How important is your financial independence?

ms_london · 1 November 2005 at 6:03PM

Hi all.

Ive just been having a think (ouch!!) about financial independence. That was a big motivating factor for me in wanting to clear my debt (almost as strong as wanting to go travelling..)..

With debt I think it is fair to say that you have no/very little financial independence, and if an unexpected bill comes in, we have to result to slapping it on the credit card rather than being able to say "Ah, I can use my savings".

How important is financial independence to you? Is it a motivating factor for you in wanting to be debt free?

Also, I read an article recently in a magazine that was about the amount of couples that stay together (in a womens mag so from a womens point of view with real life case studies) purely because they cannot afford to live on their own or "afford to be single". This shocked me, but I realised that it does happen - people stay with each other to save money, or because they cannot afford to move out/start a new life when the relationship has come to the end of the road. It also saddens me that people CAN stay with their partners despite being unhappy with them, purely from a money point of view.

Although I am debt free, I am not as financially independent as I could be. I need to get some savings behind me, but I definately feel more in control of things, and in the future I want to be as financially independent as I can be. I would like to own my own house, have a nice car, and be able to stand on my two feet. It is harder for single people to be independent, however, I would rather pay that little bit extra to know that I can get by on my own. Even if you are married/in a long term relationship, you really dont know whats round the corner or what might happen to rock the boat..

This isnt a comment based on just being in a relationship/being single, but overall. How nice would it be to be able to afford all the things you want to do, and not have to complain "but im broke", and not to worry about a bill coming in (even the non debt ones), just not to have that worry hanging over your head..

Sorry to have rambled, not sure if I am making much sense??

I have moaned so much in the past 7 years (since I could get credit at 18) that "I have no money", "I cant afford it" etc etc that I am sick of it, and dont want to ever say that again.

Gillby1 · 1 November 2005 at 6:18PM

I read the same article, and i completely understand. I think it also suggested that some people stay with their partners not because they can't afford to leave them, but that they'd have to give up their lifestyle and live on less. I'm sure i'd rather be short of cash than living with someone i didn't want to be with!

On the other hand, i do live with my partner, and if we were to split up i'd have to rent a room in a house share, as i couldn't afford to buy or even rent a place on my own whilst paying off my credit card. It's not an ideal situation to be in at 26! Which is why i'm so keen to clear my debt and start saving

I do have my own car though - so i've made a start! :A

Spendless · 1 November 2005 at 6:53PM

I did buy a house on my own and have a car but I had very little spare cash, couldn't afford to go away, no money to dre-decorate the house. That changed when I married my hubby and we had his larger wage coming in. I am 99.99% sure that a friend of mine will have her cheating husband back (3rd occassion which we know of that hes cheated on her, inc once with her best friend) not because she can't afford to be without him but because she doesn't want to be without the lifestyle they have together.

nitrocat · 1 November 2005 at 7:13PM

How important is your financial independence?
Very, I keep enough savings to keep going for about a year. 3years ago I had high debts and lost so much sleep with stress, but have now changed my ways and now I never lose sleep over money. It’s always tough to keep from wasting money but it’s better than being in the situation where everything including the relationship could be lost.
Strangely enough, one of my reasons to being responsible about money is in case my relationship goes t**s up. Which has gotten much better anyway!

skintchick · 1 November 2005 at 7:23PM

VERY! I have a house and a car but no spare cash - and when I've paid off my debts my plan is to save some spare and overpay my mortgage. HAving no mortgage woudl make me very happy indeed!!

But of course if I had a man then I wouldn't have any money worries...

Robert_Sterling_3 · 1 November 2005 at 9:20PM

skintchick wrote:

But of course if I had a man then I wouldn't have any money worries...

I am not sure about that !

roversbabe · 1 November 2005 at 9:28PM

skintchick wrote:

But of course if I had a man then I wouldn't have any money worries...

Dunno about that - 2 can spend a lot quicker than 1;)

Financial independence is very important to me - I've found that clearing my cc debt is a lot easier now its not from a joint account. The joint account is used for joint household stuff, my account is for me (& my debt

) & DHs account is for him.

Once the debt is clear, I can then start saving for my (& our) future but I will certainly have more independence. I'm not there yet but I'm getting closer. Thanks mainly to the wonderful people on this site.

:A

pink_fairy_7 · 1 November 2005 at 10:29PM

My financial independence is really important to me now. One of the reason's I'm in debt now is because I got used to a certain lifestlye when I was with my former husband that when it all got took away I was unable to adjust properly to the lower income. I kept spending like there was 2 incomes.

Not any more. I've got myself a great job and I am clearing the debt.

pink fairy x

donnalove · 1 November 2005 at 10:41PM

well it was important to me
was looking forward to finishing iva being debt free(have learnt my lesson)
remortgaging getting house extension and still have more money in pocket than last 5 years
on the good side we did get remortgage, finished iva.

but then wham bam thank you mam hubby loses his job
so now we have new mortgage(which we can still afford just)
but back to scrimping and scraping

ah well life soldiers on
good thing i suppose at least i can't get back into debt

pivotalgubbins · 1 November 2005 at 11:03PM

Financial independence is incredibly important to me. Unlike a lot on here, I have no real debt, barring a £12,000 student loan. I have now been working full-time since University and managed to buy a decent vehicle outright, have a small amount of savings and a fair wage coming in. I'm hoping that I'll be getting some sort of rise before Christmas as well, which will be really nice.

Still, a long way to go though, I still live with my Dad and can't really look to move out at the current time. Also, I can't even think of buying my own place, something that is a slight concern.

Things like this board have been brilliant though - even though I am not in debt, I need to ensure I remain that way. Also, I'm not rolling into it, so anyway I can maximise my wages in always taken in.

About sums it up I think...

Graham_Devon · 1 November 2005 at 11:14PM

Very!

Basically I have given up women and a lot of other stuff 1. because women are psychos

and 2. because I have figured out in reality you can trust no one but yourself (and 99% of the time your mum and dad) so I'm saving hard at the moment in order to get on the ladder and get a mortgage on my first property.

Spent money on renting a house, spent money on shares and now I'm back with my parents, which is a chore at times but means I only pay them £100 a month so gives me more money to save.

I already have the niceish car but thats on a loan, just want the house now and then I will be ready to start looking into relationships again, at the moment, out of the question as boring as I may sound!

25 soon though, so I got to grow up!

How important is your financial independence?

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