finally debt free now im scared

taffy056

Very well done How about saving a bit and go on a well deserved holiday ? My best wishes to you.

Gettingtherequickly

Congrats and well done on achieving ahead of time :beer:

I agree with the other posters, as you have not had the money for some time, it is quite easy to put most of it away into a savings account and not notice that you have a nice accumulating balance.

Although I don't post here very often, I continue to lurk to keep me on the straight and narrow, but to be honest, I'm bored with spending money now:D I don't know if anyone else feels the same way, but my subconscious tells me that I don't need anything. I am currently buying bits for a school that one of my work colleagues is involved in which desperately needs basic equipment. I know that I can afford to pay more than I am paying for things, but am taking the attitude that getting the most I can for as little as I can means that I can get other little things as well.

Your mental approach has changed now whether you realise it or not, so you don't really have much to worry about.

Firewalker

Well done! And as many have already suggested, please, please start an ISA (easy access one at first) and set a direct debit for £500 immediately when you get paid (pay yourself first). If this is a bit ambitious, set it at £350 and use the £150 to have what I call 'I'm so worth it' fund - this is just for fun.

Firewalker

Jo3y83

Congratulations!! Fantastic news

I totally agree with putting some money in savings, it will soon mount up!
You should be very very proud of yourself.

If you ever feel like you might step back into your old ways just remember how far you've come and all the hard work it took to get here, that should be enough to stop you reverting back

I wish you all the best of luck with your debt-free future

fifidfw

Thank you everyone for your kind words and encouragement for the future.

I do intend to set up 2 savings accounts. One will help to cover the cost of christmas, car repairs, decorating and what ever else rears its ugly head. And the other is to help my OH clear his debts.

First things i will be buying in the next month or so is a new bed for me and OH. Ive gotten fed up of making do with a broken bedframe and a mattress so thin you can feel the springs. And then as a treat to myself and my children, some new clothes. ( I need some summer clothes and i do mean need ) And maybe treat the kids to a take away

I wish everyone luck and success on their debt free journey

mummum2

Fantastic news! all already said, just to wish you a happy debt free life! :beer:

Barbeduk

Wow, that's an amazing achievement :T:T:T.

I know how you feel, I am terrified of spending again. I've got a savings account linked to my current account and any money that's not actually needed to cover necessities and direct debits is being transferred straight into it. I figure if I NEED it I can get to it immediately but I'm so tight now I won't take it out just to fritter it away on rubbish like before!

Hope you've got a holiday fund set up, think you deserve one after all your hard work :cool:.

rising_from_the_ashes

Wow! Congratulations!!

You could come and join us on the "Thread after debt" if you fancy ..... we chat about everything and try to stop each other errrr doing anything silly!

Some of us are on tight budgets (debts paid by 2nd jobs etc) so need to stay on track or we'll end up in debt again and others have largish sums of money freed up and are trying not to waste it / slip into old habits!

DVardysShadow

fifidfw wrote: »

.... The reason i'm scared is that i will now have £500 per month extra and fear that i will revert back to my old ways. I have vowed to myself that i will not have any other form credit but you just never know what is around the corner.

That is £500/month into a savings account and you become your own lender when you need credit for something big. As long as you only borrow from yourself, it does not matter if you slip back into your old ways .... because it will all be your money.

paulmapp8306

DEFINATELY set up a SO to a savings account. I did that, and its currently sitting at a nice £11,000. I didnt change my spending habits at all really. a little bit more on clothes for the wife and my daughter, and a little take-away/eat out treat once in a while but that was about it.

Im at the stage where I could just go on holiday, buy a new car etc with no fear of credit - but its actually a deposit for a house. Now THAT is scarey as its another whole heap of debt, but in a different way. I also know I can manage the mortgage payments as they will be less than my old DMP way.