Debt Freedom Celebration: Throw a Party Every Time You Pay Off Debt
by Mogamahttp://mogama.info
The path to debt-free living should be decorated with moments of celebration. There are three levels or layers of celebration we intend to enjoy as we journey to the land of debt freedom.
(1) Have a Debt Knock Out or Debt KO party for each debt you pay off. Our last Debt KO was a personal loan of about $3,000. We threw a surprise pizza party for a few friends who are part of our local Debt Freedom Club, which meets once a month. The total cost of the "party" was about $45, but the sense of achievement it gave us, plus the motivation it gave our friends was priceless.
During the celebration, one couple told the group, "We are close to knocking out one debt, and we should have it gone before our next meeting. We'll celebrate with you all next month."
(2) Debt Release is the celebration you have when you have paid off all your debts except your mortgage. This should be a much bigger party than your individual Debt KO celebrations. You can celebrate with your family, or with a small group formed around the idea of debt-free living. Use between $50 to $100 for this celebration. As of November 2009, our family is 4 years away from hosting Debt Release party.
(3) Jubilee, your biggest party of all, celebrates total freedom from a lifestyle of debts. Throw this party when you have paid off all debts including your home loan.
There is one family that plans to sell their too-expensive home, rent for some years, and save up loads of cash to pay down on their next home. They plan to celebrate their Jubilee when they sell their current mortgage. Then some time in the future when they pay off their home loan, they can celebrate another Jubilee.
As you may notice, these three layers of celebrations have a two-fold purpose:
- To reward yourself for your discipline and progress towards debt-free living.
- To motivate yourself and/or others to reach the goal of debt-free living.
So, why not knock out your next debt, and get that party started? Remember, you're not fully free till you're financially free.
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Article submitted Tuesday, December 29, 2009 & read 36 times.
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