What are your plans for once you are debt free?

Pips_Mum

I have been made redundant and my redundancy settlement is going to clear all my remaining debts within the next month, it is such a relief. Without the monthly repayments it means I can be a stay at home Mummy to my 3 year old and the New baby due in October. I would never have been able to even contemplate this had I still got all the debts I did have when I had my LBM in 2008.
I love MSE and have learned so many tips and tricks that mean I will be able to stretch my Partners wage to cover everything we need it to.

YoungBusinessman

Paid a chunk off just now to round down emergency fund..payday a week on Friday/not much expenses between now and then so should be fine.

Disributing leaflets tonight....how long does it take!! Quick stop and check up on forum...another hour and a half/2 hours and im calling it a night...

Got it all to look forward to tomorrow night aswel Hopefully this brings the work i need, bring this debt free date forward and into 2012(one can dream....)

£29,000 left to go...

InsertWittyName

6 months salary in savings, house deposit, marriage, kids savings / pension.

In order

Bufger

My debts are counted as 'good debts' although I still hate being in debt. I plan to pay off all except the mortgage by the end of 2013.

This should free up close to £500 per month! i'll be making a big fat emergency fund and then i'll be making sure my family get a good holiday each and every year. I want my kids to see the world

IDProtected

Once that anticipated debt free moment actually happens, how does one get out of the mindset of buying Sainsburys Basics range everything? I'd love to get "own brand" instead of Basics, but seeing the differences in price, I don't know if I am ever going to do this again!

welshchocolatelover

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.

I think the assumption comes from the fact that this post is on the Debtfree Wannabee forum :rotfl: But I do agree with the sentiments of your post.

WCL x

mildredalien

jufal wrote: »

I love Money Saving Expert site - but am constantly surprised by the assumption that we all need to reduce our debt.

This is the Debt Free Wannabe forum!

I'm hoping to be debt free by September 2012 - only 4 months away woohoo!

After that I'm planning on splitting the 'extra' £600 between saving for a big trip to Canada, building up decent savings for the first time ever (working towards 3 months pay at first) and maybe relaxing my budget!

The_mangler

When we are finally debt free, hopefully 4 years from now, I plan on making a return to Madrid with the family - but now Ive learned how to live cheaply we will carry on doing it, travelodge specials for the hotel etc, and enjoy knowing how much money Im saving. It will be nice to occasionally have my hair cut and coloured at the hairdressers rather than a £3 dodgy home kit that makes your head itch and burn . Most of all I want to save so I can have something to leave my kids rather than debts

thingsmustchange

It will be 2014 for me and OH all being well & the first thing we want to do is start a family at last :j

TarantulaLady

A long, relaxing family holiday.