what happens when you debt free

graham2335

if i keep my job for the year, i will be debt free in one year.
all the debt i have left is student loan

what does it feel like?
what do you do to celebrate?

has it be easier to achieve goals

Mort

Mainly a sense or relief and achievement followed by a "what do I do next feeling?"

The latter caused by a lack of a clear goal. Sounds odd but we were concentrating on paying the debt so much it had become the only thing that mattered.

On balance though it is far better than the feeling when the LBM occurred.

SuzytheFloozy

It's a bizarre feeling...my thoughts were, "What do I do with this spare money in my bank account at the end of the month?!!"

That being said, it is fabulous. Not having that panicked feeling of 'will my card be rejected at the till' or 'have I got enough to cover the minimum payments' is liberating. Putting the money I used to spend on credit cards into saving towards a mortgage is how I've chosen to use my spare money - I figured if I didn't get used to having it, then I wouldn't miss it if it went straight into savings!

Good luck with your money - keep on the Money Saving trail...it is SO worth it in the end :-)

Tigert

Still hasn't really sunk in for me. Big sense of relief and happiness. I celebrated by buying some close friends a meal.

Probably won't really sink in until next payday when I have no DMP payment to make. Need to start saving now.

debtmess

It is a lovely if not slightly strange feeling
But it has changed my views, i never want an overdraft,credit card or catalogue again, I simply do not buy it if I cannot afford it
With what I used to spend paying things off I take my children out, they had their first holiday this year (only Haven but to them it was a holiday) followed by a 2nd one last month. We have had trips to the beach, soft play,cinema and the odd treats out to dinner, all things I struggled to do before I was debt free.

determined_new_ms

initially it was quite an anti-climax. I'd spent so long focused on clearing the debts when I rang the bank and made my last payment I was like "oh, that's done". I'd thought that it'd feel so much better. But in the time since then (nearly 2 years ago now), we've saved, been on holiday 3 times one of which was to Thailand, every now and then I read how people are having a really rough time of it and think how lucky we are that we're not in that position and no longer have to struggle. This I am immensely grateful for

quantic

It was a feeling of relief followed by a feeling of anxiety at the sudden realisation of how little savings I had. But I think thats just down to my nature, constantly tackling the next challenge without even celebrating the last!

System

My moment was brought about many years ago when I moved from London to Wales and bought a house without needing a mortgage.
I agree it's a fantastic release, but the euphoria does wear off and become normal with time.