So what will you do when you're debt free?

petetidball

Once all your debts have gone and the money is available to use as you want, will you spend it all on luxuries, or will you become a super saver, or will you pay off the mortgage, or anything else?

Personally, I'd like to chuck all the money we pay out on debts into the mortgage and clear that. But most likely we'll end up spending it on utterly frivolous things once the debts are all gone. I may die broke, but I'll die happy!

immoral_angeluk

Live life with no financial worries. Maybe save up to go on holiday!

lambanana

Once debts are paid off the extra money will be going into savings for a deposit on a house
we may be able to actually push to going on a holiday...you know, go really wild!!

GirlRacer_2

My aim is to go from debt-free to mortgage-free so I'll be jumping over to the mortgage free board for some tips etc. I may treat myself and the children to a nice exotic holiday (which I'll save for, of course).

scaredy_cat_2

hmmm good question - not having to be worried about day to day affording things will be lovely - we already do have holidays - but house swaps so free other than £29.99 yearly fee, but we are quite thrifty when there so maybe do one or two things that cost more

i would also like to plough some of money into clearing bits of mortgage that we added before we had lbm for silly things and save for a new (to us) car

Jumps

I will definately be over paying my mortgage. I would like to halve the time I have left on this.

Lydia.42

We intend to start saving once our debts are cleared.

We are tied into an interest only mortage at the moment, to allow us to clear debts, so can't overpay anyway. We are hoping to move/emmigrate, so need to save for the moving costs, etc. We hope to have enough equity to provide the deposit.

Once we move though, any mortgage will be a repayment one, so we can overpay, and save, etc. Never want to go down the debt route again (other than the mortgage). Really learnt our lesson this time, after many a light-bulb flickering moment.

Gemmzie

Family-wise - start clearing the monstrous mortgage and secured loan :mad:

Me - I'm getting into more debt! :rotfl: Going to be an HE student

postingalwaysposting

i will be saving to move out :T then once i have moved out my budget will be very very tight but i will have a better 'life' any spare every month will be saved

Mindy_2

Once we're clear of the debts then put everything into the mortgage, but because its a Virgin One account then if we need it we can have it.

Budget for a holiday, but not go overboard - probably touring in Europe, perhaps Spain - we went to Italy 2 years ago, drove from home, into the Italian Alps and on to Venice - lovely holiday, gorgeous weather, drove home from Venice in less than 24 hours!

beemuzed

Mortgage is nearly paid, so the aim is to clear all other debts fast, before retirement arrives, then save a bit so we can do all the things we don't have time for now!