So what will you do next after becoming debt free?

Beautiful-Moose

I honestly can't wait for my DFD!! (31st Dec 2019) I dream about the day when I have a payday and all I have to pay is my rent and bills, not CC, Loans and Store Accounts.
With all the money I would have extra each month I would first like to get a little safety pot going as I never want to be in this position again.

Me and my partner would like to be able to get married and have kids as we will be 32/33 by our DFD so I think the extra money would then gradually go towards having a lovely but non expensive wedding, big honeymoon to America's west coast (a holiday we have always dreamed of doing) and then hopefully the babies will come soon after all that. If not then we have a bucket list of places in the world we want to go to so I would work my way through that until the babies come.

BettyBones

When I'm finally debt free (by the end of May 2017 if all goes according to plan) I'm going to take the £700 per month that I will have left after paying my bills and split it up roughly as follows:

Put £300 per month into savings (for short term goals... emergencies, holidays, etc)
Invest £200 per month (for long term goals... retirement probably)
Give myself an extra £200 per month for entertainment and odd and bods (I currently give myself £120 per month)

Once this is all up and running I'm going to start job shopping with the aim of trying to increase my annual salary by at least £5k. I like the security of my current job and it comes with lots of benefits (free life cover, free health cover, loads of flexibility, great employer pension contributions, a 35 hour week, etc etc) but although I like my current job, I'm not in love with it and it only gives me an average income. So if I can get the same or better benefits elsewhere with additional income then it's worth jumping ship I reckon. That way I'll have even more money available to save, invest and squander and who knows... I might even be able to retire a few years earlier than planned to boot :j

KirstyO

I'm 18 months DF and now a MFW...but I know there are more important short term things that I need/want to do.

Firstly I went on some proper holidays...not just weekends or day trips but actual week-long holidays with family and friends, and overseas. Sadly I am now apparently addicted to cruising...

Secondly I am now in a position to work on my emergency fund. I'd like this to be 5k, and I'd love to do it by this time next year. Being on a single income and a homeowner is not easy, but if I'm not silly its perfectly manageable.

After that I'd like to overpay my mortgage every month. I was a bit ambitious when I first got the mortgage, saying that I was going to overpay every single month even if it was only by £1. Well that hasn't happened yet but I am now just about settled in (only been there 9 months) and I have overpaid about £100 so far. I think I need to find an overpayment figure per month that is manageable and go with that.

I'm still saving for more holidays, and now more aware of keeping money aside for the car, the house, all the unexpected things...

It's not a strict plan, but it is sort of a plan, and that's enough for me at the moment!

timefortea

Since my DFD a few months ago I've been saving for a house deposit (£1,800 so far), and next year I'd like to go to Italy for a week. I've allowed myself more spending money per month, but I still have a fairly strict budget that I stick to so I can get my own place sooner rather than later.

lumpyspaceprincess

I've brought forward my DFD so the last payment should be the month before our second wedding anniversary, to allow us to go away and have some fun with what's usually my DMP payment money!

After this the plans are to put away for a house deposit, to build up the emergency fund and get a holiday fund going. Also to be less strict with spending / life! Not to be silly with money, but also, not to squirrel everything away and live like misers. I've spent my life poor... this will be balance!