Debt-free but still "frugal!"

backinbusiness

Hello there.

Acheived debt-free status mid-Jan after nearly 2 years of struggle and hard graft.

My mindset has changed completely, and I view my finances in very different light now.

Trouble is, the change is so ingrained, and I've been so used to esssential spends only that spending on anything over and above the essentials "hurts".

I am grateful that my LBM moment is stuck with me forever, but I need to strike a better balance between saving (like fury) which at least I can now afford to do, and treating both myself and my daughters.

Did anyone else struggle to enjoy their debt-free status?

Any advice?

Thanks,

BiB

[Deleted User]

Why don't you try budgeting for treats, as then they are accounted for in your budget you won't have that worry in the back of your mind about overspending and returning to debt, and won't feel guilty about using the new-found spare cash for fun or frivilous things that you couldn't afford before.

CH27

Allow yourself a budget for treats.
That way you remain in control of your spending but still have some teats that you enjoy. Everyone needs a treat.

beanielou

A massive well done on your debt free status
Im sure that you will find a balance soon enough.

DawnW

When I got debt free I was still frugal as well. I couldn't bring myself to start wasting money just because I could. So I started saving. I saved for a house, but if you already have one of those you could save to pay off your mortgage, or do some improvements? Or save for a car or a holiday? Saving gets addictive too! Think of it this way - you can still have treats, but you will have saved for them and not got into debt to buy them.

backinbusiness

DawnW wrote: »

When I got debt free I was still frugal as well. I couldn't bring myself to start wasting money just because I could. So I started saving. I saved for a house, but if you already have one of those you could save to pay off your mortgage, or do some improvements? Or save for a car or a holiday? Saving gets addictive too! Think of it this way - you can still have treats, but you will have saved for them and not got into debt to buy them.

You're right of course - I do have a house, and I could do with spending a bit on it.

It seems I'm stuck in "squirreling mode!".

Perhaps it'll just take a little time to adjust.

Thanks,

BiB

Nottoobadyet

Im in the same boat as you! Of course, it's a good boat to be in, and you can be proud of your new found frugality. I know that I am eating better, giving better gifts and valuing things more since I started on my debt free fight, and I never want to lose that.

I am doing my best to save up a significant cushion (6 months spends), but have treated myself with some travel and a new camera.

How about taking your girls on a lovely holiday and then settle back into your comfortable new life? Maybe a break from the day - to - day will help. Be proud of your frugality!

bluenoseam

Nothing wrong with being frugal, so long as you realise that you have a little something extra at the end which if you chose to do so you can spend without having to worry about the APR coming back to bite you on the backside - the positive side is that you won't be tempted to put yourself back into a debt situation again because the voice in your head won't let you.

danothy

I've also found that once you get into the reduced spending habit it sort of sticks and you feel bad about any luxury.

I once heard a piece of advice that roughly said "if you can't afford two of them, then you can't afford one of them", so I have decided that everything frivolous I buy from now on will be saved for and paid for twice, once to buy it and once into a savings account.

It makes me feel better to know that everything I treat myself to has been saved for and has made an equal contribution to my savings before I have it.

backinbusiness

bluenoseam wrote: »

Nothing wrong with being frugal, so long as you realise that you have a little something extra at the end which if you chose to do so you can spend without having to worry about the APR coming back to bite you on the backside - the positive side is that you won't be tempted to put yourself back into a debt situation again because the voice in your head won't let you.

Frugal I guess is better than wasteful or even reckless spending - and those voices in my head would never, EVER let me get in debt again.

BiB x

Nottoobadyet

What a great idea, Danothy!

Just another thought - what does your newly less frugal life look like in your head? Eating out once a week? New clothes for the kids every six months? A posh cut and blow dry every six weeks? An annual holiday in the sun?