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  • FIRST POST
    MrsTUS
    What do you plan to do in the future when you're debt free day arrives?
    • #1
    • 23rd Aug 11, 3:30 PM
    What do you plan to do in the future when you're debt free day arrives? 23rd Aug 11 at 3:30 PM
    Let's play a game - it's almost along the lines of 'what would you do if you won the lottery' - except it's not winning the lottery, it's even better, it's your DEBT FREE DAY!!

    My long term plans are to save some serious s for my three children and to also start saving for a deposit on a house - and to then make overpayments on said mortgage..

    I'll be free of my personal debt in October 2013, but our collective houshold debt (as all my repayments will then be allocated to hubbys left over debt) means we'll be debt free in 2015...





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    Last edited by MSE Andrea; 06-09-2011 at 8:54 PM.
    "I once grumbled at having no boots - until I met a man with no feet" Anon

    Total personal debt of 7850 5977.74 5635.17
    Total household debt 35092.42 22557.55
Page 1
    • needingaccountability
    • By needingaccountability 23rd Aug 11, 3:55 PM
    • 450 Posts
    • 1,144 Thanks
    needingaccountability
    • #2
    • 23rd Aug 11, 3:55 PM
    • #2
    • 23rd Aug 11, 3:55 PM
    I'll be overpaying the mortgage to offset forecasted endowment shortfall and ploughing everything else into savings in the hope we can save face (and getting back into debt) when our 3 DD's grow up and get married. Should have started saving years ago
    LBM April 2011 4906

    DEBT FREE 4th NOVEMBER 2011
    Clothes Challenge 2011 60.24/200
    Virtual sealed pot #136 - 1.60 Sealed pot # 1365 Nectar card - 8.80 Overdraft 0.00
    Do I need it? Can I afford it? Is it cheaper elsewhere?
  • DizzyDizzy
    • #3
    • 23rd Aug 11, 4:03 PM
    • #3
    • 23rd Aug 11, 4:03 PM
    Definitly save save save! After that we might start having holidays again with the kids, but I will never forget the sick feeling I've had over the last couple of years of no savings and big debts!
    • *hayley*
    • By *hayley* 23rd Aug 11, 4:05 PM
    • 53 Posts
    • 163 Thanks
    *hayley*
    • #4
    • 23rd Aug 11, 4:05 PM
    • #4
    • 23rd Aug 11, 4:05 PM
    Save, save, save I want to buy my first house
    Time for some debt busting in 2015 - Light Bulb Moment 4/4/15
    HSBC Credit Card - 900 HSBC Overdraft - 888.22 Natwest Credit Card - 1701.51 Nat West Overdraft - 1200
    Trying again to get back on track....... Getting there slowly but steadily
    5 years of not buying clothes challenge - 0
    • rdchick
    • By rdchick 23rd Aug 11, 4:13 PM
    • 1,643 Posts
    • 4,732 Thanks
    rdchick
    • #5
    • 23rd Aug 11, 4:13 PM
    • #5
    • 23rd Aug 11, 4:13 PM
    Buy my own house, get married, have kids. At 22 the world is my oyster but right now it's a bit of a nightmare, some debt, 2 jobs, wanting everything but can't etc etc!! xxx
    Life is too short not to love what you do.
    • missladyannie
    • By missladyannie 23rd Aug 11, 4:16 PM
    • 587 Posts
    • 1,617 Thanks
    missladyannie
    • #6
    • 23rd Aug 11, 4:16 PM
    • #6
    • 23rd Aug 11, 4:16 PM
    When my debts are paid off i'll then pay extra to my OH's debts and then further down the line either overpay the mortgage if we are allowed or save save save! It will be lovely to only have the mortgage and household bills to worry about rather than the endless loans and CC payments

    Keep at it everyone!
    • Little Miss Uni-Debt
    • By Little Miss Uni-Debt 23rd Aug 11, 4:20 PM
    • 832 Posts
    • 2,875 Thanks
    Little Miss Uni-Debt
    • #7
    • 23rd Aug 11, 4:20 PM
    • #7
    • 23rd Aug 11, 4:20 PM
    I'm going to have the best nights sleep in about 6 years.

    Then I plan to save up a nice healthy emergency fund and re-join my martial arts class, which I gave up because I couldn't afford.

    That's going to be the best feeling ever! I can't wait.
    Total@ LBM - Nov07 14k - Nov 08 5765 - Aug 09 3k Dec 09 998 - May 11 6900 - Jun 12 8k Sept12 7k 19.5k Done - 0k to go
    DEBT FREE! Nov 15
    Proud DFW Club Member - #1073
    '1% at a time' Member - #1!
  • Lulee36
    • #8
    • 23rd Aug 11, 4:25 PM
    • #8
    • 23rd Aug 11, 4:25 PM
    Im going to treat my friends and family to one big slap up meal to celebrate being Debt Free and also to say thank you for supporting me over the last few years !! That is my first action anyway
    • Mikeone
    • By Mikeone 23rd Aug 11, 4:28 PM
    • 184 Posts
    • 249 Thanks
    Mikeone
    • #9
    • 23rd Aug 11, 4:28 PM
    • #9
    • 23rd Aug 11, 4:28 PM
    I'd love to say something completely different, but I'm with you guys. Once my debts are gone, I'll be paying into OH's debts (OD and student loan) so that we have a debt-free household. Then we'll be into the saving game and probably looking for a mortgage after April 2014 when my default drops off my file. I'm also giving some thought to a career change, which will be easier without having to chuck a third of my income at creditors.

    Mainly though, I'll be enjoying the feeling of relief that this has been done, of accomplishment that I have done it, and freedom that we don't owe anybody a single penny!
    Last edited by Mikeone; 23-08-2011 at 4:30 PM.
    I'm a...I'm a real traditionalist of course
  • DizzyDizzy
    Isn't it funny that everyone has said they will save money after becoming debt free! Just goes to show that we (well me, anyway!) have definitly learned some lessons along the debt free way!
    • Tixy
    • By Tixy 23rd Aug 11, 4:35 PM
    • 31,062 Posts
    • 39,469 Thanks
    Tixy
    -Fab Holiday
    -Emergency Fund
    -Start overpaying the mortgage
    -(maybe consider having one of those small things that people have that make a lot of noise, that then gets older and makes even more noise)
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
    • Tink_04
    • By Tink_04 23rd Aug 11, 4:39 PM
    • 972 Posts
    • 5,065 Thanks
    Tink_04
    I'm going to save an emergancy fund (will never forget the boiler braking on Xmas eve and having no money) them pay towards the mortgage
    1p savings challenge 2018
    2 savings challenge
  • DVardysShadow
    Isn't it funny that everyone has said they will save money after becoming debt free! Just goes to show that we (well me, anyway!) have definitly learned some lessons along the debt free way!
    Originally posted by DizzyDizzy
    It is probably right. Becoming DebtFree is almost the same as Staying DebtFree. I have never been in debt, but the key difference to me is that instead of putting my money into a pot labelled 'debt', it goes into one called 'savings'.

    Savings is like having a credit card, unfortunately with a limit, but you never have to work out how to pay it back. You just live your life, put money into savings and have financial equilibrium. And if you need a new fridge or a big car repair, you just pay for it and have the same financial equilibrium.
    • mijm0t77
    • By mijm0t77 23rd Aug 11, 5:59 PM
    • 57 Posts
    • 601 Thanks
    mijm0t77
    Once we are debt free - we will firstly save for a deposit on a house, once we have the house and mortgage, overpay the mortgage
    Debts @ 20-04-14 = 10,987
    • determined new ms
    • By determined new ms 23rd Aug 11, 6:03 PM
    • 7,039 Posts
    • 41,528 Thanks
    determined new ms
    you know what we became debt free about a year ago - almost 23rd Oct! - and we haven't done much actually! We have been on holiday a few times (all paid for up front of course), built up reasonable savings - still the 6 months of your salary mecca sems a long way off! - and are able to do what we want. But we're still really careful, keep our costs low and several times a year have a really stringent month. Tis a good feeling, keep at it x
    DF as at 30/12/16
    Wombling 2017 3016.55/Roadkill 8.73
    Wombling 2018 145.73/RK 0.04
  • If only I had known
    I've worked it out that I'll be debt free in the next 7 months but as soon as I pay off my Vanquis CC i'll be celebrating with a big sigh of relief!! I'm hoping to pay this in the next 2/3 months.
    Now the reason why I am focuing on this is because I was wondering why the balance never moved and I always seem to go over the limit even without using the damn thing. Addmitedly this is my fault as I did not look at it closely enough but when I did oh my god is all I can say with a WTF. I checked the APR and was told it is over 60%. It's at 69%. I thought she said 6.9% but I had to ask the call centre about 5 times!

    If I had been more careful and taken time to look at it, I would have paid it off long ago. But I thought having a PT was more important as I was doing the 3 peaks challenge which got cancelled.

    Now I have a plan to stick to and have cancelled my PT. If I had known now what the APR would be on my Vanquis card was i would never have agreed to it. Once this has been paid and i cancel the card I will be celebrating and then will pay off my remaining debts and will start to save for my wedding.

    I've already decided only to have a wedding within my means and not to stretch myself. No way am I getting into debt after having paid it all off!!!
    • yellowcrocus
    • By yellowcrocus 23rd Aug 11, 7:07 PM
    • 129 Posts
    • 153 Thanks
    yellowcrocus
    Big holiday
    Save for a wedding
    Over pay on the mortgage
    • toothfairybuttkicker
    • By toothfairybuttkicker 23rd Aug 11, 7:26 PM
    • 163 Posts
    • 414 Thanks
    toothfairybuttkicker
    I'm looking at debt free in 5 years at which point i'll only have 5 years left on my mortgage so my big plan is to throw all my 927.88 of monthly repayments (min) at that and get rid asap. After that we should be nearly 1500 a month better off

    I could cut my hours at work and spend more time with my kids.

    I think that would make me the happiest of all. I've missed so much of them growing up due to my debt and working my tush off to pay back money for things i cant even remember now but still paying off 11 years later.
    Only the Mortgage to go!!!
  • jellybean39
    Cant wait til my dfd!!!!!!
    Will be making big overpayments on my mortgage cant wait!!!!!!!!!!!!!!!!!!!!
    Mum 30k/29000
    BC1 11500/11300
    BC2 10500/10300
    BC3 6500/6400 NW 950/800 Next 600/450
    Here we go a again!!! DFD Oct 2016 hopefully!!!
  • WelshWoofer
    I've become debt free this month and its a massive weight off your shoulders.

    I have a short term and a long term plan...

    Short term
    Save enough to redecorate the living room (about 1000) without putting anything on a CC
    Save enough to pay for Xmas this year

    Longer term
    Get "not too be touched" savings up to 10,000 (currently at approx 3000)
    Start overpaying the mortgage - I owe 80,000 and have 15 years to go so would hope to reduce that to 10 years in time

    I'm still trying to live by the DFW ways and keep a tight rein on spending and budget - I have had a few treats though!
    January grocery spending - 82.73/ 120
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