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

Ellieseleven

I'm looking forward to a debt-free, comfortable retirement! I've got a few years yet to go so in the meantime, when the debt is gone I will watch my savings grow as opposed to watching my debts come down.

I plan to over-pay what's left of my mortgage and buy myself a caravan by the sea - so that will be my next project and is the thing that keeps me on track!!

Hopelessly_Hopeful

Great idea for a thread! Lovely to see everyone's progress too.

I want a healthy emergency fund; a new kitchen and then to overpay my mortgage.

I have learnt many frugal skills on the DMP; I want to continue to embrace these but I also buy into the saying that you can't buy back time. I am into the last year of my DMP and this time next year I will hopefully be debt free. I am starting to get my head into wondering what the right level of balance is between being able to access things I need/want in life against the need to be secure. Most budget money wheels I have found are American so don't really apply here.

HHx

Deep_In_Debt

I've only got a couple of months now until I become debt free after more than 5 years of a slog! Can't wait now.

I think I will mostly be looking forward to being able to work part time locally as I will be over £600pm better off when I'm debt free so can afford to take a drop in salary and not pay for commuting costs to a job I don't particularly enjoy at the end of it! I've only stuck at the job because it pays fairly good money and therefore enables me to be debt free sooner than if I had stayed in my last job.

I'm due to be mortgage free this time next year but hopefully sooner if I can use some of the money that I'm will be saving to throw at my mortgage. At the moment though, I more desperate to pack in my current job and the horrible commute and work locally and then think about my mortgage although I'm ok with leaving it as it is for the moment as I only have a year to go. My mortgage is fairly small and manageable at the moment so my priority is to find another job.

When I become mortgage free, I shall then save and get myself an new kitchen and bathroom and have a bit of work done on the house as it really needs it, and also pay for a nice to trip to India to stay with my brother who has just moved there.

flyingmamma

DIDebt that is a great plan well done... I've been lurking for a while and found inspiration from u all! I hav a credit card which I hav been trying to pay off for 10 yrs ... I needed it to live on when I was on short term low wages back on 2000 .... Last month I switched it to a 0% after watching martin and have got 18 mths to pay £7000! Had been paying a steady £250 a mth which I will hav to up but now I hav a target and am fed up paying interest I am determined to make it happen. My other debt is my mortgage (which I slightly overpay as it makes me smile)When cc debt free I'm going to save and if my DH agrees buy a cottage/holiday home in Ireland.

Sharon87

For me it'll be building up a savings fund for when I'm out of work, as I work contracts. I will also be saving up to go to America to watch a NASCAR race (preferably at Daytona) but depending on when I clear my debt it may be a bit before I'm totally debt free! I've been wanting to do it for the past 4-5 years, but haven't had the funds, or found something else to spend money on...

I'm just restarting on paying off my debts now I'm guaranteed work for the next 4 months.

cazmanian_minx

The safety net feeling of having savings again.

And being able to replace worn out clothes with new ones, not second hand ones from eBay with a maximum bid limit of £5

HarriettPotter

I became debt free last Nov and those last few months were def the hardest! Because I could see the finishing line I did slack off a little and I probably could have shaved a couple of months off that! Still, I got there.

I have to say, we haven't really been frivolous at all. I've behaved the same and probably budgeted even more tightly since getting rid of it! (Which oh is pleased about - not!). So in terms of 'enjoying' the challenge of it, I feel I still have that but for better reasons! I too feel quite smug to say we are debt free - people are envious, just as I was when I knew people who would call themselves skint when they had £xk of savings!

The best thing about it is having choices. We can choose to have a tight month and save a bit - lets face it, you get used to that! Or we can have the occasional treat and have lunch out as a family for instance. I'm very conscious of waste and being sensible though. More than I've ever been.

Good luck - you will get there. And it will feel soooooo good!

Delree

I became debt free at Christmas and since then it's been weird. I have been on holiday to the USA, bought an iPad and generally spent. I never realised what my debt was doing to my lifestyle, what I do now is a whole other world to what I was doing, that horrible debt was a millstone around my neck that held me back, thank god I copped a hold of myself and paid it off because the feeling now is great.

To all people here in debt this is your future, it's totally worth it.

Starslimmer

Ever since I 've had a bank account I dont think I have ever been in credit at the end of the month let alone had savings!

But before I turn all responsible... I plan to blow £500 on clothes/shoes etc. I am currently wearing my sisters old clothes and both mum and sisters old shoes...Im disgraceful :-)

However, I also plan to protect myself from being a victum of overdraft and credit card debt again!

After saving a 3 Month Emergency fund I am going to use the Martin's Piggy Bank approach and start saving for things I want in the future all in seperate pots. I will allocate money on a monthly basis towards the things I want in the future;

1 Christmas/Presents
2 Emergency fund (top-up)
3 Travel/Holidays
4 Big purchases
5 Overpay Mortgage repayment