14 Guilt-Free Things You Can Do When You’re Out of Debt

By Jackie Beck   Updated 02/14/2022 at 3:27 pm

When you’re out of debt, your money stays yours. You no longer have to send it off to the lenders, or watch it exit your bank account immediately. Instead, you can send it out to grow more money for you — in the form of saving and investing.

It’s also a lot easier to buy the exact same kinds of things you bought while you were in debt. (If you still want to.) That’s because things cost less without all the extra fees and interest.

Let’s compare when you’re in debt vs when you’re out of debt

Do you know how long it took me to buy a $12,000 car when I had consumer debt and made $24,000 a year? 48 months — using a car loan from the credit union.

Do you know how long it would take me NOW, if I still made $24,000 a year?

20 months, to pay for it in cash out of money set aside each month. And that would be with me spending a couple hundred bucks a month eating out, which I darn well never did when I made $24,000 a year.

The difference it makes when you’re out of debt

That’s because my money stays mine now that we’re debt free. It sits on my checking account until I decide to send it somewhere else.

In other words, once you’re out of debt, you’ll have a lot more money available. Money that you used to pay to creditors for interest, fees, and payments will now be available for you.

Continue to pay attention to your finances, and you can budget in all kinds of fun stuff. What will you do when you’re out of debt?

In no particular order, here are just a few of the guilt-free things you could do when you’re out of debt:

  1. Go out to eat
  2. Pay cash for your next new car, and drive it off the lot knowing that you own it
  3. Pay cash for a fun sports car that you don’t even need
  4. Take trips to your favorite places
  5. Check the mail without dread
  6. Deposit your check and watch the money stay in your account until you decide to spend it
  7. Buy a new entertainment system
  8. Finally get rid of that ratty old couch
  9. Get that expensive surgery your pet needs without worrying about how you’re going to pay for it
  10. Send your kid on a field trip to Washington, D.C.
  11. Go clothes shopping because there’s a fun sale and you have the money
  12. Contribute to retirement and college funds
  13. Take the kids to Disneyland
  14. Have movie night on a regular basis — at the theater, even

And that’s only a start. You can do whatever you plan to do, once your money is all yours.

What would you add to the list?

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14 guilt-free things

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