What are your plans for once you are debt free?

jufal

I love Money Saving Expert site - but am constantly surprised by the assumption that we all need to reduce our debt.
I don't have any. No, I'm not smug - I just don't buy anything that I can't reasonable afford. Simple.
I had a mortgage for 25 years, with interest at times up to 15%! I soon learnt that I couldn't have everything at once.
At age now of over 50 I am pleased to say I have no debts - and even have some money saved for a 'rainy day'
No, I haven't been a skinflint - I've enjoyed and continue to enjoy a good quality of life re: holidays, cars, clothes treats etc. - just not to the point whereby I'd have to borrow to pay for them.
This is why debt happens.
There is no need for it.
Be sensible and live within your means.

his_missus

Once I am debt free (hopefully by Summer next year when I turn 40) I intend to save for those rainy days, home improvements (from decorating to getting a conservatory) and enjoy life with no debt

scattydove

jufal wrote: »

I love Money Saving Expert site - but am constantly surprised by the assumption that we all need to reduce our debt.
I don't have any. No, I'm not smug - I just don't buy anything that I can't reasonable afford. Simple.
I had a mortgage for 25 years, with interest at times up to 15%! I soon learnt that I couldn't have everything at once.
At age now of over 50 I am pleased to say I have no debts - and even have some money saved for a 'rainy day'
No, I haven't been a skinflint - I've enjoyed and continue to enjoy a good quality of life re: holidays, cars, clothes treats etc. - just not to the point whereby I'd have to borrow to pay for them.
This is why debt happens.
There is no need for it.
Be sensible and live within your means.

Hi jufal

There have been so many ways in which I have started off responding to this post you made. However I think I will just say this...While your post does contain a couple of small, useful tidbits of information/advice (albeit nothing which nobody here doesn't already know), you didn't do anything to answer the question by the OP.

There is an 'assumption' to clear debt because every single one of us here on the boards are currently in debt, or have recently just become debt free. It's a sad fact but it's true. You must consider yourself extremely lucky to never have been in that position, but please try and take a less judgemental tone when sharing your position with others. I can't speak for everybody but I know there are individuals here who have not racked up debt through wanting the latest gadgets or living outside of their means....but simply because other life events have forced their hands, and they didn't manage to retain as much control of the situation as they would have liked. So maybe the lifelong debt-free people out there could do without making that assumption in future?

aliasojo

I'm having a life. And I'll be dressing myself in clothes from somewhere other than Matalan.


(No offence to all those who love Matalan, it's served me well for years, I would just like to be able to afford to shop elsewhere for a change.)

scattydove

...I intend to put all the money I currently throw towards repayments in savings instead and, hopefully, fulfill my lifelong ambition of a trip to Australia. Following that, it's mortgage time!

briansturridge

i have managed to get all my loans/ credit cards and overdraft paid off for the first time In years....loving not having to pay monthly repayments...its a load of my mind

missrlr

We have a 5 year plan: clear DH debts whilst having one holiday a year and keeping up on the house maintenance, which is major stuff like rewiring / new roof / rendering / repair conservatory and so on.
Simultaneously I have a 6 month emergency fund on the go - 6 months of my bill commitment in there already but not 6 months income yet. Eventually this will be extended to a 6 months total house income savings pot. Then it gets chucked at the mortgage
At end of 5 years i.e. DF Date look for the forever house and start the cycle all over again of budgeting and repairs / modifications / decorating / etc. I think that what it will mean is a year in the current house saving like mad with all the money currently servicing debt going to a pot for the fees for the house sale and purchase.
Once the fees are in place we will chuck everything we can at the mortgage and if we don't find the forever house then the mortgage gets paid off ASAP - or more likely we will buy a supercar and then pay off the mortgage.

kaz0705

I'm two, possibly three paychecks away from being debt free! The main struggle I'm having with making it two paychecks (and the reason why its a month later already) is because everyone I know is getting married, having babies and/or turning 30! Its been a VERY expensive six months!

But the end is almost in sight! Its still hard as I might be closer but on a monthly basis, my disposable is still the same (ie next to nothing!)

Anyway, my first aim is a summer holiday- first one in 3 years. I've booked the time off work and will be booking it the day or two before. I'm hoping leaving it that late will get me a good deal! But, as sad as it will make me, if I can't afford it (if my debt runs over), I just won't go. Lessons learned and all that!

Another short term aim is to be able to take my mum, dad and boyfriend out for a slap up meal to say a huge thank you for supporting me and standing by me. Plus treat a couple of friends who have been extremely generous in terms of helping me maintain a social life! A night out on me, for sure!

Sensibly, though, I'm going start saving; for a safety net and for a mortgage. I hope to save £450 a month initially and then, there's a small possibility that in six months, we'll move to a flat linked with my partner's work- rent free! I'll then start saving £1000 a month and we might be able to hope for a mortgage sooner rather than later (and by later, I mean ten years time!).

Either way, whatever happens after I get debt free, my main focus will be REMAINING debt free. Never again!

xxx

kaz0705

Oh yes aliasojo, that too! I look forward to owning any item of clothing that's not 5years+ old!

I realised yesterday that the only work jumper I own is from Mark One, that I stole off my best friend. 15 years ago.

New clothes please! I'm not 15 anymore; I'd like to have some nice clothes that I did 'borrow long term' off my best friends! I'm actually currently typing wearing a Tesco dress that best friend lent me last week. This was after I went into Primark, saw a lovely dress for £23 and realised I couldn't afford it!

Bad times!

YoungBusinessman

WOW this thread took off a little bit!! One thing i will love is knowing my days graft and earnings will be going into my bank for me. Not for the bank but for me. Its one of lifes most valuable lessons, i plan to be debt free by 22(13 months time) Then on property ladder by 23(25 months) Then 6 months salary saved by 24. Will be hard to save after moving out but i will give it a go.

I will have to check out the newsletter to see how my tips have been included from this thread. One day we will all get debt free, right now it seems a bit of a daydream planning for it....give it a few years we will wonder how we ever had to borrow money for anything....hopefully!!