What if you were debt free today?
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  1. #1
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    Default What if you were debt free today?

    Pretend that tomorrow all your debts (including mortgage) were paid.
    What would you do?

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    Registered User Daisygirl's Avatar
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    Wow! Well first of all I would say "Thank you!" to God. Then I would do what I could to make life easier for others, which is what we do in our house when good fortune comes our way.

    I would start an emergency fund and do some investing for the future. It would be so nice to not have to worry about the present so I could plan for the day when I am a granny in a rocking chair!

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    Put up the tallest fence legally permitted.

    Line said fence with privacy shrubs.

    Get new windows and siding this year, and my kitchen remodel next year.

    Buy more fruit trees, bushes and plants.

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    The only thing I would do differently is take the money that I would have been putting towards debt in some type of savings account. (Probably a mix of stocks, bonds, mutual funds, etc.)

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    Registered User jacqueline's Avatar
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    Talking yippee!

    Boy wouldn't that be nice. I would enjoy it for a while before I got back on the debt treadmill. Save up some money for an emergency fund and also a nice nest egg for later.
    New debt would go for knocking a wall out (the attached garage) to make a big kitchen and a deck for the back of the house. Valerie I think I would like a big ol' fence too!

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    Registered User dwallyfam's Avatar
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    Saving and looking for my homestead.

    Kellie

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    Build up a nice fat EF. When that's sufficiently funded, start putting money into my ROTH again and save for a new car.

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    Registered User banana's Avatar
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    I would Thank God for what I have and really build up my EF and start saving for my son's college.

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    If I were totally debt free, including my mortgage, I would already have a fully funded emergency fund as I am working the Dave Ramsey plan and that would be step 3.

    After the mortgage is paid off (step 6), then comes wealth building so you can pay cash for things you need and want and then give, give, give. I am so looking forward to helping others.

    Of course, I would thank God, who provides all my needs and a lot of my wants!!

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    I would thank God first and foremost. Then really build up that emergency fund so I could help others or pay off my mom's house for her.

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    I am in this position. Our one and only debt, our mortgage, will pay out this month. The decision of what to do with the money isn't as clear cut as I'd like it to be. I want to contribute to dd#1's education. We need to save for a new car in the not too distant future. We need to up our EF. And we need to save more for retirement. Plus dh wants to travel. That's a lot to do. Will have to make some decisions this month.

    Jean

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    Oh Peanut CONGRATS! That will be wonderful for you to have the mortgage paid in full, what a great accomplishment!

    First I'd catch up on all the sleep I lose over the mortgage/taxes/insurance and hubbies truck that has over 200,000 miles. Then I'd save as fast as possible to buy him a newused truck for work so I didn't worry daily about his getting to and from work!

    Then build the EF and stock more into savings, and probably splurge on some REALLY REALLY good ice cream, lol!

    kj

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    Registered User Mojjo's Avatar
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    Start house hunting

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    Master Dollar Stretcher aka TraciBob baronmom's Avatar
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    I would go out to a really nice dinner. Then I would start to save as much money as possible while at the same time doing some renovations to the inside of our house. We have two bathrooms, a floor. and carpet to replace.

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    Registered User miss_thrifty's Avatar
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    hmmmmmmmmm, let me think......
    I think hubby and If we had no debt we would go to more yard sales, and put some more money away to go away camping this year or go to N.B. to visit his brother.

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