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what do you do when your debt free

January 17th, 2019 at 03:18 am

Just wondering what people do when they become debt free? I think there are different areas that people see as debt free from what I have seen some see that being consumer debt free (CC loans etc) but they still ahve a morg and then there is totally debt free where you have no debt at all. People may argue with this but it is just an observation.

We are debt free but are saving to buy a house and whe that happens we will pay it off asap to be debt free again....i'm just wondering what others have done when they have become debt free...

5 Responses to “what do you do when your debt free”

  1. Lucky Robin Says:

    If you are wise, what you do is save and invest.

    Mortgage debt is seen by many as good debt. This is a line sold by banks and other lenders to convince you to borrow more than you can afford, thus giving them a longer interest pay out. Debt is debt is debt. Secured debt is safer debt, but it is still debt. No debt of any kind can be good as it makes you a into a slave, your entire life dictated by the debt hanging over your head.

  2. mumof2 Says:

    I told my hubby that when we buy a house we will being rounding up our payment to the nearest $100 and then the interest as well so it comes down much faster...he is fine with that

  3. rob62521 Says:

    Other than the car loan which we could pay off with savings (we got the loan to keep our credit scores up), we are debt free. We still save and invest. We save for things. For example, in the past 6 years, we saved for a new roof and a new driveway. We got the new roof three years ago and paid for it with savings. Our new driveway was installed last summer and again, we had the cash for it. Home maintenance is a big part of home ownership so be sure you budget for that once you get your house. We splurged this fall and got gutter guards so DH doesn't have to get on the roof 3 times a year to clean out the gutter. Again, we had money in a savings account just for the home maintenance stuff.

    We also have different savings accounts that we fund each month. We have a Christmas Club so we don't run up credit card bills. We have a vacation fund that we put money in so if we go somewhere, we have the cash. Then we have investments as well as CD's and Money Markets.

  4. mumof2 Says:

    rob it doesn't affect our credit scores over here...so point having loans at all...glad that you have had the cash to cover things over the last few years...thats what we want to do as well....one day we will get there

  5. PatientSaver Says:

    Once you're debt-free, you can really accelerate your retirement savings rate.

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