Debt free but in Constant anxiety

Cat_Loving_Lady

Became debt free in January of this year after 4 years of paying off debts. After struggling for 4 years you'd think I'd feel a massive relief however I now feel the opposite. I still have a tight budget due to a change in circumstances however am better off than I was but I still feel constantly anxious about my budget and things that I have coming up in the year. I'm so scared of getting back into any kind of debt or overdraft as things were pretty dire before.


I follow a strict budget but have things such as son's prom, holiday to save for etc. I spend a great deal of time dwelling on how I'll pay this or that. It's so stressful.

zippygeorgeandben

But how did you feel before? Sometimes when you achieve something so monumental like becoming debt free (and really well done you!) it becomes an anti-climax? Maybe you should treat yourself. A day all for yourself and tell yourself, 'well done you'. Sounds to me like you need someone to show you how amazing you've become. When you were managing your debt, you were following a strict budget I imagine. Just because that debt has gone doesn't mean you can't budget appropriately. You need the control and I absolutely understand that.
Again, you've done amazingly though.

Cat_Loving_Lady

Thank you Zippygeorgeandben. Just wish I could stop worrying about finances. Perhaps it's become a habit as I spent 4 years constantly checking every penny and budgeting. I do have some back up savings now so I probably need to chill out !!

another_casualty

Wow! Nearly £30,000 debt cleared in 3 years ? Phenomenal!
TBH, I think that unless you are a celebrity or something , you'll always be looking over your shoulders .
Bills will always be there , circumstances change and. Hit happens.

In terms of debt , the above obviously . Then how much you earn if you are working/ what part of the world you live in etc.

Then of course,if you have a mortgage .. mortgage free is the next target. Life is one big horse race.
Try not to let it get you down .
You have a nice name

zippygeorgeandben

Yup i do think that it becomes a habit.
I just wish I'd had my LBM ages ago. Not just September. Get yourself a cat, and budget accordingly! Life is much better with a cat! :rotfl:

Cat_Loving_Lady

Thanks Zippygeorgeandben. I already have a cat hence the name as I am cat mad but thank you anyway. He does provide me with a lot of joy !

tallyhoh

In 1977 I lost my job & home. 40 years later I still scrutinise every penny I spend. It doesn't bother me, I enjoy being a skinflint (wish mr partner did)

enthusiasticsaver

I don't think it is a good idea to ever completely relax and not concern yourself with what you spend regardless of your financial position. We don't have debt and due to seeing the misery caused by too much debt when I worked in credit control in the past I have always been over cautious when it comes to money. I constantly do spreadsheets, spending diaries etc to make sure we do not spend more than we have coming in. We are approaching retirement and although I would not say I worry I keep a very tight leash on our spending.

I would say that at least you know now that the money you are having to save for your sons prom, holiday etc are nice things rather than having to find credit card repayments. They are also things you have a choice as to whether you pay for them or not. Well done on clearing that £30k

datlex

OP I am guessing that you keep pinching yourself metaphorically and can hardly believe it is true you are debt free. Planning is always the key. Look at how far a head things are, how much they cost and add that to savings each pay day. If you prefer have two savings pots. One for longer term. One for larger expenses- holidays, new washing machine, son's prom. (you could even have them out of separate pots so you can see each grow.)

Prudent

I think the careful mindset can become habit, as can the accompanying anxiety. Maybe you should embrace it rather than fight against it. I have never been in debt, but spent a good many years struggling as a single mum with a mortgage in insecure employment and poor health. I do know exactly what you mean as even when I paid off my mortgage, had a secure job and my child became an independent adult I still worried. The upside is that when had to take ill health retirement last year I had decent savings and ingrained frugality. I had a big income drop, but a year on I am financially okay.

In the 'better years' I often felt my caution was silly and I tried to 'retrain' myself to spend more freely. Like Tallyho, I have realised I am suit being a frugal person. It is part of who I am. Thinking ahead about money and even worrying about money can have a good outcome.