What are you looking forward to the most after becoming debt free?

downnotout

It seems such a hard slog, clearing debts and sometimes it can feel as if you will always be in debt. For many like me, the getting out of debt is a daily task, its a way of life, but what next? I am determined to get myself completely debt free by the end of January next year, however part of me wonders what is the next thing to get out of bed for? I do extra shifts at work to pay the debts, I always search out a bargain, to get rid of the debt etc etc. BUT what is the next project that people are looking forward to? for me its a deposit for a mortgage (to get in to debt again, haha) I guess the plan after this is to become mortgage free as soon as possible.
I am interested to hear from people still slogging away, and those who have worked hard enough to get to the finishing line, what did it feel like? what have you done since.

timetogrowup89

Hi there,

You sound similar to me, I do extra shifts to pay off this debt and spend lots of 'spare' time doing this. So I think I am in the way of working lots and not sure I could just stop that? Do you think you can?

My plan is similar to yours.. Maybe have two months after my DFD of putting money into a nice hoiday. Then saving for a mortgage. My credit rating is now awful, so it may be a few years of saving (and waiting on defaults falling off the file).

Have you got a plan for how big a deposit you want to save?

OneLife_OneShot

Not having to give any of my pay slip to CC companies or the bank just on bills that are everyday things like electric and food.

bargainbetty

I made it to 'debt-free' last summer. I've managed to save a nice little nest egg/oh s**t fund, I enjoy knowing that I can pay an extra chunk off my mortgage now and then, but mostly I like the fact that people look shocked when I tell them I have no debt. It seems normal to have credit cards or loans, and to be outside that rat-run feels good. What's mine is mine. I pay by cash or debit card for everything, and it feels good to know that I'm not paying for things for months on end, plus interest.

I'm still frugal about living costs, and chase down good deals etc (some habits are hard to break and good ones should be kept anyway), but I don't feel guilty about treating myself to nice things sometimes.

It's a sense of freedom. That feels brilliant, even now, nearly a year later!

Good luck x

moohound

Excellent question

I will be £372 a month better off so:-

1) Save for an emergency fund 3 months will cover this

2) Start an ISA to pay off my endowment shortfall £50 a month will do it easily.

3) Fix a few things around the house that have been left undone - 2 months will cover this.

4) Save spending money for Orlando holiday in 2015.

5) Start saving for my son's CTF again £20 a month.

My husband will be debt free in August being £440 better off.

He will

1) Save to replace car, so won't need a loan next time.

2) Save for disaster fund (3 months out goings)

3) Save for Christmas.

That's what we plan to do with the money, but I'm most looking forward to is not getting letters from DCAs, not having to panic if we get an unexpected expense. And ridding myself from the intrusion into your life that bad debts can cause. Sleeping better, laughing more, and being relaxed and at peace.

Laconic

Well I've just started that journey and what I'm looking forward to is being able to save a nice sum to... I don't know whether to buy a house or go into business (the latter is more appealing, actually). But it'll be my money and no one will have a say in it. That to me is freedom.

downnotout

Its the chase that I will miss, I just have to have something to work towards, another project. i already know it will be a mortgage deposit, the bigger the better. I guess debt takes up so much of my thoughts/free time that I will miss it.

timetogrowup89

downnotout wrote: »

Its the chase that I will miss, I just have to have something to work towards, another project. i already know it will be a mortgage deposit, the bigger the better. I guess debt takes up so much of my thoughts/free time that I will miss it.

I get what you mean. I love paying off extra and seeing it going down. But Im going to make this a challenge with saving...

Just now I set myself goals of paying off large amounts every month based on the overtime I have done, so I will set myself saving goals and 'chase' this instead of clearing debt

moohound

downnotout wrote: »

Its the chase that I will miss, I just have to have something to work towards, another project. i already know it will be a mortgage deposit, the bigger the better. I guess debt takes up so much of my thoughts/free time that I will miss it.

:rotfl: I,ll miss mine too,like I'd miss a dose of the cl@p.

no, you will building up that deposit nicely and have a new obsession.

It's like missing your bump when you have a baby, if you know what I mean.

timetogrowup89

moohound wrote: »

:rotfl: I,ll miss mine too,like I'd miss a dose of the cl@p.

HAHAHAHA!!:rotfl::rotfl::rotfl:

LunaLady

I like the feeling that my money is my own. I also like watching my savings grow. I love when my statement arrives and I can see them increasing.