most.
Enjoy Life, But in Moderation
I can tell you that I love to have fun and I was worried that when I accumulated all of my debt that I would never see the end of the tunnel. Well, I quickly learned how to adjust my income and situation to accommodate me and that is when I became the happiest.
You can enjoy life, but you need to do so in moderation. What this means is that you should not be going out to a restaurant to eat dinner every night. Paying off your debt should always come first, but you do deserve to enjoy good food from the local joint as well. Of course, you do not want to put yourself into more debt to do it, so it must be done in moderation – that is key.
What is moderation?
Okay, let me try to explain it a little more for you.
If you like to eat out at a local restaurant and you know it will cost $15 to $25 depending on what you order, then you should only do it once a month. This way, you have something to look forward to, but you do not go overboard and spend all of your money.
Refinance Debt to Save Money Every Month
Refinancing your debt can help you save even more money that can be used to pay off that debt. When you refinance, you may receive a lower interest rate, which will allow you to save money on interest every month. And, the best part is, your monthly payment may be lower as well.
So, for instance, if you were paying $350 per month previously and you refinance, then you may only be required to pay $250 per month. This saves you $100 per month that you can just pay towards that same loan, but this time, the money will be applied to your balance as opposed to interest. Pretty cool, right?
I refinanced my student loans and it allowed me to lower my interest rate, but I was in a position where I was able to expedite the repayment terms, so that I would not be paying on my student loans for 10 or 20 years. You too will have the option to expedite your loan repayment terms, if you are eligible.
Find Cheaper Alternatives to Your Favorite Things
When I hear people talk about not wanting to make more than the minimum payment on their student loans because it means they have to give up their entertainment and lives, I talk to them about some ways they can still enjoy it all. Look, not everything has to cost money and you do not always have to shell out money to have a good time.
This is what I am trying to say – find alternatives to the expensive entertainment. For example, your favorite local band may be in town for a free event one weekend – go see them. Free lawn seats or expensive front row seats? Take the lawn seats. You will find that there are many entertainment options around you, you just have to be willing to go to them and enjoy them. Cities, counties, and states often offer quite a few options, especially around the holidays.
Life Doesn’t Have to Be Over Because of Debt
Your life does not have to be over because you have some debt. I once had a lot of debt, but I was still able to enjoy things, I just had to learn how to fit them into my budget without overspending or going into more debt because of it. Take advantage of free events and never be ashamed to ask for any discounts that may apply to you. Eventually you will have paid off your debt and there will be so many new things you can enjoy.
Follow Jacob @DollarDiligence where he shares his new articles, his favorite articles from around the web, and stupid jokes that no one thinks are funny.
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