Debt free after 25 years

themaccas · 17 March 2006 at 2:44PM

Thats Fantastic, Snoozer. I'm really, really pleased for you what a wonderful feeling that must be. Now you can look forward to saving money towards things you have wanted to do.

Your story and others who have become debt free and so motivating!

piglet6 · 17 March 2006 at 3:11PM

Congratulations Snoozer :T - and Happy Birthday! :beer:

You're definitely right to post here. It shows what a SAYE scheme can do (for those who are in a position to make use of one). It also shows you have definitely had your lightbulb moment - you're using the money to pay off all your debts...you could have blown it all on a round-the-world cruise drinking magnums of champagne

, or driving round in a luxury car (worth much less than you paid for it the instant you drove it off the garage forecourt :eek: ), whilst still trying to service the debts as normal on the side...

Have a great birthday - you deserve it!

Piglet

Penny-Pincher!! · 17 March 2006 at 3:22PM

Fabulous!! Whats your next goal?

PP
xx

snoozer · 17 March 2006 at 3:31PM

Thanks Penny pincher,

Next goal is mainly to keep on top of everything by putting everything I've learnt and am learning on this site. I have already started saving £2 coins (how scarce are they LOL) as well as putting regular larger amounts away.

We are going on holiday to Rome the first week of April - the kids as well, they're now old enough that they don't mind coming on holiday with us again, especially if we're paying :rolleyes:. But we have paid for the flights and accommodation in full and have budgetted for the spending money as well, another first for us! :j

Rafter · 17 March 2006 at 3:59PM

Congratulations Snoozer and have a great time in Rome.

Being debt free will make a big difference to your free cash flow each month.

As well as keeping to a budget so you don't get back into debt, also start to think about the future. When do you both want to retire? on what sort of income?

It would really be worth getting some financial advice about your current pension provision and seeing what you can save regularly so when the time comes you have a really comfortable retirement. Unless of course your o/h has a fantastic final salary pension as well as a great SAYE scheme!

Good luck

R.

snoozer · 17 March 2006 at 4:12PM

Funny you should say that Rafter - OH does have a fantastic final salary scheme :j and I'm in the Local Govt pension scheme which is also final salary, but not so many years for me. Having married and had kids at such a young age we really scrimped for a long time but now we can look round and say this is our time to have some of the joys we missed out on earlier.

We hope to retire in about seven years on a reasonable income and do all the things we've dreamed of. The only thing that might stop us is trying to help the kids up on to the property ladder - I know we thought we had it tough but property prices today are :eek:

ILoveHenryJames · 17 March 2006 at 7:06PM

snoozer wrote:

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.

I just happen to be an admirer of the great Henry James, hence the name.

Congrats on your success.