A Thread for After Debt?

rising_from_the_ashes

Tealady you've got me thinking now!

When I e*bayed a lot (a lot of people paid by cheque then), I opened a basic bank account with a bank in the town where I work (there isn't a branch of my bank anywhere near) which I only used to pay in the cheques.

Since I've stopped e*baying as much (and most people seem to use Paypal now), it's lying unused .....

It's still open as they've recently sent me a new card when my old one expired ..... mmmmm might just transfer a wee bit into it each month for "spends" and then I'd not need to withdraw cash from my main account at all!

Thanks!!!

buffster_2

needingaccountability wrote: »

You sound like my twin!

Cleared off last of debt on Friday and am left with the mortgage to tackle. It's due to end in Oct 14 but will have about an £8000 shortfall on the endowment. If I hadn't had my head so firmly stuck in the sand this could have been sorted years ago but as it is I'm starting overpayments next month to tackle it. So things are going to be pretty tight over next couple of years.

Trying to save every penny I can too!

I have one credit card left which I use when I have to for internet purchases, I don't know the pin for it so no danger on the high street. Money is transfered immediately to cover purchases and it has been balance free each statement since June. At the moment it's actually in credit due to a return!

And you sound like my twin! I will be debt free at the end of this month but have an £11k shortfall on an endowment mortgage. I'm going to tackle that next. When I look at the amount I've paid off this year and what I could've bought with it, such as a very decent new car, or more than paid off the mortgage shortfall, it's absolutely sickening!

One of the things I've done is to set myself targets. I love gadgets and would happily keep buying them. At the start of the year I was going to buy myself a kindle but decided I would only buy one when I'm debt free. So that will be my present to myself next month.

When I get bored, instead of browsing the internet for shiny new objects, I've tried to go out for a walk. I have a challenge on endomondo with friends where we pick a set route such as our home to work (80 miles) or a famous route (Route 66) and we try to walk that distance.

It's made me healthier and fitter and stopped me browsing the internet for goodies I don't really need.

Once I've bought the kindle, I'm going to pick another gadget I'd like, but I won't allow myself to buy it until I've paid off the mortgage shortfall, or maybe a set percentage of the shortfall, depending on the cost of the gadget.

It may not work for everyone, but it's working for me. Once the mortgage is done, then my plan is to start saving and also spend some cash on doing up the house.

Shineyhappy

Hi Everyone

Congrats on all the debt freedom

This is such a good idea! I paid off my debt a while ago and feel pretty homeless on here. I now panic about my mortgage as it is so big but as DH pays for house renovations it is just me chipping away at it and as its £178400 and I am only paying a little bit off then I feel a bit of a fraud on the MFW board. MSE has made me tighter than a coat of paint. DH could fritter our cash away so I have rubbed of on him a lot. I get excited when I get a free coupon for Hovis rolls for a packet of crisps or when I got accepted on a food diary thing yesterday and they aren't the kind of things I can say to my friends or anyone at work. We live a very frugal life compared to friends and family and I know they don't get it. DH family go off on crusies and two weeks away each year and DH brother has also bought a car that cost 10k more than mine and a mini break abroad.

It is his money but I know DH must be envious and I dont want him to be deprived but I worry so much about this huge debt hanging over us. We are now trying to go out for dinner at our Wetherspoons pub for the curry deal once a month and I am thinking of getting Love Film cheapest package, apart from that we have Sky and the occasional bottle of wine.

I wish I could get out of the save every penny mindset and enjoy spending some of my wages but I cant. I even talked DH out of going abroad and got 2 nights in a nice hotel on Groupon and spent the rest of our week off at home as our main holiday. We do have some savings. DH is very sensible and has always had in excess of 6 months wages. He likes to save, I make overpayments.

Am I being too tight or sensible?

rising_from_the_ashes

buffster wrote: »

I love gadgets and would happily keep buying them. At the start of the year I was going to buy myself a kindle but decided I would only buy one when I'm debt free.

I'm having a major problem with this sort of thing just now - I think it's because I've not had any spare money to buy anything for years and now there's a little spare ....

There are 2 issues - one with things that are falling to pieces and desperately need replacing (I'm trying to spread these out / wait for a great deal etc) and .... things I want.

I'd love a Kindle.... sigh ..... but I don't need one. I've nearly bought one at least 20 times this year and have always managed to talk myself out of it.

I spend a fair bit on books (do use the library too) so the BAD part of me is saying this would save money .... I must resist!

Mantra to self .... Need / Want, Need / Want, Need / Want, Need / Want, Need / Want, Need / Want ........

rising_from_the_ashes

Shineyhappy wrote: »

We are now trying to go out for dinner at our Wetherspoons pub for the curry deal once a month and I am thinking of getting Love Film cheapest package, apart from that we have Sky and the occasional bottle of wine.

Shineyhappy wrote: »

Am I being too tight or sensible?

If you're anything like me it still boils down to having been in big debt, struggled for years ..... and worried about it happening again.

A few treats like the above are sooooo wonderful to have now & then now I don't have to watch every penny but I'm with you on being sensible and not overdoing it.


Do you think the fear of it happening again / losing control ever goes away?

Shineyhappy

rising_from_the_ashes wrote: »

If you're anything like me it still boils down to having been in big debt, struggled for years ..... and worried about it happening again.

A few treats like the above are sooooo wonderful to have now & then now I don't have to watch every penny but I'm with you on being sensible and not overdoing it.


Do you think the fear of it happening again / losing control ever goes away?

I dont fear of getting in new debt again, I fear something bad will happen and we wont be able to pay the bills or the mortgage. I think it is a little paranoid if I am honest. On the rare occasion we order a takeaway I feel guilty and feel likes its money thrown away. I think I am tighter now than I was with the debts as I have found more and more ways to cut back. My debts werent that high compared to some but I had such little free cash that they felt huge

Mort

I am sitting here looking around in a house that has not had any decorating done in something like 7 years, the 10 year old car on the drive needs it's MOT in December, and my better half is in the kitchen which has not been updated in 20 years, and to call the floor covering in the hall, landing, stairs and dining room a carpet would be a lie
So that's the whining and self pity out of the way. Past behaviour would have been to put spending on a credit card or to take out a loan. Three times :mad: in the past we have got into money troubles, the most recent was the worst, and there is no way we want to go through that again.
Our initial plans are to build up some savings to act as a cushion against emergency repairs etc. we also want to start overpaying the mortgage to get that out of the way. The hose needs some TLC as well.
We have got used to budgeting over the last 5 years and not having an overdraft or credit card(s) so our plan is to carry on as we have done, increasing our entertainment budget by a modest amount.
All pretty vague at the moment but it is early days and we can finally start looking forward to enjoying life again. Here's to being and staying debt free.

rising_from_the_ashes

Congratulations Mort!

That's where I'm struggling just now as so many things have been neglected for so many years ......

Mint1955

Sounds like us and I stupidly said, as I am not working, I will decorate (nothing fancy but paint the walls and ceilings, doors etc) As I haven't decorated in probably 15 years I find cant do the ceiling as bad neck and arm are killing so that took 4 times as long as it should and with eyesight not as good as it could be I am having to overpaint walls once its dried as I cant really see the bits I have missed until its dried!! As my Dad used to say be careful what you wish for :-)

Onwards I still have 3 walls needing a second coat!!

merlot123

I'm too debt free and have been for a wee while. I do use credit cards now (0% for purchases) for emergency fund, the dishwasher broke down, the washing machine gave up a little while after, and whilst I could have saved up to buy these things outright in 6 months, I couldn't manage without either (I have eczema on my hand). So yes, I use credit again, but credit isn't a bad thing, you just need to be disciplined and repay as soon as possible.

That was my biggest lesson on my debt free journey, you can take advantage of credit, but REPAY as soon as possible and make sure its a low apr card if you can't repay the whole balance each month, and don't add anything unneccessary to the credit card or spend unneccessarily.

It took me three months to repay the card for the washing machine and dishwasher, cause I budgeted very carefully and reduced my grocery bill in order to repay the debt sooner.

Currently saving a new stair carpet, will have it replaced after Christmas, I can't bear living in a home which looks unkept, that is what got me into debt in the first place, but lesson learnt, I have to wait for things now, just like my parents did, instead of slapping it all on credit.