What are your plans for once you are debt free?

katy_ann

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.

As much as I agree with your points here, I cant help but feel slightly upset by your message.

Alot of people are not in debt due to their own faults, there are many reasons why people are in debt. Redundancy, relationship breakdowns, family matters. We do not all go out and spend and live a life style that we cannot afford.

I am in debt due to a relationship breakdown and having to move back to another area and find somewhere to quickly live with no warning, cue rent and deposits coming from credit cards etc, then another credit card was taken out just to live off of. Then I was upset, down and in a horrible place in my life and admit that yes, I did try and make up for it by living a lifestyle that I couldnt afford, but yes, I can see now that it was wrong and I should of lived within my means. However having a LBM has made me realise my ways, just as it has with everyone here who is working so hard to pay off their debts.

As I said at the begining, I do agree with your points of living within your means, which of course I will be doing from now on and have been doing since starting to pay off my debts. However I also feel upset, that you would post such a message in a 'debt free wanabe' message board when we are all working so hard to clear the debts.

Lets be honest nobody would willing choose to be in a lot of trouble would they?

southernbelle

Have just thought...at the moment I pay £805 a month to PayPlan - at some point next year all of that money is going to be mine :j

I reckon about £400 into savings each month initially until I have a couple of months salary saved up (8 months) and I will be able to go away on holidays and things - what a thought! A holiday with actual money rather than credit cards.

What a cheerful thought for a Friday morning! :beer:

immoral_angeluk

I'm paying off debts and saving for a mortgage deposit at the same time

1stTimer

I can't wait to have something that actually belongs to me and has my name on it! Be it a car, house or even a tv just something that's mine that I can say 'hey I worked hard to get that' and actually mean it:o

Rakaposhi

Definitely start saving for a deposit on a home, then a new car - well 2nd hand new car hehe

I have been living on a budget since 2006 but in 6 months Ill be debt free!! With my newly found financial skills and using the advice from this site Im certainly planning to make the next 6 years a lot more easy on myself.

January20

I became debt free in March and I am still getting used to it. Because of things changing at work and not knowing exactly what the future holds for me ie whether the situation will remain as it is now, or get better (or worse), I've had to delay making plans.

What surprised me on becoming debt free was that, as well as a quite unbelievable feeling of freedom, ie I can't believe I'm df, I have felt a little "lost". For 6 years, my focus had been on becoming debt free, now I have nothing so urgent to achieve and it wasn't the big life changing moment that I expected it to be. I should have had a party really

I think mostly I want two things: to save up about 3-6 months salary and to increase overpayments to my mortgage. The work situation has left me unable to make plans for this, and I have had/ will have a couple of large bills to pay (service charge on my flat, MOT, car insurance etc). I'm in limbo. Hopefully, by the end of June all might be clearer!

On reflection, I think really, eventually my aim is to pay off as much of my mortgage as possible, do the flat up to sell it, and then move. I love the flat but I can't see myself being retired and stressing about having to pay the ever increasing yearly charge, as in the last 12 years it has doubled from £350 to £700.

Time_to_face_the_music

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

You are posting on a thread on the Debt-Free Wannabe forum so I think it's a fair assumption that most people who post here are either in debt, have been in debt or are looking for ways to avoid becoming in debt.

Your statement about why debt happens and there is no need for it may not be smug but it is certainly judgemental and short sighted. Debt can happen to anyone at any time and may be absolutely nothing to do with their spending habits and not living within their means.

In our particular case, we had a flood in our house which should have been covered by our household insurance. Unfortunately the ensuing building work that was necessary unearthed a multitude of faults with our house which were not covered. The uninsured work added up to £37,000, I don't think many people could suddenly find that amount of cash and hence it turned into debt which then rapidly multiplied.

What are we going to do when we are debt free? Probably have a holiday but all of our efforts at the moment are going into getting closer to that date

ani_26

Got to reply to this thread as it tickled me so much, and also made me sit down and work out how long it will take to repay my debts.

Even though they are comparatively small, and even if i made the minimum payments, which i can't afford to make, right now, it would take me 200 years to repay my debts.

So i guess there's no point in thinking how i'm going to celebrate, as i'm realistically, never going to be debt free, in my lifetime.


:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:



Thats sooooooo funny

I'll be laughing all night, now


Thanks for the thread, Op




Even more shocking, and which has got me thinking, although i don't know the sum total of my debt yet, its probably no more than the average persons monthly salary, around £1500. One months " proper " salary, would clear my debt. Sadly, its unlkely to happen. And most of my debt is unpaid rent and council tax. Even worse.

Jo3y83

My DFD is October 2013, exactly one year until I get married
As soon as my last payment on my debt is made I will be saving for our wedding, so excited!
After the wedding I will be saving hard for a mortgage deposit and a new car
During this I hope to treat my parents and my fiance, who have been my rocks

PRINCESSPOOR

Today is my first day on what I expect is going to be a long and difficult journey. However I HAVE to be debt free by October 2017 as that is when I retire and I would like to celebrate by going somewhere warm and sunny. I really can't cope with the idea of going into retirement in debt so let the hard work begin!