Debt Free....no Really!

This past week I finally got to walk into the bank and tell them that I wanted to pay off my bank loan and paid it off with available funds, but get this, I was paying it off 14 months early, pretty awesome right?

A few days later I went to the car dealership and paid my car off too, it isn't even 3 years old yet but  I saved just over £7,500 and paid that off in cash too! 

I have £0 debt now, I can save for a home and finally start to get my life back on track.

Thanks, YNAB!

6replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
    • Troy Miller
    • Budgeter, FPU Leader, Programmer, Dad, Husband
    • yort
    • 1 yr ago
    • 6
    • Reported - view

    We need something more than just "like" for posts like these! Seriously, this is one of the most freeing, satisfying things to do. The day we paid off our last non-mortgage loan, we just felt so much lighter! And then came that incredibly difficult task of deciding - hey, now what do we do with all this new money that we don't have to use to pay off debts anymore!

    Reply Like 6
    • Lavender Router (8b33f3d07c2f) I totally agree, like simply doesn't cut it, I got paid a few days after clearing this and I budgeted all my outgoing minus the monthly payments on the debts and to be honest I just don't know what to do with it. it is still in TBB I need to sit down and plan my next move. 

      Reply Like 1
    • Maroon Hail (f19b301f4ee5) 

       

      I would try my hardest to just keep saving the money that was going towards those two payments. Since you'd like to buy a house in the future that's where I'd put it. A HUGE congrats  to you, though! What a load off your mind. 😊

      Reply Like 1
  • Yes!! A like just doesn't do this enough justice! Thanks for sharing with us Maroon Hail (f19b301f4ee5)

    Reply Like 3
  • wow!!!  well done!!!

    Reply Like
  • Thank you so much for posting this! I have so much student debt, plus a private loan from some money mismanagement years ago, and this is proof of the light at the end of the tunnel. It sure is painful to start the process, overcome the credit card float and paycheck-to-paycheck cycle. BUT here is the wonderful reward for all that! Hope to read more of stories like yours.

    Reply Like 1
Like65 Follow
  • 65 Likes
  • 4 wk agoLast active
  • 6Replies
  • 2649Views
  • 6 Following