The Debt Free Roll Of Honour

Zanderman · 22 December 2017 at 7:21PM

Never thought to go for the debt-free badge until today..

We've actually been debt-free for about 10 years here in Zander villas, following a resignation and a redundancy and some modest inheritance that helped us clear the mortgage.

Since then, without formal salaries (we are self-employed) our income since has fluctuated wildly - some good years, some bad. The primary help we've had from MSE, particularly the Forum, has been, well, the obvious - money-saving. And also inspiration in general. Which has meant we've never built up any debts since giving up the day-jobs.

Indeed we've built up a reasonably good savings pot, rather than built up debts. Something I'd have considered impossible in my salaried days, when it seemed normal to spend just beyond my means.

A lot of the pot is 'allocated' - for the next car, the next holiday etc.

And we also self-insure to some extent - e.g. never paying maintenance contracts for heating etc as we've found that it's generally far cheaper to put that cash on one side and keep it until it's needed, rather than paying it out to, say, British Gas, every month.

So our 'pot' is not all for general use - we've found that developing the discipline to see specific budgets within the pot is key to the whole thing.

pennywisepoundstupid · 25 December 2017 at 3:42PM

Hi

I have been meaning to post all week, I am finally debt free after many years. It is bitter sweet though as the reason I am now debt free is because I received an insurance payout after being diagnosed with cancer In the summer. I am on the road to recovery and look forward to saving for mine and DH future.

MSE_Katie · 28 December 2017 at 12:46PM

Hi MoneySavers,

Well done to all of you on the debt-free roll of honour this year. If you're a huge MSE fan and we've helped you with your journey to clear your debts, we're looking for an MSE super-fan to introduce to a journalist for an interview about your moneysaving successes, how much you've saved, and all the things you do to cut costs. If this sounds like you, get in touch, reply below or message me directly to get involved.

Thank you!
MSE Katie

Disco_Dolly · 29 December 2017 at 6:43PM

Lightbulb moment: January 2014

Debts at highest: €21,746.34

Debt-Free Date: 29th December 2017 (today):j

Pearls of wisdom: Make a budget & try to stick to it. If you fail get straight back on the horse, don't beat yourself up & don't give up. Track ALL your spending, every penny, so you can see where you can cut back. Pay your debt repayments as soon as you get paid if possible. Read here for inspiration especially this thread. Before you buy anything ask yourself if you really need it, I had a shopping online rule where I had to wait 48 hours before I bought it, the majority of the time I would change my mind in that time. Imagine the end goal and stay focused, the feeling at the end is so worth it, I'm on cloud nine today!!:D

Frugaldom · 29 December 2017 at 9:19PM

It seems like I never did get around to posting in here but I have been debt free since 2007, when I first brought the frugal living challenge on here, and began saving to buy a house without a mortgage.

Congratulations and well done to everyone on here! There are some truly inspiring stories!

I guess I should include that I did complete my initial savings challenge to save and buy property without a mortgage (bought in 2012) and still living the frugal lifestyle.

Chandelier. · 3 January 2018 at 2:02AM

Lightbulb moment: September 2016

Debts at highest: £11600 (Sep 16 for car) and additional £6500 (Aug 17 for dental work). So in total over past 12/18 months = £18100.

Debt-Free Date: 3rd January 2018 (today)

Pearls of wisdom:

- Work out a set amount you can oay towards debt each month that is affordable. I chose to do this and pay on the 1st of each month (same time as my direct debits/bills came out).

- Budget ahead and allow yourself some leeway if possible.

- Remain positive and that the end is insight.

- Try to utilise what offers are available to you if possible to save money, shop around.

- Every little helps. I used to round up my bank account to the nearest 0 and sweep money aside to a seperate account and when this built up I'd pay it off the debt.

- Don't be too harsh on yourself, remember to live a little and still enjoy yourself.

doingitanyway · 3 January 2018 at 6:12PM

well done and enjoy living debt free

[Deleted User] · 6 January 2018 at 10:29PM

Have just paid off my final debt which was a cc finally debt free for the first time since God's dog was a puppy. Yipppppeeee
Quite proud as well having managed this over Christmas

beanielou · 6 January 2018 at 10:33PM

venison wrote: »

Have just paid off my final debt which was a cc finally debt free for the first time since God's dog was a puppy. Yipppppeeee
Quite proud as well having managed this over Christmas

WEll done

LucyVP · 19 January 2018 at 11:00PM

a. The date of your lightbulb moment: Jan 2010
b. Debts at their highest: 187,500 (start of mortgage - Jan 2010)
c. Debt-Free Date: Oct 2017
d. Your one perl of wisdom: every year on Jan 1st take an excel, first worksheet put the main plan for the year ahead with three targets for debts, savings and life, on the second worksheet do 12 columns for monthly forecast, income expected, monthly expenses, does it tally with your annual targets? if not what can you do to achieve them? as you go through the year track as much as you can, it was the constant work that helped me achieve my goal.

The Debt Free Roll Of Honour

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