DFNLWs - what did you do next?

1DayAAT · 21 September 2014 at 2:28PM

I'm now a saver/investor with any of the spare money that I used to throw at debt. Without debt the pot grows quite rapidly and is a source of comfort to know spare money is sitting there should we need it. The debt-free journey totally rejuvenated my respect for money and now keeping hold of it and not being stupid with it is of high priority!

I have a small mortgage but that ticks over and I am really not in any rush or need to clear that. I also make sure to maintain good morale for myself and my family (who went without for so long) by taking us out for quality time, allowing money for treats and buying the little things that we need or cheer us up (within reason!). It feels great these days to be able to pop in to Wilkinsons like we did this weekend and spend a tenner on some items and not feel guilt for spending money we don't have. I also treated myself to a new Fossil wallet to celebrate

Mort · 21 September 2014 at 10:12PM

I joined the "A Thread For After Debt" thread sometime after becoming debt free which I found useful.

Since becoming debt free we have coped with life events such as loss of income, pay restraint and job regrading - my take home was slightly more in 2010 than it is now

.

We have acquired grand children. Saved for and bought a set of double glazed french doors, this was a biggie for us as it didn't involve credit.

I have been a member of the £2 coin savers club for three years now.

Mrs Mort and I have had a number of foreign holidays, flights only as a family member is working abroad.

I have recently started a Mortgage free wannabe thread and have started a modest overpayment. When our DMP finished we were going to just put that money into overpaying the mortgage but the loss of income mentioned above put that idea on hold, a pity really as three years would have seen it off as the mortgage is relatively small.

abundant1972 · 25 October 2014 at 2:02PM

Hi all,

I'm pleased to announce that after what feels like forever... I'm now DEBT FREE at last!!! I was checking through my old statements, and certainly my debts go back 10 years or so... I don't ever remember not being in debt...

I want to say a HUGE thank you to Ninja Saving Kat who ran monthly threads and challenges, which helped me no end... I'd nominante her for an award anyday!!! Also thanks to all the MSErs who joined the challenges alongside me, and who helped to pick me up when I felt down... Thanks to Amara for their monthly challenges too, which provided a manageable number of days to raise/clear £x amount - these really helped to focus me.

What now? Well... I've joined a 'build £1000 Emergency Fund' as a starter... I'm moving into a new swanky apartment soon, so furniture will eat up my newly freed up cash for a few months, but after that I'll be saving for a deposit on my own place. ISA already on the go, and will stay on track doing MSE challenges every month...

Thanks to the MoneySavingExpert team... to Martin Lewis for founding this site too. You're all amazing!!!

:T

sourcrates · 25 October 2014 at 2:06PM

Never been able to save money my entire life, so now I no longer have debt, that will be my number one priority from now on, aint getting any younger lol.

antonic · 25 October 2014 at 6:34PM

Since I became DF in June 2013, like others have said, I still try to stick to the same lifestyle as when as I was in debt (but I can treat myself if I want).

I went on holiday with my Dad earlier this year (paid for in cash), and I have booked another holiday with him next year.

My bank have also given me a credit card (with a small limit) and as we speak today, I still have approx £200 in my current account with less than a week to payday.

All in all, for me, life is good and it was worth the 90 months of pain being on my DMP to get to this position.

Eyes_wide_open · 28 October 2014 at 8:55PM

I became debt free at the end of last year and I am afraid I haven't been the best role model since.
I had great intentions of saving and continuing to be dfw frugal but its not worked out like that.

Reality is that I have treated myself to all the things that i have wanted. I have got my laptop, Bose system, new suite, new cooker etc. If I have wanted I've purchased it. I feel that I have done with out for so long that this year was about enjoying what I was working for rather than squirrelling it away for a rainy day. I don't regret it - i enjoy everything that i have purchased and i am proud that i have paid for it and its not on a debt card.

Saying that i have still used some MSE frugal tricks, getting things on special offer etc. I have also worked a massive amount of overtime recently so my bank balance is still healthy.

I have decided that next year will be the year to buckle down and save more (after all there is not much left to buy).

So like I said not the best role model but I am still debt free and other than a credit card that I use to get points, that gets paid off every month i don't have the desire to to get into debt.

I will add that its totally liberating to be debt free, to be able to be impulsive and not constantly having to worry whether you can afford to do something, go somewhere is fantastic. So for everyone striving to get there - its so worth it, stick with it and you will get there xx

mizmir · 16 November 2014 at 10:32PM

Became debt free by selling our house - all finalised in October - and everything cleared - so we are now looking at regular savings. The plan is to invest enough in the next 10 years to be able to buy a house for our retirement outright. It's ambitious but achievable if we buckle down.

We've had a bit of a spend within planned budget - to upgrade car, computer, clothes etc. - stuff that has been on hold for years. Everything is paid for and we still have a bit set aside for emergencies and some to start our savings off. So all feels very positive - and rather strange - I have been in debt my entire adult life! Now I want to avoid any debt of any kind. We are using a card but only because we get cash back for it and we will clear it each month.

I've joined the save £12K in 12 months thread. That is our aim - at least - £1K a month into investments plus increasing our emergency buffer each month. We'll be saving £800 a month from salary (by DD) and the rest will be from my business and any other money we can make/save. So there is still plenty to do.

KirstyO · 8 January 2015 at 3:09PM

I became debt free last week and have already restructured my finances accordingly into savings! My debt free journey has been greatly shortened by now being in a job that pays nearly 10k more than the job I was in when I started my journey - no wonder I was in debt, I wonder now how I even managed on the low income that I was on!

I'm now in a really wonderful position where each month I am saving:
- £50 into a save to buy account with nationwide so that when I come to buy a home I can at least apply for a 5% mortgage without help to buy
-£250 into a fixed term ISA that will become the bulk of my house deposit
- £50 a month into an instant saver with the same bank as my current account (not massively high interest but I intend to spend this on a holiday abroad at some point this year - it will be my first overseas trip since 2007)
- £25 a month into another instant saver as my emergency fund, my hope is to get this up to the 3-month guide and keep it as a true emergency fund.

I'm paying off £100 a month to my Grandad as I bought his car off him, that will be paid off by March so the £100 is going to be split between holiday and emergency funds

It feels so good just to be able to set these standing orders up knowing that as long as my circumstances don't change dramatically I will be able to keep them up long term!

Once I'm in a house of my own and with mortgage, I'll review it again, but for now I'm just happy that all of this money can be used for what I want to spend it on in the long term, not repaying off what ive spent without thought in the past.

fermi · 13 December 2015 at 12:40PM

bump for link

diamonds · 13 December 2015 at 1:04PM

Had my short break to London debt-free reward, got back last night, £250 all in and already £13.45 up as due a 50% refund from Virgin Trains arriving bang on 30 mins late - the gods are with me

So £13.45 up will go straight to TSB 5% current account

2016 and savings will be a car, which I gave up to pay the debts off as the running costs are horrific and that was almost 10 years ago, in hindsight having a car was racking my debts up esp putting fuel on credit card at times

Current status: £2071.60 in credit + Virgin refund £13.45 = £2083.05

Saving £300 a month until May so should have £3500 minimum for a car come summer 2016

Will also use this to full advantage, will need to work out if self employed courier around studying a degree at 45p per mile will work in my favour given £10000 personal tax allowance, hhmmmm.....

DFNLWs - what did you do next?

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