How will life/spending change for you when you are debt free?

okra

How do you see your life and your spending changing/staying the same after your debts are paid off?

Obviously we'll have more disposable income. We're hoping to start saving so that we have some security, buy a bigger but more economical car (with savings!), and take more holidays (again, with savings!). I'm also looking forward to buying some new clothes, since I haven't done that in well over a year. In that respect, we'll spend more.

However, I don't see the fundamentals changing. I can't imagine ever going back to paying £40 a month for sky, spending £100 a week on food shopping, or being as wasteful as used to be with money. I no longer feel the need to buy shiny new things all the time. Being in debt has hopefully changed that side of me.

How about you?

Dr_Hook

Massively! We intend to start a family once the debt's gone, but the DFW principles will still be as important as ever so I can't see that changing.

lynsayjane

When I'm debt free the first thing I'll be dong is starting saving towards a holiday. After that I'll continue to save up for home improvements and for added security.

As regards everyday spending, my utilities and bills will likely remain the same, however I'll add a treat fund to my budget and if I see something I want I'll have the funds, if not I'll carry it over and buy myself something larger when I see something I want.

Garnet_Gem

Debt free means being able to sleep at night.

Em1982

When I'm debt free I'm hoping that the money I'm using to put towards my debts (roughly £500 a month) will go towards savings instead. I'm already looking forward to seeing the money build up!

oops_a_daisy

okra wrote: »

however, I don't see the fundamentals changing. I can't imagine ever going back to paying £40 a month for sky, spending £100 a week on food shopping, or being as wasteful as used to be with money. I no longer feel the need to buy shiny new things all the time. Being in debt has hopefully changed that side of me.

definately agree with this statement
I have still shopped around for insurances and still do meal planners and budgets. The change is that all of the money I earn ( or used to ) apart from normal bills is my own and I am glad that I did it now because I have just lost my job so at least I dont have to worry about debts. The things I have learned on here and am still learning will stay with me for life and if ever I fall off the bandwagon I can always come back here for help & support without judgement.

prophecy_grrl

When we're debt free I'd like to change careers and work reduced hours - I have a v. stressful job at the mo and as the breadwinner in our family I have no options re: leaving or getting a less stress, less pay job. That will change when we are debt free though - there is light at the end of the tunnel!

Ali-OK

Yep, I agree with Okra and Oops (btw Oops sorry to hear about your job..hope another comes along soon).

The money management routines of budget sheets, online bank checking, etc are fundamental tools that I won't live without. With debts gone, it's great to be saving that money instead.

I don't know why, but I'm not interested in buying anything I don't need - even down to a holiday! I guess no debt = no stress and not worrying = no need to get "away from it all". I did feel differently when I was in debt though.

Savings are building up 6 months salary back-up (in case ill health drops me in the brown stuff again) and after that, it's mortgage overpayments/rainyday fund/upping pension. All pretty boring stuff, but security for me and DS is my priority. If I get to a point where I could work part-time (school hours) and still manage financially, then that would be fab.

I'm toying with splashing out on some Wilkinson's own brand paint to re-do the lounge, but that's only if I come under budget on my May "general spends"!

immoral_angeluk

We won't change much I think. We'll just have more disposable income and continue to shop smart and not get suckered in by credit again.

Penny2myName

Be able to pay for the kids to do thier martial arts and swimming lessons again, (or what ever hobby they are into by my DF statue, Plus be able to concerntrate more on my own hobbies.

ani*fan

What an excellent thread. It's so hard to see past the debt sometimes and now I've had to really think about how it's going to be once all those nasty payments are done.

I'm going to sort out my future with a decent pension and savings.

Then I'm going to save up for double glazing in the home me and OH will be sharing soon.

And my next car will be bought outright without a car loan.

And then...who knows??? But it's exciting!!!:j