A Thread for After Debt?

backinbusiness

Hi all. To the newbies - it does seem like you get used to holding on to the purse strings so tightly, then once you become debt-free you either can't let go of them at all, or let them go completely.

Just a case of finding a new balance I think. I would say it took me over a year to ease up enough and reach a decent balance between savings and spends.

To those of you who know about my car saga - had some good news on that front today too. I took a friend to check it over before I bought it, and he said it was sound, but today took it over to my local, friendly and independant garage for the once over. All in good order -the only thing needed is the front exhaust section (and I knew that when I bought the car, and negotiated a discount accordingly!).

Because we didn't get away at Easter, we are heading away to family for a flying visit this weekend. Leaving early from work on Friday and coming back for Orchestra rehearsals on Sunday at 2pm.

Really need a break from the humdrum!

Glad to see so many newbies - and well done to all of you. Stay with us - we are a mad and varied lot!

BiB

samtoby

I know this is a random post but I am so amazed the amount of people that are going to the debt boards and seeing what situations they are in. Its makes me feel proud that I faced up to my situation so long ago but that people are also seeking advice and help to get themselves out of these places.

backinbusiness

samtoby wrote: »

I know this is a random post but I am so amazed the amount of people that are going to the debt boards and seeing what situations they are in. Its makes me feel proud that I faced up to my situation so long ago but that people are also seeking advice and help to get themselves out of these places.

Couldn't agree more. It's amazing the constant stream of people finding their way here either through a change of circumstance, persistant overspending or whatever.

I love the realisation of how so many little changes can add up to such a big difference to their situation.

I also like the posts where the true LBM obviously hasn't quite hit, and they can't see the point in giving up Sky Sports (or whatever their particular vice) and blithely continue spending.

I would not be debt free now were it not for this site.

Have a good afternoon all - back to work after lunch for me

BiB

samtoby

I personally think you have to hit that point where you can not cope.

Mine was when I had no money and my electric key had ran out. I ended up having to scrape coppers together to put £1 on to last the night. I cried myself to sleep realising I couldn't cope anymore. Toby was cuddled up next to me and I knew this wasn't a way to live.

I am so glad I am now in a situation when my bank account always has over £1k in it even at the end of the month and a savings account in double figures. The most I have ever saved.

rising_from_the_ashes

backinbusiness wrote: »

I also like the posts where the true LBM obviously hasn't quite hit, and they can't see the point in giving up Sky Sports (or whatever their particular vice) and blithely continue spending.

Yup me too!

samtoby wrote: »

Mine was when I had no money and my electric key had ran out. I ended up having to scrape coppers together to put £1 on to last the night. I cried myself to sleep realising I couldn't cope anymore. Toby was cuddled up next to me and I knew this wasn't a way to live.

A proper LBM ..... you know when it's really hit and as BiB says there are a lot of flickering ones out there.

Mine was the realisation that despite selling my flat and clearing debts, I'd done it again - sorted it out "properly" by paying it off the hard way - it stuck!

YoungBusinessman

I am doing all i can to be one of you guys come the turn of the year. Even just as close to it as possible. I feel my debts are actually really extreme...more than £900 a month minimum payments. Im only 20 and self employed,living with parents but £900 would cover all the bills including mortgage payment if i was to clear it all and save a deposit. So looking for debt free by year end and onto ladder by end of 2013. Bring it on. Will be a shock to system when i have x amount of money coming in and all i have to pay is some diesel and mobile phone.

rising_from_the_ashes

YoungBusinessman best of luck with your debt clearing & yes, it will make a huge difference to have that money to save for a deposit etc.

Looking to the positive side ....... I wish I'd learnt my "debt lesson" when I was as young as once they're cleared, you should be set for life! And ..... you should be able to afford your house without getting into more debt (mine costs less than £900/month!)

YoungBusinessman

Well i still think i am in a hurry to get my first place. The extra 5% deposit seems to make such a difference on mortgage rate and how much interest you pay. Dont think i will want much more than a 2 year fix as il most likely buy somewhere needing more, do it up for 2 years then remortgage and hopefully value comes out alot more. Would i be allowed to do interest only for 2 years over say 30 or 35 year term to keep payments down then remortgage for capital and interest and over say 20 years? IF that even makes sense to you!

Online calculators show i will be paying around £600 a month mortgage. So my debts are the cost of a month and a halfs mortgage So determined to get there as fast as i can, i have £27,500 to go so im sure it will be something of a miracle if i am posting im debt free this year.

singy2002

Finally finished paying off all my debts in April, and as each debt was cleared all the money went into my mortgage fund, finally now im close to embarking on lumping my self in a six figure debt when i buy my first house.

This forum has helped me loads and while im mostly a lurker i could not have done it without the advice and ramblings of the many posters.

Only thing im struggling with now is that now i have so much spare money that I am saving, im tempted to save for another month, before visiting properties, then another month and so on, seems strange to be almost addicted to saving now.

Mort

YoungBusinessman hope your plans work out with clearing the debts and getting your first place.