What are your plans when you finally become debt free?

ghostmadlittlemiss

newlywed wrote: »

Oh it's really really worth going to see. Brilliant. We loved it. That was the last bonus from work I had spent it all on two tickets

Good to hear that. I've wanted to see it for ages since I'm a bit of a ALW fan. *ducks flying objects* Also, I know that I'll still be able to do it no matter when I become debt free, since that show'll run until the sun explodes. Unfortunately, it might be a while after I'm debt free before I can afford to go. *starts muttering in pseudo-annoyed tone, from which the words 'worth 3/4 of a billion and he won't drop the price' can faintly be heard*
Kayleigh

Sun_Addict

Just revisited this thread I started and can't believe how many responses it's had. I have really enjoyed reading through everyone's plans. It's good to have them in mind even if the DF day is a long way away. I know a lot of people on this board could pay off the amount of debt I have in a month but unfortunately for me it's taking a long time because OH is in the building trade and he has very little work at the moment so our finances are being badly hit. I would love to be able to pay off more but can't at the moment but the main thing is at least it is still getting paid off and we are not adding to it.

The only good thing about having a reduced income is that we are learning to live on it. So when things finally pick up we will have learned to live on less money and should therefore be able to save more. We used to fritter away so much money on things that we didn't really need and we now don't miss going out spending at all.

Thanks for all your thoughts :T

bookadict

After I've paid off my last bill and done a dance in the bank, I want to do the following:

- Treat myself to a Radley handbag.
- Buy some clothes from anywhere but Primark. I love their stuff especially the £1.97 t-shirts but I think maybe a few classic items from LTS is in order.
- Take my other half to Hestons' restuarant.
- Save up. Have about 6 months salary tucked away.
- Save up for a newer car.

Most importantly, I will never use a credit card or apply for a loan again. Since my df journey, I've learnt hte importance of money and that the I want it now attitude will only bite you in the !!!! severeal years down the line!

Cx

North_London_girl_2

Wow. What a great thread... has made me feel really motivated thinking about life after debts!

Once I pay off my debts I plan to:
1) Start saving until I have three months worth of salary tucked away
2) Start paying off what I can from my mortgage (sadly it's pretty sizeable)
3) Save to go away on a plush expensive amazing holiday and last but not least...
4) try for a baby!

tiff

Once we've paid off our debt (later this year) I just want to learn to live without getting into debt, either overdraft or credit cards. I'm doing that now, but will we be able to do it once the debt has gone? Will we slip into our old ways?

I'm not going to treat myself or spend on anything until we have some savings. We are paying back debt and having a cheap holiday so we havent gone without too much. Our budget is tight though so it would be nice to rework it a bit.

mummum2

Great thread! once debt free (about 4 more years yiiiiiiiiiiiiiiiiiiiieeeeeeeeeeee!) will:

1. save for at least one year's salary for emergency fund
2. save for re-decorating house and even if possible loft extension
3. never, never ever touch another credit card, will become a cash only person
4. Top up children's saving account (have not put any money in for 2 years since starting my debt free journey)
5. Take family on a well deserve holiday to Cuba.

Good luck all and may all you wish for on your DF journey come to pass. We'll do it!

Lizzie75

I wont be out of debt until 2011 (sigh) but my first plan is to save up and take my parents to Florida for a holiday. My parents have been completely fantastic through all this, from the point (2.5 years ago) when I finally 'fessed up about the 37k debt I'd managed to run up through to now. They helped me work out a budget, sort out my bank accounts, prioritise my debts and most importantly, arrange to have my bank statements sent to them, so that I would be kept accountable. As a starter, they paid off my overdraft to get me on the straight and narrow, and now I pay a set amount into a bank account every month and from that, my mum pays out my credit cards bills and other debts. All in all, she took it off with me...but it came with a strict health warning...if I strayed for even a minute, got a credit card without their knowledge or borrowed any money 'under the radar', I would wake up to a huge envelope sent back to me, with all my paperwork and the big mess on my lap again.

I can't thank them enough...it helped me to breathe, to see more clearly and it made me accountable. My debt is now down to around 21k, so still a long way to go....but my family will get that holiday, for simply getting me to face up to the fact I had a BIG problem.

*depressed*

This is a fab thread

before i move back home (when we become debt free) i would like to have 3 savings accounts set up!

Number 1 is general savings
Number 2 is an account with 6k in (6 months worth of bills- for emergencys)
Number 3 is long term savings with 625 standin order going into it

to be debt free would be a massive achievment because basically since i moved out of home i have had debt, then in the last year i have had 2 redundanices, hence why i want an account with 6 months worth of bills money in

xxx

Swinstie73

Fantastic thread Sun Addict!

I won't be debt free for another 3 years unless I can get my loan paid off early, this is my biggest debt so aim to pay that off sooner if possible.

After that I will be saving to buy a place with my OH, he has no debts whatsover and I want us to go into living together as equally as possible. Have a big holiday this year (already paid for) so it will be small holidays from now on. Then in 3 years, a big 'un! Good luck everyone x

savingholmes

:jIf I get a new job SOON (my job finished about 3 weeks ago) I am still hopeful that we could be debt free as early as next year! We will both be 40 then. We were considering a big party but now we are thinking (but haven't told the kids) of going to Florida and Disney World instead! It would be one of those trip in a lifetime things, I would want to swim with dolphins etc. My DD by then would be about 7 and my DS about 12 so they would have some memory of it. I have never been altho my OH did when he was 12! So that is my new secret goal!

Once we've had our treat however, my plan is that we settle down again and throw all the money that we've been throwing at debt repayment at our mortgage which would hopefully see us mortgage free within about 15 years (from our DFD date) which would obviously make our later years much easier. My MIL helped us out a lot when we got married, my parents never did. I would like us to be in a position to help out our kids at college and university and then onwards ideally which could still be possible if we knuckle down now and have a favourable wind in the employment market.