What happens when the debt is paid off?

sourcrates

One way to stay free of debt, or if you never want credit again, but think you might succumb, is to always keep a small defaulted account running, just a few quid, nothing that's going to get you into bother, best way to keep debt at bay, is to be declined !!!!!

Moneymash

On my debt free journey I deprived myself of so many things I needed and just made do; so when I became debt free I spent quite a bit replacing things. You see all this money going out in principle and interest and you think what it'll be like to save it instead, however it's such a relief to be debt free you enjoy upping the spend/fun money. I attempted to save straight away, but it's not easy. After a period of adjustment I have my emergency fund, long-term savings and increased pension contributions.

FinallyDebtfree2017

tibawo so true, that is why I want to understand why I have been overspending and getting to appreciate things in life that are free ... I think one of th solutions is to also create a buffer, with 3-6months salary.

sourcrates hahahahaha that made me laugh, but I have never defaulted on anything on not planning to...

Wimbrel

I'm not there yet but am already building up the savings. The idea of having a safety net behind me is bliss! The amount I've already built up is astonishingly good for my peace of mind, However it will also be nice to build in a bit more "mad money" I pay a set amount into a separate account each month so that it's there if I want, for example, theatre or gig tickets or some other frivolity. Once the last of the debts is adios-ed (target date 31.1.17) I will put a bit more into that account each month and then set up automatic transfers into savings with everything that's not accounted for in the budget..

lazer-zxr

FinallyDebtfree2017 wrote: »

Thank you MEM62 & lazier-zxr

How did yourself from overspending? Or will you stop from overspending?

How did you feel emotionally?

For budget control, I use to use YNAB, until it became subscription based. I then created my own YNAB on Google sheets, that I can logonto and record every spend. My wife also does this.
I'm confident we're in control of our spending and sticking to the plan. I intend to stick with this after our debt free and mortgage free days.

How do I feel?
In control of all finances.
Optomistic about getting debt free.
Impatient to be debt free.
Anxious to make the next overpayment.
Excited to provide more for my family, rather than paying debtors.
Enlightened.
But still alone outside of MSE, as everyone I know appears in control of finances, living a successful life without debt.

lumpyspaceprincess

For us, as soon as the dmp is over, we're saving for a house deposit, and will be doing some back-up savings also. I've also allocated more from my budget for fun, because that'll help to reign my tendencies in. Roll on this time next year!!