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

Tink_04

I'm going to save an emergancy fund (will never forget the boiler braking on Xmas eve and having no money) them pay towards the mortgage

DVardysShadow

DizzyDizzy wrote: »

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!

It is probably right. Becoming DebtFree is almost the same as Staying DebtFree. I have never been in debt, but the key difference to me is that instead of putting my money into a pot labelled 'debt', it goes into one called 'savings'.

Savings is like having a credit card, unfortunately with a limit, but you never have to work out how to pay it back. You just live your life, put money into savings and have financial equilibrium. And if you need a new fridge or a big car repair, you just pay for it and have the same financial equilibrium.

mijm0t77

Once we are debt free - we will firstly save for a deposit on a house, once we have the house and mortgage, overpay the mortgage:)

determined_new_ms

you know what we became debt free about a year ago - almost 23rd Oct! - and we haven't done much actually! We have been on holiday a few times (all paid for up front of course), built up reasonable savings - still the 6 months of your salary mecca sems a long way off! - and are able to do what we want. But we're still really careful, keep our costs low and several times a year have a really stringent month. Tis a good feeling, keep at it x

If_only_I_had_known

I've worked it out that I'll be debt free in the next 7 months but as soon as I pay off my Vanquis CC i'll be celebrating with a big sigh of relief!! I'm hoping to pay this in the next 2/3 months.
Now the reason why I am focuing on this is because I was wondering why the balance never moved and I always seem to go over the limit even without using the damn thing. Addmitedly this is my fault as I did not look at it closely enough but when I did oh my god is all I can say with a !!!!!!. I checked the APR and was told it is over 60%. It's at 69%. I thought she said 6.9% but I had to ask the call centre about 5 times!

If I had been more careful and taken time to look at it, I would have paid it off long ago. But I thought having a PT was more important as I was doing the 3 peaks challenge which got cancelled.

Now I have a plan to stick to and have cancelled my PT. If I had known now what the APR would be on my Vanquis card was i would never have agreed to it. Once this has been paid and i cancel the card I will be celebrating and then will pay off my remaining debts and will start to save for my wedding.

I've already decided only to have a wedding within my means and not to stretch myself. No way am I getting into debt after having paid it all off!!!

yellowcrocus

Big holiday
Save for a wedding
Over pay on the mortgage

toothfairybuttkicker

I'm looking at debt free in 5 years at which point i'll only have 5 years left on my mortgage so my big plan is to throw all my £927.88 of monthly repayments (min) at that and get rid asap. After that we should be nearly £1500 a month better off

I could cut my hours at work and spend more time with my kids.:j

I think that would make me the happiest of all. I've missed so much of them growing up due to my debt and working my tush off to pay back money for things i cant even remember now but still paying off 11 years later. :eek:

jellybean39

Cant wait til my dfd!!!!!!
Will be making big overpayments on my mortgage cant wait!!!!!!!!!!!!!!!!!!!!

WelshWoofer

I've become debt free this month and its a massive weight off your shoulders.

I have a short term and a long term plan...

Short term
Save enough to redecorate the living room (about £1000) without putting anything on a CC
Save enough to pay for Xmas this year

Longer term
Get "not too be touched" savings up to £10,000 (currently at approx £3000)
Start overpaying the mortgage - I owe £80,000 and have 15 years to go so would hope to reduce that to 10 years in time

I'm still trying to live by the DFW ways and keep a tight rein on spending and budget - I have had a few treats though!

Amatheya81

Once I'm debt free I have a couple of things for the home that I want to buy. First a bed that isn't lumpy, Followed by a fridge that doesn't make funny gurgling sounds and a sofa that has all 4 legs and the mecca of all household appliances... a dishwasher! Bliss lol

Once I've replaced all the things in my house that are on their last legs I'm going to start saving the deposite for a house with a garden and my own driveway