A Thread for After Debt?

Mort

MaDMaX** wrote: »

....plan on saving a £1000 a month for 5 years then i wont have to much to worry about

Wow. That will be one hell of a chicken when it hatches!:D

MaDMaX**

Mort wrote: »

Wow. That will be one hell of a chicken when it hatches!:D

Won't it just :j

It might be a tall order I admit but I am on a good wage and my OH is a previous bankrupt so she's pretty keen on a fresh start :cool:

Former_MSE_Andrea

Hi everyone!

If you're debt-free don't forget to join the Debt Free Roll of Honour

JulieGeorgiana

Hello everyone!!

Today I just paid another overpayment on the mortgage... and we have now saved £10k in interest

Really pleased with that milestone.

Apart from that we are really tight at the moment. Finally got our garden wall pulled down and replaced, and what with other expenses our savings are below 'acceptable emergency levels' sooooooo.... we need to tighten the belts here!

I have DD2 first birthday coming up in a couple of weeks (same day as DH!), everything is mainly sorted for that.... Christmas will be 5 weeks later (mainly sorted) then DD1 has a 3rd birthday 3 weeks later (mainly sorted too!)

I have only just been diagnosed with an Arthritic Auto-immune Disease, so we're hoping that soon i'll get medication to suppress that, which hopefully will make life easier! Because for 2 weeks out of every 8 weeks I am unable to do most anything (I can't text, write, read, change clothes for the children, peel potatoes etc etc), and my 3 children (and my husband) all suffer for it. In between flare-ups I get 'extreme fatigue' so its not easy on them

Few months ago I landed in hospital as it went into my rib-cage and I couldn't breath properly, so here's hoping things start looking up soon... Especially as I am due a flare-up over DD2 birthday (I have back up help to make my cakes though... as I need to make 7 Victoria sponge cakes, and ice them all to make a HUGE cake... I need to feed 30-40 people)

Anyway, on top of that our car savings pot is looking good... here's hoping in July we get ourselves a new car (ok, 3 year old Renault Grand Scenic - 7 seater!)

This afternoon I get to visit some friends (minus children) I'm not sure the last time I got out of the house alone!!!

That's it from here... I better go see to my crazies...

Take Care x

mizmir

Just found this thread - great idea and good to still have a place on DFW which has been my home for 8 years (although I ran away a couple of times!).

Became debt free this week after being in debt all my adult life. In the end we owed best part of £60K and had reduced to one income so we sold our house and moved into rented using the proceeds to clear the debt, and start a savings pot. So overnight we have gone from being badly in debt to having quite a lot in the bank. The challenge now is not to blow it!

We no longer have a house and - while we can rent where we are long term - there will come a point where we won't want to be paying for accommodation each month - so the target now is to save to buy a house - ideally outright - or with a tiny mortgage. We have 15 years max till OH retires. So it is a long term plan and we are starting by putting aside the £1K we used to spend on card repayments and loans into saving. We've got cars (paid for) which should last a good 10 years and have just paid lots of annual bills. But we will still need to budget carefully so that next year when they come round the money is sitting waiting for them.

Getting to grips with YNAB to keep on top of it all!

Mort

JulieGeorgiana - congratulations on the mortgage overpayment and interest savings. I hope the health situation improves for you.Hi mizmir - congratulations on becoming debt free. Good luck with the budgeting and house saving.

166million

Hello there. I have got the Debt Free badge too!
Although I completely didn't count my Student loan, which does not affect my life in any way it just deducts 20 quid straight from my pay every month.
How are people getting on with savings etc?

bambos

Hi everyone :j

We became debt free in December and have now got our badge.

I think this thread is an excellent addition to the DFW board as I now find myself having anxieties about being in debt again. Sometimes I dream that we are in terrible debt and have no way out.

I think my reoccurring dream is fear of being back where we started out. Things are much better now and we have saved £1000 so far. Have booked a little holiday for August with the children which we couldn't do last year or the year before so it's going to be a well earned break.

We were doing the tax return for our rental property and turns out that DH has been on the wrong tax code for four years. Cheque for just shy of £5,000 in the post to us which is a welcome surprise.

I'm so careful with money since becoming DF that I analyse every purchase to ensure we can add to the savings pot.

It's nice to be able to save for things and not be constantly thinking about the debt we should be paying.

166million

bambos wrote: »

Hi everyone :j

We became debt free in December and have now got our badge.

I think this thread is an excellent addition to the DFW board as I now find myself having anxieties about being in debt again. Sometimes I dream that we are in terrible debt and have no way out.

I think my reoccurring dream is fear of being back where we started out. Things are much better now and we have saved £1000 so far. Have booked a little holiday for August with the children which we couldn't do last year or the year before so it's going to be a well earned break.

We were doing the tax return for our rental property and turns out that DH has been on the wrong tax code for four years. Cheque for just shy of £5,000 in the post to us which is a welcome surprise.

I'm so careful with money since becoming DF that I analyse every purchase to ensure we can add to the savings pot.

It's nice to be able to save for things and not be constantly thinking about the debt we should be paying.

YAY about the tax! :j
Is that an axolotl?

bambos

166million wrote: »

YAY about the tax! :j
Is that an axolotl?

Thanks it was a huge surprise

Yes it is indeed an axolotl, they are fascinating.