What does DF mean to you?

scotdebs

Just wondering what does becoming debt free mean to the folks on here and what are the ultimate goals once that been achieved....mortgage free or saving up a deposit so that you can get a mortgage

For me at the moment debt free means credit card and store card free - that would leave us with a sizeable mortgage, home improvement loan and car lease. After that next goal would be building up a couple of months worth of savings ( we are both on 3 month notice period in very stable industries so I think that would be enough) I'd then like to tackle the mortgage and loan to the extent that we could live ok on 1 salary if ever needed

What does debt free mean to you and what will you do when you get there:j

matttye

I only have 'revolving debts' and by that I mean ones I pay off in full every month. Currently saving for a mortgage deposit, but got a long way to go yet.

Vikipollard

Debt free meant being able to dream again.

Paid off my IVA (still waiting for the completion certificate though...eleven months and counting...) and continuing to build savings.

OH has one payment left on his bank loan and we have enough in savings to pay off the remaining £1300 of our boiler loan and still have our agreed contingency fund.

We will (on Aug 23rd) only have the mortgage left to pay off and have worked out that we should be in a position to save £1000 a month jointly. *If* we manage to do this consistently, we could be mortgage free inside four years, but more likely five.

debt-freeoneday

Becoming debt free would give us financial freedom and possibly change our lives forever. It is our passion in life to be honest, to become debt free!

The hubby and I have been in debt for 14 years and have finally had our lightbulb moment in January of this year. For ages, we plodded along paying off minimum payments under the belief of not being able to pay any more.

But with a lot of hard work and focus, this has been our best year so far for managing to scrape together over payments. We like living frugally and feel proud of our achievements so far!

I don't allow myself to think too far ahead but I'm currently working to one goal which is to pay off a particular credit card by Christmas. Halfway there!

Once we're debt free, we will invest and try to pay off our mortgage early.

I started a blog to document our journey (detailed in my profile page) and it's helped massively to keep us focused. Being accountable to my readers as well as myself has worked wonders!

[Deleted User]

It will mean being able to pay for insurances (car and contents), MOT, Road Tax, servicing, etc IN CASH, and having my first proper holiday in years. :cool:

gfplux

It has meant that I have not paid all those extra fees and charges on top of the HUGE interest payments on C/C's
It has meant that I was able to use my income for ME AND MY FAMILY not Company's I would have owed Money to.
It has meant I have been able to manage properly the debt I felt WAS necessary that being a mortgage which was always paid on time.
It has meant that after many years and a number of house moves I lived in my own home with NO MORTGAGE.
It has meant that if my sleep was disturbed it was not by any worry of Unnecessary debt.

If you spend more than your income on anything other than a roof over your head.......it is simply wrong, wrong, wrong.
If you realise that it is never too late to change your habits and have a wonderful life, FREE OF DEBT.

amorge

For me it would mean rebuilding some savings. I did think about repaying mortgage early but I currently my mortgage interest rate is only 1.5%, would rather have a healthy savings account.

Monkeyballs

Good question...

For me it would be a turning point in my life as I have struggled with debt since I was a teenager and later with gambling issues.

I'm currently receiving help for my gambling, have a DMP in place and have just been lucky enough to find a really nice reasonably priced room to rent.

By the time I am debt free I should be a changed man with my life in front of me :-)

sistafromanothermista

For us, it would mean spending a bit extra on the kids and saving for some much needed home improvements
Oh and the dream holiday to Florida.....

tibawo

It means a lot of things to me.

I would be able to have a cash spurge shopping with the girls and not have to say maybe at pay day to them (even then knowing the answer is fat chance).

In the short term it would be nice to put some away for savings which then could be used to buy some things like phone rental on a cheap annual rate and save even more.

yorkshirekev

I have just paid mine off completely after being in debt for the whole of my twenties. In 13 days time I will get paid and no longer have to pay any debt whatsoever.

I will finally be working for myself and not for the banking industry. Good luck to everyone on here. I hope to read of happy debt-free stories.