What Can You Do With Your Money After You Finished Paying Off Credit Card Debt?

Most people don't need to be asked what to do with money, they usually find a way to spend it. With those who just finished paying down their credit cards, the sky is the limit. Not only will you have gotten a massive weight off your shoulders but you’ll also have a lot of excess cashflow from no longer having to make credit card payments. Getting rid of that monthly liability from credit card payments (minimum payments or otherwise) will allow you to go from “playing catchup” to “getting ahead”.

Credit card payments are both demoralized and they hurt you financially. That’s why it’s a double whammy for most consumers stuck in this vicious cycle.

Investing

Once you get rid of your credit card debt you begin investing in companies, products that matter to you and that you believe in. Although you can always invest your time, with the excess money you have from paying off your debts, you’ll also be able to do so with excess cash.

Retirement

You can consider starting to put more money towards retirement. With this you can do tax diversified strategies like investing in both a Roth IRA and Traditional IRA while also contributing to an employer match 401k (if you are lucky enough to have one!).

Enjoying Your Free Time/Exploring More

For many, money can help with freedom. Freedom to explore and see new things and experience new things across the world. The possibilities are limitless, but for some if you pay down credit card debt this something you can do!

Helping Family in Need

Once you pay down your credit card debt you could be the reliable family member that helps others out of financial binds. You could be the person or family member or friend you wish you had available when you going through troubles to offer a lifeline and some sound advice. Moreover, it should go without saying it’s always great to help family but also remember to take care of yourself as well.

Saving

Saving for the future is a now a door that is open for you. Once you’ve successfully paid down all your credit card debt, the possibilities are actually limitless. You can create a nest egg and bolster your rainy-day fund so that you can hopefully avoid financial pitfalls in the future.

Education

You can go back to school and start learning things you never did and look for a new career path or change courses for more greener pastures. You might’ve always wanted to go back to school to follow their dreams and now you have that opportunity. Here’s here your chance!

Helping Those in Need

You can start helping those in need while by donating more money to charity and helping any family or friends you know that might be in need as well. However, always try to take a middle path so that you can avoid owing money again and stay debt free.

Starting a Business

If you’ve always wanted to be a business owner but never had the capital or resources to do it now is your golden opportunity. With no more credit card debt weighing you down each month you can take more financial risks like starting your own business or following your dreams.