What are your plans for once you are debt free?

elly-spendaholic

I hope to be totally debt free in a couple of years (well I have given myself until my daughter goes to high school in 2014, but hoping to get there before!)..I have given up with the idea of getting a mortgage, as I'm self employed so it seems far too difficult. The first thing I'm going to do is rent a better house, as this one is cold and tiny (but cheap!)..I guess in the long term I want to buy a little static caravan and live in that somewhere by the sea once the kids have left home. I think I would enjoy the simple life with only site fees and gas bottles to bother me

sistafromanothermista

Well fingers crossed we will be debt free by 2014 :eek:
It will be really nice to actually SAVE some money, i see new shoes i buy new shoes :heartpuls
Now that would be great

ani_26

Bit of a revision to last nights post. I could potentially be debt free by the end of of 2013. But there's alot of water to go under the bridge, before then.

What are my plans if i were debt free?

To have a clear mind, and nothing to think about. Thats absolutely, nothing.

seriousDFW

I want to become debt-free for peace of mind, but to be honest I don't think it will quite work like that. I'm hoping to be debt-free by November 2012, which if my current state of affairs continues, is perfectly achievable. However I do worry about after that point, because then we are going to want to save for a house deposit, get new (but non-flashy second-hand) cars, and have a baby. I know we can't afford that without continuing to sacrifice and go into debt again, with the timeframe my wife and I have in mind. I will be 28 by then and I have spent every day since October 2003 in debt, which is 10 years, and I am terrified that I'll be straight back into debt again. Equally I don't want to put off having a baby any longer and I just want to be able to have a nice house in a safe area to settle in, but know that that's unachievable in terms of our buying budget. So I know we'll carry on renting and I will carry on feeling like we can't do what we want to the place, and I'll carry on feeling like I'm not really living my life as I want to.

However I do want to be positive, and becoming debt-free will be an unbelievable achievement and I will feel so happy if I get there. I think my wife and I will go for a nice meal to celebrate and then get on with saving.

marciekandthefunkybunch

I have 3 x things finishing this month...loan, money i owed my mum, pocketmoney for stepson ..he is nearly 19...altogether they mean we will be £300 a month better off...we are buying a tent so can finally have a holiday for the 1st time in 4 years. the only other debt i have now is £1000 on credit card which i aim to clear once we have been on holiday and then put some money away for emergencys.

blitzboy

To finally RELAX! :j

lantanna

Save to buy a house first and foremost. Get some savings and enjoy relatively active social life again with some of the astronomical amount that is going off paying my debt every month. Think I will always be MSE though!! Think I'm getting far too tight though, but I am really happy to be living within my means for the first time in 33 years!!!

blueandrew19

Hopefully next month will be the last time I have to pay my loan and CC and I will finally be debt free for the first time in many years.

The first thing I have promised myself is a lovely juicy steak and a pint. :-)

Like many here I want to save up three months worth of wages as a safety net. Then maybe look and a holiday for the family that I have been unable to provide up till now. And maybe a little while down the line a car that is less than 10 years old.

Just wanted to say thank you to so many people on the boards here for so much good advice and wish everyone well.

YoungBusinessman

Any updates anyone? At time of my last post in this thread, i was over £25k in debt, really down about life, away to turn 21 and feeling at a dead end. Was living with parents in a location i hated, no shops, pubs or people under 60 it seemed...hence starting this thread to see a light at the end. Had nothing to show for my money.

Now?

Debts down to £16k, been to America, bought a motorbike, sorted out my wardrobe(actually makes a big difference IMO, even being male), stopped wasting 3 figure sums of money at a time on a night out/betting, bought my first house with gf 3 weeks ago today, replaced all kitchen appliances, kitted out the whole place as we literally had nothing but the clothes on our backs.....anyway il stop such a bragging post, 2013 is looking very good, i dont even want to get debt free yet....i will see this year a success if i leave it having invested £10k in myself, meaning income will be up again, for the 8th year in a row iv had at least 25% net rise year on year...
Debts down nearer £10k than £17k and £10k cash in the bank saved from this year. I dont ask for much.

High expectations/aims = high rewards. Good luck in 2013 everyone, make it your year.

Newyorkdreams

Hey YoungBusinessMan - I think 2012 was a GREAT year for you!:T:T:T Sounds like you are making great progress, well done you! A 25% year on year increase in your income sounds great when most people are facing redundancy or freezing incomes (like mine) so you need to share your secrets and yes your post is a bit braggy but your allowed ;);). LOL.

I've just had my LBM - I wish that we had not racked up the debt and realised before now what we were doing but to be honest, we had a beautiful wedding, own our own 3 bed home which is furnished to a high standard, our own car (Seat Leon FR) outright, I've got a good job and education, my husband is going to uni in 2014 and I'm going to start my own business and I've been to all 5 continents of the world! So, I think I've had a great deal. Although now is payback time and the party is over

Our DFD is currently planned for Dec 15 and I don't envisage shortening it unless either of us get a better job but when we are debt free we would like to do the following:

i) Go back to Africa on safari where we had our honeymoon
ii) Save for a baby :A (god willing)
iii) Save £40K to put towards a deposit for a bigger house

It's interesting to see how many people are aiming to pay off their mortgage early. My boss is doing this but I hadn't heard it from anyone else but it sounds like good financial sense!

I love this post! Thanks for starting and well done again. I think 2013 is going to be a great year for you :beer:

NYD x