A Plan For When You’re Debt Free – A Life Without Debt

Congratulations! You paid off that last debt and you’re officially debt free. After the celebration party ends, you’re likely to be confronted with one thought: Now what? You’ve just spent months or years focused on the goal of getting out of debt. Now that you’re there, what do you do next? It can be difficult to make the transition from “getting out of debt” to “living without debt.” There are a lot more options available for you and your money now. You have to make decisions about investing, saving, and having fun. It can be more overwhelming than figuring out how to get out of debt. So how do you get started? Here’s a plan.

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8 Responses to A Plan For When You’re Debt Free – A Life Without Debt

  1. Stephan says:

    Interesting point as i dont think a lot of discussion is taking place on how people adjust to being debt free. All the tips, books, and advice focus on how to get out of debt. But this looks at what to do when you are debt free. I hope that for most people the thought of going back into debt is enough to keep them on the right path. They will have hopefully learned by their past mistakes that you should always make more than you spend!
    Preferred Financial Services

  2. EEinNJ says:

    The same principles of saving, investing, having goals, and spending carefully still apply whether you have debt or not. It’s just when you are debt free you have more to work with!
    The biggest reason I am debt-free is because I did all the things this column suggests FIRST. So I never got into debt trouble to begin with.

  3. GregOlney says:

    Most people who get out of debt seem to figure out a new way to get in debt… It’s a vicious cycle.

  4. Lisa Smith says:

    i absolutely agree with stephan. it is very good feeling to come out of debt. but as greg said people try new ways to come again into debt.

  5. Larabelle says:

    Thanks ….This article is timely as in the next three months I will be debt free. I am so looking forward to being debt free. I know that my next goal will be significantly increasing my emergency fund.

  6. cybergal5184 says:

    You definitely need a plan for what to do when you get out of debt otherwise you can wind up just spending all of your money. On the other hand, unless you’ve lived a really austere lifestyle, you may be able to just stay on autopilot the whole time.

  7. Augustine says:

    Excellent advise by Sadie again. Readers may want to read the book by Mary Hunt titled “Debt Free Living.” She discuses how to do what Sadie talks about. One can open several accounts with one of the internet banks that allows one to have sub-accounts within an account e.g. ING. I am of the old school so follow Mary Hunt’s contingency planning with a note book but with my money in a local bank.

  8. Roy T says:

    It is absolutely true that getting out of debt can be a great feeling. This is especially so for those who appreciate they are no longer at the mercy of their creditors, especially the banks. No more risk of a rise in interest rates scuppering their budget.

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