The additonal Benefits of Being Debt Free

Silvafox

Some great ones on here, my additions would be:

Not getting a feeling of dread when a car pulls up outside
Not getting a panicked feeling when someone knocks on the door
Not having to empty the coppers jar to buy food

TMoose

dreamdreamer wrote: »

Yeah that's a much better decision to have to make than "what debt shall I pay off first?" lol.

Actually, the frustrating thing was "what debt shall I pay off first?" wasn't really a decision - it was set by interest rates (and DCA's). Once that was set, it was just a long, hard, dull, slog. I get bored easily!

I now spend time every day looking at my budget for the month, tweaking the numbers as I over/underspend and seeing the impacts of making changes. I'm basically a sad, sad, little man. But debt free

Moose

jonjamie1970

TMoose wrote: »

Actually, the frustrating thing was "what debt shall I pay off first?" wasn't really a decision - it was set by interest rates (and DCA's). Once that was set, it was just a long, hard, dull, slog. I get bored easily!

I now spend time every day looking at my budget for the month, tweaking the numbers as I over/underspend and seeing the impacts of making changes. I'm basically a sad, sad, little man. But debt free

Moose

What spreadsheet, if you use one, do you do this on ?

ixwood

Earning interest instead of paying it.

Having savings and a nice future/retirement etc.

Being able to work less if desired.

Not wasting money on stupid things, as you've earned and saved it, which makes you appreciate it's value so much more. Debt is very easy to spend/waste, as you haven't had to earn it. Yet.

ixwood

Is the TV license more if you don't pay it upfront?

Being able to get a mortgage and buy a house.

Being used to having money and it not "burning a hole in your pocket".

ixwood

Being able to take advantage of true bargains, when the opportunity arises.

Being able to afford to have your full maternity leave and enjoy that precious time with your little one.

Increasing your net worth/wealth over time, rather than your debt.

Being able to help adult children start off well in life.

Feeling content and not needing to try and keep up with the Jones, or acting well off.

sparklystar_2

not having a mild panic every time use debit card to buy petrol/food at the end of the month as there will be surplus cash in account

Karb

For me, most of it would centre around the sense of wellbeing. Being more relaxed, less stressed, and, as others have already mentioned, knowing that I'm earning interest instead of paying it. Some of the more tangible ones that I don't think have been mentioned yet are:

Paying utility bills when they arrive instead of having to wait until payday, and therefore qualifying for the prompt payment discount next time around.

Being able to bulk buy groceries when they are on special offer instead of only being able to spend what's within the grocery budget for the week

Being able to pay cash instead of credit card. Even if you don't have to pay interest its just too easy to overspend when you aren't handing over hard cash.

Buying an annual season ticket and/or car park pass for travel to work instead of weekly or monthly ones

determined_new_ms

dreamdreamer wrote: »

This is the one I can't wait for - not living in dread that something is going to happen that will totally cripple you!

Also: being able to put all the money i waste on debt repayments into high-interest savings and watching them give ME money rather than the other way around!

you know what I had to wipe out my savings the week before last on my car (£1500) which still was a kick in the goolies I can tell you! The only saving grace I had was at least we are out of debt (as of 25.10.10) and it was savings rather than the ccGutted though as my little nest egg was savings for our plans to emigrate...

For me one of the best fringe benefits has been as it had to be a lifestyle change to get here its so much better to be in control and savy with my money. Shopping around, getting the best prices, being able to go days without spending money, working out how much I can afford to spend on groceries and then sticking to it - all that stuff that's the best things, imho, about getting debt free. Those are the things that mean 1. I get to choose what I spend my money on (and a big chunk goes on the things I want i.e. we go to Morocco in a couple of weeks, all paid for out of cash and its costing £460 for flights & accomm for 2 ppl for 10 days :j) 2. and if worst came to worst I know we could cope with some tough times until things brightened up. That's a sense of security money can't buy :T

empage

[QUOTE=

I now spend time every day looking at my budget for the month, tweaking the numbers as I over/underspend and seeing the impacts of making changes. I'm basically a sad, sad, little man. But debt free

Moose[/QUOTE]

Ha ha, I totally hear you. I am not debt free but I feel the end is in sight now. My spread sheet has grown from a couple of sheets to 15 sheets all linked with a running comentary of how much money I (dont) have! budgets, present plans and so on. I sadly can while away a few hours in an evening staring my my pretty and colourful Finances spreadsheet!

I cant wait for the day that my Total Current Debt column can be renamed to a Total Current Savings column!