Debt Free Living

FinallyDebtfree2017

By AnnaNewellJones

Has anyone else read it? Started practising the principles?

This is probably the only thing that has worked for me, as it is so simple, as I'm not good at budgeting.

How it works? Decide what is a need (food, roof etc..) and a want (new clothes), only spend money on needs.

It is super hard, but I'm having my end goal in mind of being debt free in October 2017.

Would be great to hear if anyone else has had any experience with it.

[Deleted User]

The book title is confusing.

Is the book about becoming debt free, or about after you become debt free?

FinallyDebtfree2017

I thought the sameBedsit Bob, but it is indeed about becoming debt free and then a tiny bit about what happens after

[Deleted User]

Then I completely disagree with the author.

Buying only those things you need, is fine when you are working toward being debt free, but living your whole life without taking a holiday, buying a nice car, eating out, having a party, etc. is ridiculous.

if you are going to live my whole life, sans luxuries, what's the point in becoming debt free?

One of the reasons for becoming debt free, is to have some money, with which to enjoy yourself.

FinallyDebtfree2017

I obviously did a super shoddy job at explaining it Bedsit Bob

I mean only spend on needs (which could also be the gym if you need it to keep you happy) when on debt free journey, then obviously spend on wants, if you have the money/have saved up for it.

sourcrates

Its all about living off the wages you earn, you dont need a book to tell you that.

I budget for my essential bills, Council Tax, Electric, Water, Phone/BB/Internet, any insurance and road tax payments, and anything else i pay monthly, then whats left is mine for the next four weeks.

I have a mortgage/rent free house, so dont have to worry on that score, but as someone who, a few years ago, was £57,000 in debt, and had used some form of credit almost continuously since they were 18, this was a hugh step for me.

However i am managing ok, i can relax knowing the bills are paid, and there is food in the fridge, so if i run short of cash, the only thing that will suffer is my social life.

Its taken a long while to get to this point, but i`m not going back again.

datlex

Best book I have seen on getting debt free is the Money Secret. Not read the one in the title. It does sound simplistic though as many items don't fall nicely in the needs or want category. I think the key to getting debt free is saving up for things rather than putting them on a credit card. If nothing else it makes you consider whether you really need them.

[Deleted User]

sourcrates wrote: »

I budget for my essential bills, Council Tax, Electric, Water, Phone/BB/Internet, any insurance and road tax payments, and anything else i pay monthly, then whats left is mine for the next four weeks.

Same here.

and had used some form of credit almost continuously since they were 18

Been there, and got the T-Shirt.

It's taken a long while to get to this point, but I`m not going back again.

Nor me.

After years of scrimping and living on borrowed money, I'm finally paying for things with my own money, including the first proper holidays I've had in close on 40 years.

FinallyDebtfree2017

soucrates fair enough. Everyone approaches their debt free journey differently. How did you become debt free and how did you learn not to use credit? How did you pay off your mortgage?

Very good point datlex I can't wait for this journey, once I am debt free

The first proper holiday in 40 years! That is crazy Bedsit Bob

sourcrates

FinallyDebtfree2017 wrote: »

soucrates fair enough. Everyone approaches their debt free journey differently. How did you become debt free and how did you learn not to use credit? How did you pay off your mortgage?

Long tale cut short, as i`ve told my story before,

Long standing debt for years, inc mortgage approx £167,000. 2007, house repossessed, shortfall from sale £57,000, entered IVA.
2013 debt free.

Have vowed never to get into such a mess again, i am a divorced bloke, and a lot happier, hence i now live within my means, and i inherited a house recently.

[Deleted User]

FinallyDebtfree2017 wrote: »

The first proper holiday in 40 years! That is crazy Bedsit Bob

What can you do, when you are up to your eyeballs in debt?

Actually, to to be completely honest, for the first few years after I turned 18, my lack of holidays was more down to poor wages than massive debt, but, irrespective of the cause, I didn't have a decent holiday till 2014, when I went to Berlin, for the 25th anniversary of the fall of the wall.

I've since been on two more European holidays, and I'm hoping to take another one in December.