What do you plan to do in the future when you're debt free day arrives?

MrsTUS Posts: 124
First Anniversary Combo Breaker
edited 6 September 2011 at 7:54PM in Debt-free wannabe
Let's play a game - it's almost along the lines of 'what would you do if you won the lottery' - except it's not winning the lottery, it's even better, it's your DEBT FREE DAY!!

My long term plans are to save some serious £££s for my three children and to also start saving for a deposit on a house - and to then make overpayments on said mortgage..

I'll be free of my personal debt in October 2013, but our collective houshold debt (as all my repayments will then be allocated to hubbys left over debt) means we'll be debt free in 2015...

"I once grumbled at having no boots - until I met a man with no feet" Anon

Total personal debt of [STRIKE]£7850[/STRIKE] [STRIKE] £5977.74[/STRIKE] £5635.17
Total household debt [STRIKE]£35092.42[/STRIKE] £22557.55


  • I'll be overpaying the mortgage to offset forecasted endowment shortfall and ploughing everything else into savings in the hope we can save face (and getting back into debt) when our 3 DD's grow up and get married. Should have started saving years ago :o
    LBM April 2011 £4906

    :j:j DEBT FREE 4th NOVEMBER 2011 :j:j
    Clothes Challenge 2011 £60.24/£200
    Virtual sealed pot #136 - £1.60 Sealed pot # 1365 Nectar card - £8.80 Overdraft £0.00
    Do I need it? Can I afford it? Is it cheaper elsewhere?
  • DizzyDizzy
    DizzyDizzy Posts: 170 Forumite
    Definitly save save save! After that we might start having holidays again with the kids, but I will never forget the sick feeling I've had over the last couple of years of no savings and big debts!
  • *hayley*
    *hayley* Posts: 53 Forumite
    Save, save, save :) I want to buy my first house
    Time for some debt busting in 2015 - Light Bulb Moment 4/4/15
    HSBC Credit Card - £900 :( HSBC Overdraft - £888.22 :( Natwest Credit Card - £1701.51 :( Nat West Overdraft - £1200 :(
    Trying again to get back on track....... Getting there slowly but steadily
    5 years of not buying clothes challenge - £0 :j
  • rdchick
    rdchick Posts: 1,815
    Name Dropper First Post First Anniversary Combo Breaker
    Buy my own house, get married, have kids. At 22 the world is my oyster but right now it's a bit of a nightmare, some debt, 2 jobs, wanting everything but can't etc etc!! xxx
    Life is too short not to love what you do.
  • When my debts are paid off i'll then pay extra to my OH's debts and then further down the line either overpay the mortgage if we are allowed or save save save! It will be lovely to only have the mortgage and household bills to worry about rather than the endless loans and CC payments

    Keep at it everyone!
    Nov NSD: 8/7 Dec NSD: 1/10
    Sealed pot member #1443 2011: £106. 2012: £171
    Ninjakat challenge: Aim to clear two debts by April 2013
    100 day challenge: No toiletries or magazines 19/100 (3 x fails :()
    Extra payment a week challenge: Total to date: £2355.53
  • I'm going to have the best nights sleep in about 6 years. :)

    Then I plan to save up a nice healthy emergency fund and re-join my martial arts class, which I gave up because I couldn't afford.

    That's going to be the best feeling ever! I can't wait.
  • Lulee36
    Lulee36 Posts: 197 Forumite
    Im going to treat my friends and family to one big slap up meal to celebrate being Debt Free and also to say thank you for supporting me over the last few years !! That is my first action anyway :j
  • Mikeone
    Mikeone Posts: 184
    First Anniversary Combo Breaker Debt-free and Proud!
    edited 23 August 2011 at 3:30PM
    I'd love to say something completely different, but I'm with you guys. Once my debts are gone, I'll be paying into OH's debts (OD and student loan) so that we have a debt-free household. Then we'll be into the saving game and probably looking for a mortgage after April 2014 when my default drops off my file. I'm also giving some thought to a career change, which will be easier without having to chuck a third of my income at creditors.

    Mainly though, I'll be enjoying the feeling of relief that this has been done, of accomplishment that I have done it, and freedom that we don't owe anybody a single penny!
    I'm a...I'm a real traditionalist of course
  • DizzyDizzy
    DizzyDizzy Posts: 170 Forumite
    Isn't it funny that everyone has said they will save money after becoming debt free! Just goes to show that we (well me, anyway!) have definitly learned some lessons along the debt free way!
  • Tixy
    Tixy Posts: 31,455 Forumite
    -Fab Holiday :j
    -Emergency Fund
    -Start overpaying the mortgage
    -(maybe consider having one of those small things that people have that make a lot of noise, that then gets older and makes even more noise)
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
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