I'm scared......of being (unsecured) debt free

itsnever2lateisit?

I have finally secured a re-mortgage, which will save over £120p.m.:j BUT a condition of the mortgage is that we repay a loan. By raiding the (little) savings we have, checking behind the sofa, emptying pockets it can be done! Now I should be a happy bunny, but I have had debts all my adult life 30+ years:o , I have never known a position in which none of my income is to service debt on products that have long be consigned to history.......and it scares the hell out of me.


Is that how it is supposed to be?

elantan

this is a hard one as you said you spent a long time being in debt so it is hard i recently became debt free and soon enough found myself back in debt i dont know if it's because i was used to being in debt or because i like a challenge ...i am now working to get myself back out of debt...my advice would be to keep a spending diary and keep on here i'm hoping that will work for me ...good luck...it is a scary time but exciting as well ...think of all the things you can do now and all the oppertunities that lie ahead for you

in2deep_2

Now I'm hardly one give advice in my current situation
, but i guess you could go the other way, instead of planning to pay off XX amount can you give yourself a target to save XX amount and then treat it the same as a debt by saving and spending wisely to reach your saving goal instead of your (now finished) debt goal.



Am i talking twaddle..!?!?!??!:rolleyes:

RAS

Hi

Yes

First time I had £100 to spend just on me, no bills on the horizon etc, I nearly had a nervous break-down. I was more stressed about making that £100 work than I had been about not being able to have stuff for all those years.

Things fill your mind and then they are gone and it is like you have lost an old friend, even if one you did not like much. Leaves an empty space that takes time to fill.

itsnever2lateisit?

I have already found myself looking at cars:eek: , but I have overcome that for now, the old banger works and a new one will only do the same. I think once the dust has settled any cash left I will put into a 1 year bond where I can't get at it. But I still have the wind up, you're right RAS it's an old friend

elantan

hey think about isa's they are handy things

kizzykizzywizzy

I'm in the same boat, immediate feeling was relief, now it's panic that I'll ever get that way again, so now I'm saving, as I have to have a challenge & feel after working so hard to clear the debt, I can't spend frivolously!!
I have no idea what I'm saving for!! I have never had savings before in my life. I have got them in a crappy building society account as I want instant access, ( panicking that I might need them! ) I don't even know the interest rate!! So now instead of being a terrible spender, I'm now a terrible saver:p

I also need everyone here still to keep me on the straight & narrow, would never want to be without my MSE buddies:T