Debt free after 25 years

snoozer

Like many people i've been lurking round the debt free wannabee board for some time. I just wish it had been around years ago.

Anyway, here's my story (I'll keep it as short as I can). Left Uni at 21 and married straight away (27 years ago - there that gives away my age, and its my birthday today). I can only remember one truly debt free period in our lives so far, after we'd both been working a couple of years. Then OH got a job in the South East we moved and had 2 children. That started the rot. I didn't work for ten years and then only part time for another 11 and the rot set in. It's a familiar tale of Credit Card debt, consolidation loans, loans from family, swinging from periods of living very frugally to splurging whenever a bit of extra money came in - always saying in a couple of years we'll wipe out that debt.

The stupid thing is that OH earns a good salary and for the past couple of years I've been earning a reasonable amount too, we just spend too much - mainly supporting our kids through uni over the last 5 years - and although our daughter has left she has recently been made redundant so I'm helping her out again. I just don't want them to get in the fixes we did.

However, and here I come to the crunch, 5 years ago OH took out a SAYE saving scheme with his company. This allows you to save a set amount each month (£250) in our case and then purchase shares five years later with the savings at the price you would originally paid. For once luck was with us and the shares were at rock bottom 5 years ago (OH works for a v. well known retail chain) and have recently gone up a heck of a lot. The upshot is that we have made enough to pay off all our debts (over £30,000) and the last of them will go next month.

I feel a bit weird about it. Happy and immensely relieved, but guilty because I feel that we haven't had a true light bulb moment. Most of all I feel worried, what if we fall into bad habits again.

That's why I'm posting and why I keep returning to this board. Everybody is so determined and so supportive of each other that reading other people's threads will help to keep me on track. I've taken lots of the steps that have been suggested here and know that we will have plenty of income to live on when the debts are paid. We've closed all the CCs and store cards and have sorted out a comfortable budget with savings. I've just not got to let my urge to give money to the kids take hold and we'll be fine.

I hope you don't think that I've got a cheek posting this here, believe me I've done my fair share of worrying, eking out the pennies and living with that horrible sensation on your chest which is the weight of your money problems. I will keep haunting the board and willing all of you on to your goals, reninding myself that but for a huge piece of good fortune I'd be doing the same as you all and that its all too easy to slip into debt again.

Sorry for going on so long.

DopeyDora_2

Well I for one will congratulate you! You've been saving the £250 each month for 5 years so that is good in itself. That you had some good luck at the end of it is an added bonus! If you can carry on saving, even better!
:j :beer: :j :beer: :j :beer: :j :beer: :j :beer: :j :beer: :j :beer: :j

Dora X

lou_lou_skinty_poos

well done!!!! and happy birthday :T

D&DD

HAPPY BIRTHDAY SNOOZER :T
one thing I love reading on here is the debtfree threads its an uplifting feeling seeing how people have come through it all thanks so much for sharing your story.

Broken_hearted

Don't feel guilty that you came into money, it was your smart investing that got the money for you. As for the lightbulb moment you've had it, you know what it's like to be in debt and you don't want to go back there.

Broken_hearted

Forgot (hugs well done)

Verbatim

:j Happy Birthday Snoozer

Have a drink on me! :beer:

And congratulations on sorting out your money :T

snoozer

Thanks everybody. I was really worried about posting this in case people thought I was gloating - I'm really not, my main reason for posting is that I really want to feel involved and like getting to know people by reading their stories, if I'd stayed a lurker I don't think I'd get the full value of everyones support and advice.

PS on a different note I wonder about some of the unusual names and if there's a story behind them. Mine is that someone who makes money from their Credit Cards is called a stoozer, I'm just the opposite, hence snoozer.

ozzyfan_2

thats wonderful news Snoozer, well done & have a great birthday :beer:

enjoy your new debt-free life & keep reading the posts it helps me enormously when I feel like spending again

Anniek1969

Happy birthday, enjoy the financial freedom that this gives you. You really deserve it, as you said you've done your fair share of worrying and you've done really well saving £250 a month for the last five years. I'm sure you've had to make sacrifices so that you could do this so it's time for you to enjoy what you've worked hard for.

My advice would be to try to keep saving so that anything you feel like buying you'll have the money saved so you won't be tempted to use your CC. Cut up your cards and cancel the accounts so you won't be tempted and keep coming on to these forums and i'm sure you'll never feel the need to use CC's again.

Good luck and enjoy it. :T :T :T :T

Broken_hearted

Mine just relates to my sob story of a life. :rotfl:
Since coming on here I'm much more upbeat because I don't feel alone anymore. I might change it. :j