What motivates you to become debt free?

chloebelle

I am motivate by two things:

the idea of having savings and the belief that when I have fully qualified (I am about to study for a PhD) I will be able to buy my own flat as opposed to paying study debts for life

oldjagman

It is interesting to read how many people are motivated by future hopes.

I grew up in the 40s and 50s, cared for by a single parent.

I never want to be cold or hungry again and I dont want my family to experience this either.

We have 2 credit cards which are paid off every month.

We have a "hierarchy of needs" which places food and energy bills at the top and holidays and other luxuries at the bottom.

Has this worked?

Now retired we have a nice home on the south coast, holiday 2 or 3 times a year (this year fly-drive Florida, Majorca and an upcoming cruise), two cars we own, no mortgage, no overdraft and most of modern life's comforts.

If you wish to be debt free you must learn how to say NO when pressured to buy something you can't afford.

chevalier

oldjagman wrote: »

If you wish to be debt free you must learn how to say NO when pressured to buy something you can't afford.

I so agree with this sentiment. We don't really treat out children as such, as money is tight. So it means when we do treat them, it is unexpected and I think they like it more. Ie my ds1 has wanted a helicopter from the air ambulance stand each time we have seen them, but it was only this time we got it (good old £2 cup had enough in it). He was made up to have it at last.

On the other hand we know a couple who buy loads for their child and it shows shall we say!
chev

Emmacw

Thanks for this thread!

My wants:

I want to feel secure financially so that my life choices are exactly that, choices! Not curtailed by finances.

I want to be able to move away from the Burbs and live a more rural life, growing my own veg, keeping chickens and not needing much actual MONEY for my daily expenses so that I and hubby can work shorter hours earning, and spend longer hours living (growing that veg etc)

I want my husband to be able to work at a pace that allows his back to rest rather than being on price work (but still employed) that means he has to really go for it every day in order to earn what he thinks is an ok amount. Instead of struggling to get off the sofa every night because of his back (has to get up in stages and stretch it out EVERY time) he should be able move more freely (he's only 42 but is a carpenter).

We WILL get there eventually I am determined but it may be for retirement rather than our early 50's.

I want to 'Stay behind the Joneses' (thanks Martin) or even wave bye bye to them altogether!

Cheers

Emma

de1ia

I want to be FREE!

My current job pays well, but is unbelievably, mind-numbingly dull. I'm so much more tired when I get home after a day of boredom than I would be after a day of hard but interesting work. Worse still there's a three month notice period, so I can't apply for other jobs without first handing in my notice, and I can't risk handing in my notice until I'm debt free. I should pay everything off by next May, then I'll save every spare penny so that I can build up an emergency fund as soon as possible, then I'm going to quit. Yippee!

Once I find a job I don't despise I can think about saving up to buy a canal boat to live on. Once I've paid for my home I'll keep saving so that I never have to worry about anything ever again, plus I quite fancy taking the first holiday of my adult life.

Hippychick

oldjagman wrote: »

If you wish to be debt free you must learn how to say NO when pressured to buy something you can't afford.

So true I think alot of us have learnt this the hard way, there is no way I would now buy anything unnecessary without really questioning the need for it, being in debt has taught me that and I can't wait to repay my dues and then save all that extra income!

Saying that however my debt was not necessarily caused by excessive spending, I became very ill at one point was off work and had to use credit to buy the essentials, although I don't have any extravagances to show for my debt I still question whenever I want to buy anything now using Martins ethos, do i need it?, can I afford it?, is it cheaper anywhere else? If I ask myself that 99% of the ime I walk away empty handed.

beemuzed

I want to retire by Dec. 2008 with no outstanding debts left. It'd be nice to achieve this a bit earlier so as to enjoy a few months with all my salary being disposable income! Then I want to travel and enjoy my retirement with no money worries at all. Our joint pensions would enable us to live quite well, so long as the debts are settled first.

KME91

My motivation is moving out of mum and dad's house, buying a better car, having a social life, and being able to change to a more interesting but less well paid job, or even go part time. ultimately i want to marry my other half and have children. none of those things can happen until i've paid my debts. currently that's due to be december 2010. i'm determined that i'm going to shave 12 months off that, my target is december 2009.

Soprano

I just would like to know how it feels not to owe money on a credit card. Hopefully by February I'll be debt free.

I forgot what it feels like not to be in debt.

sewbocushions

This may sound contradictory and not what money saving is all about but - some of you say you want to have everything paid off so you can do things like retire to Spain etc which is great but - what if all you do is scrimp and save and not have a lot of fun because you're looking forward to this wonderful future in years to come and then it doesn't come because your partner dies of cancer or a heart attack etc or something similar?? I wonder sometimes if people are so busy looking forward to what is coming up that they don't enjoy the present and then what? You may end up wishing that you'd not scrimped quite so hard and that you'd had that cruise or luxury holiday together. You need to have some fun now. I've had friends and family that couldn't wait to retire and start having fun and then one of them has 'popped' off after having worked hard all their life. Maybe that's why I've got so many debts now and don't save quite as hard as I could as you need to have a bit of fun now cos you don't know what's around the corner!!