7 Things You Can Do When You’re Debt Free

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When you’re struggling with debt, it can be difficult to gain perspective and see further than just the next day of making payments. Debt is one of the most difficult challenges you can face in your life, especially if you’re insolvent and facing bankruptcy or going through the Consumer Proposal Process.

If you’re under financial duress and need help doing a Consumer Proposal in Toronto or the GTA, visit one of our offices near you. With locations in North York, Scarborough, Mississauga, Brampton, Pickering, and mid-town Toronto, the help of our Licensed Insolvency Trustees is never far away.

A Licensed Insolvency Trustee at David Sklar & Associates can help put you on the track to financial freedom with a Consumer Proposal and credit counselling services.

For those of you who need some encouragement along the way, these are 10 things you can do with your life when you become debt free.

#1 Work Less

Sick of working overtime or taking on extra work so that you can pay down your debt? When you’re debt-free, you’re only paying for the money you spend now, not the money you spent a year ago. That means you can take more time off and work a more relaxed schedule.

#2 Find Your Passions Again

One of the biggest stresses our clients at David Sklar & Associates go through when they’re in debt is time constraints. Debt doesn’t just mean you’re tight financially, it means you’re tight with time as you cut down expenses and try to work extra hours. That doesn’t leave a lot of time for your passions, whether it’s a hobby, a musical instrument, or a sport. Having more money won’t necessarily make you happier, but more free time will.

#3 Start A Real Savings Account

When you’re in debt, paying it off is always your priority over saving. With your debt eliminated, you’re free to start saving your money. Start an RRSP, a back-to-school fund, a mortgage fund, or start thinking about a way to reward yourself for becoming debt-free.

#4 Go On Vacation

One of the most toxic things you can do for your financial situation is going into debt you can’t pay back to cover luxuries like holiday gifts or vacations. When your money is your own, you can save and pay for your own vacations to whatever destination you desire.

#5 Make Choices With Your Money

This may seem surprising, but making choices with your money is often the hardest part of going debt free. After spending years paying down your debt, it can be overwhelming to have options.

#6 Borrow Money for Less

Just because you’re debt free now doesn’t mean you’re never going to borrow again (though many do put extra credit cards to rest). When you have a better credit score, you qualify for lower interest rates, which saves you money on car loans, mortgages, and more.

#7 Stop Feeling Anxious

When you’re debt free, you have more room to breathe. You’re not anxious about missing a payment or staying up all night wondering what will happen if your income shrinks. You have more room to make mistakes and recover.

If you’re ready to start living debt free and enjoy these perks, contact us. As Licensed Insolvency Trustees, we can reduce the debt you have to pay, stop collection calls, and help you on the path to financial freedom.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
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