What are your plans for once you are debt free?

YoungBusinessman · 14 May 2012 at 10:55PM

My debt free is closer than alot of you...yet much further away than some! Many different set ups and situations on this board. What are your plans for once you are debt free? How excited are you?

My debts *with a miricle or two* can be gone by the end of this year...realisticly by summer 2013. Then i plan to get on property ladder as soon as i can after that. Its spurring me on and making me want to clear it as fast as i can, sometimes i feel like im trying to clear it too fast, constantly doing figures and working out a debt free date. It would come alot sooner if i stopped stressing and worked that bit harder to get it cleared early next year,giving me a few extra months saving.

I am spending alot of time reading into long term saving/emergency saving for which i will put into practise as soon as i am debt free. I have an emergency savings pot of 3 months net wages(6 months expenses right now) I hope to build on this. I am gobsmacked how much support there is on these boards, its fantastic.

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Neighboursfan · 15 May 2012 at 7:31AM

Good luck with your future plans ! My debt free is still a long way off but I want my children to go to a good nursery and when they at school be able to go to the after school clubs and activitys without me having to say mummy can't afford it ! I don't want them to suffer for debts rung up lOng before they were born !

mr2jay · 15 May 2012 at 9:04AM

I am just starting my "Debt free program" and I am already excited at the prospect of having far more cash available each month without the ball and chain of debt swallowing it up.

I plan to use the financial skills I am learning to clear the debt to invest into savings and stocks/shares to try and create wealth, eventually buying a property outright (probably through auction). I have no need to use credit to survive (got none to use now and other than paying it back, we are doing fine) and learning how to budget within my means will be a valuable tool in creating wealth.

So, I am hoping to be debt free by the end of 2013 and then I can concentrate on creating a residual income to support my lifestyle - after all, the way to create wealth is to make what money you have work as hard as possible

TakingControl · 15 May 2012 at 9:12AM

I started my journey in 2009 with a DFD of 2015, I am now if all goes to plan debt free by March 2013 if not earlier :j:j

My first wage that is all mine I will take my mum away on a spa weekend. She was my rock, my ear and sometimes when she was able to a financial help.

Then save, save, save for my own place

Nivea_2 · 15 May 2012 at 11:30AM

i have just started my journey but hope to have my £45k paid in 3-4 years, I am going to save and invest my money, my annual bonus (rather than spending it on absolutly nothing!) will go towards this as I would like to be able to be mortgage free asap.

Gordon_Hose · 15 May 2012 at 11:56AM

Buy a house. March 2013...

Ladybird. · 15 May 2012 at 12:06PM

We currently spend £1100+ servicing our debts each month... once they are paid off we will most likely use half of that amount to overpay our mortgage and split the rest between savings and living a little less frugally month to month. Can't wait!

bargainbetty · 15 May 2012 at 1:03PM

My last car payment leaves the account on 1st June.... then I have no debt apart from the mortgage. I'm a mortgage-free-wannabe now, and intend to transfer all of the car money to a different account, and use it for overpayments on the mortgage.

If I get mortgage-free ahead of schedule, I'm going to put half the money in savings, and have nice holidays with the rest. Stuff it.

southernbelle · 15 May 2012 at 1:36PM

Once I have finished my DMP I will begin to save...firstly to pay off my car early and then for a deposit on a house.

I cannot wait - it should be next autumn unless I win the lottery. :rotfl:Which, as I don't play it would be a surprise indeed! :rotfl:

cutestkids · 15 May 2012 at 3:07PM

I Hope to have paid off my cc debts by the end of 2014 after this I plant to over pay on the mortgage as well as save.

lornz23 · 15 May 2012 at 3:22PM

Once I am debt free in October I plan to try and become Mortgage free! It will take some time but I hope that one day I will not owe anyone - if that is possible

What are your plans for once you are debt free?

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