What will you save when your debt free ?

mrsspendalot

When we are debt free I am hoping to put aside £500 a month towards a house deposit

bobble_hat

An excellent positive post :j, it's useful to remind ourselves why we want to get out of debt sometimes.

My first saving is my New Zealand/Australia trip in September.
My second is 3 (but preferably 6) months income in the bank.
And Thirdly either a house deposit or a house boat (I've not decided yet)

I know I've got to work extra hard to achieve these. Once my debts are cleared June 2007. I will have £614 a month to play with and with my car scraped on Monday and cycling to work I can add another £110 a month onto this. If I want to save really hard I can shave money off my budget in lots of ways but it would mean cutting treats out, I think I might do this but one month on, one month off.

I hope you all realise your goals. :beer:

JET34

Now I am DF I have saved £700 a month for the last 3 months so I hope to continue this even if it only for this year..
I looked at it like this I had managed to live on a low income while off work with DS3 and in debt then I can continue for a bit longer so I can save a nice nest egg..

Bunny

When I pay off my Credit Card this year, I'll first be saving, so I can go to my brothers wedding in Mauritius in November
Then a house deposit
The rest of my debt is finance.
I'll be saving between £300-£400 a month hopefully

petetidball

We pay about £500 a month too. When all our debts are gone, we'll either throw it all at the mortgage (if we haven't sold up by then) or put it in savings as much as possible (if we have). If you snowball the £500 a month over a few years at a semi decent interest rate, you get quite a nice total! So that would pay for stuff for the children (weddings, cars etc, but not too much-they've got to learn to earn money) and for me to go on regular trips with the wife to sunny climes where the wine flows freely and she's more likely to put out!;) Who says money can't buy happiness? :rotfl:

postingalwaysposting

chevalier wrote: »

The great god Martin (!) Suggests first off saving the equivalent of 3 months salary (say in an isa) so that if you were suddenly unemployed you would have a cushion to keep you going until you got other employment.

now i am debt free this is what i am doing (see sig) sadly though because i am on such a small income this is going to take about 6/7 months :eek:

Skint_Catt

By the time I'm debt free I will (touch wood) be living with my boyf, so will be buying a few nice bits for that.
I will then save a buffer (as per Sir Martin)
Then thinking about my car.

But hard to know until you are actually there!

lady_fuschia

I think the first month I don't have a debt payment to make, it will probably be less than 100% because I'll want to treat myself to something (a really nice day out with a meal and a theatre trip or something) after that I plan to save 100% of what was going to debts. I've got a few things I want to do- travelling wise and career wise that I'd like to gather the money for as quick as possible.
Thinking about all the money you'll have spare having learnt DFW ways once you finally are debt-free is a great incentive though! Almost makes me feel rich....

crawley_girl

I'd like to be putting £200 per month away. I have my 3 months of wages savings stashed away incase of emergency but would like to have a bit more sat there for life's little pleasures... (or problems)

I'd like to start making overpayments on my mortgage or i'll be paying it for the next zillion years!

Mozette

Interesting thought!
1. treat all my long suffering mates to a good curry & a few beers
2. get a decent car
3. put some savings by
4. overpay my mortgage
5. win the lotto and make 1-4 easy peasy!