What are your plans when you finally become debt free?

Debt_Tired

One concern I have is that we might not learn from our mistakes (or the mistakes made by others). Most of us have proven that we can live without credit (loans and credit cards, etc) for years. Let's hope that being money-wise and thrifty will continue.

We all talk about DCAs and the pleasures of money, but the cornerstone of our society in the future should be DEBT PREVENTION, which includes preventing companies ripping off the poor with their high-interest goods and services. Brighthouse should be shut down and anyone selling credit to those unable to afford it should be stopped.

And if you don't think I'm right, ask yourself this: was it worth it? Was the short term gain of buying that must-have item worth the sleepless nights and the SS style tactics of the DCAs? I think not. If you don't learn from your mistakes...

Debt_Tired

angelicmary85 wrote: »

Is anyone else sort of scared of being debt free? I think that it's over-shadowed my life that in a way I think I might be lost without it.

You go with what you know. That's why some homeless people live on the streets, because for a small minority its what they've done for years. No matter how crap life can be, sometimes being in debt or living in crud can be less stressful than change. Some people thrive on change, while for others its a nightmare.

Being debt free will take time to get use to. No more snotty letters from DCAs and spare money in your pocket will take time to get use to. Just promise yourself that you either won't make the same mistakes twice or that you will pre-empt the mistakes and actions made by others.

jill8beans2

er . . . I'm going to Disney Land!!

andy_skellington

Why does that question feel like "if you one the lottery what would you buy?"

I don't have anything I would like to buy though, but I do want to give my mum and dad a nice wee gift for all the help they have/are giving me. And as I hate my job I am more looking forward to the day I can pack it in and go to Uni to train to be a nurse.

I guess this frugal living thing will come in very handy on a 7K a year bursary but Im not sure if I will be able to move out for another few years

BusPass_2

I am following this thread with interest.

While we (myself and my wife) are doing spectacularly well we are still very, very careful. Been there, don't want to be there ever again.
It's easy for me to say now I am in front but human relationships are far more valuable than treating yourself to material things such as we all dream of buying if we won the lottery. Incidentally we don't do the lottery. Help your kids, do charity work, community work. In a word give, and I don't just mean material things. Show people you care. You'll get it back 1000 times.
I think the first and GOLDEN rule after you get debt free is to keep going. Don't let the reins slacken for a minute because it is exactly that attitude that got us into debt in the first place.
I know I am fortunate, we have a good income but another rule is that holidays only come out of overtime (which I am fortunate to have access to)
Sorry for the long rant but it would be the worst thing ever if you spend years clawing your way up a cliff face then when you get to the top throwing yourself off the top again.

Sermon over.

SuzySu

We plan to emigrate. We can't do that with the debt we have left, so the plan is to move in together, live off my salary and put the other one towards our debts. We have worked out that it will take 18 months to clear the debts and then we need to start saving to have some money to take with us.

angelicmary85

Debt_Tired wrote: »

You go with what you know. That's why some homeless people live on the streets, because for a small minority its what they've done for years. No matter how crap life can be, sometimes being in debt or living in crud can be less stressful than change. Some people thrive on change, while for others its a nightmare.

Being debt free will take time to get use to. No more snotty letters from DCAs and spare money in your pocket will take time to get use to. Just promise yourself that you either won't make the same mistakes twice or that you will pre-empt the mistakes and actions made by others.

I'm one of the minority that doesn't deal very well with change, I took to having kids the way most parents do, like a duck to water but I could never deal with the maternity pay being so low! I've been fortunate enough to have never received any letters or ccj's so at times I feel like I shouldn't really say I'm in debt as I seem to be managing (but only just!) and there are alot of people out there less fortunate than myself. I've worried just as much as though about where the next packet of nappies are going to come from but I seem to thrive on the worry and misery of never having 2 pennies to rub together...surely that's not right?!

angelicmary85

BusPass wrote: »

I am following this thread with interest.

While we (myself and my wife) are doing spectacularly well we are still very, very careful. Been there, don't want to be there ever again.
It's easy for me to say now I am in front but human relationships are far more valuable than treating yourself to material things such as we all dream of buying if we won the lottery. Incidentally we don't do the lottery. Help your kids, do charity work, community work. In a word give, and I don't just mean material things. Show people you care. You'll get it back 1000 times.
I think the first and GOLDEN rule after you get debt free is to keep going. Don't let the reins slacken for a minute because it is exactly that attitude that got us into debt in the first place.
I know I am fortunate, we have a good income but another rule is that holidays only come out of overtime (which I am fortunate to have access to)
Sorry for the long rant but it would be the worst thing ever if you spend years clawing your way up a cliff face then when you get to the top throwing yourself off the top again.

Sermon over.

Hi Bagpuss,

Thank you for your comments. I think in a way we know that material things mean nothing, It'd just be nice to have a little (well, in some cases BIG) treat as it's been so long since anyone has bought anything decent for themselves! I'm happy for you and your wife and I'm sure your words will be an inspiration to alot of people.

jtr2803

To be honest, I have NO idea, I have been in debt and had 'outgoing' for so long that when it is all paid off and I have my salary to myself it will be almost unreal!

We are renting at the moment and I would love to buy a house so I will definately be saving a hefty deposit and I would love to take my daughter to disneyland paris and me and the other half somewhere really exotic!

Other than that the feeling of not having to log on to the bank every day to check I have money and worrying about card being declined when buying petrol would be the best bit!

ghostmadlittlemiss

Once I'm debt free, I'm going to London (if I don't already live there) and going to see Phantom of the Opera. I've never been to see a West End musical before and I really want to see that one. Then I'll have a nice meal out with my boyfriend, probably the same night.

After that, I'll be saving for a deposit on a house.
Kayleigh