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Home > Debt-Free !!!!!!!!!

Debt-Free !!!!!!!!!

April 28th, 2010 at 05:56 am

Took money from my Cash Savings, went into my Bank and paid off my Personal Loan - the last debt I have - I don't owe anybody anything - well apart from monthly payments like mobile phone and Internet but they're not really debt in that I can cancel if I wish.

So... yes... DEBT FREE !!!!!!!!

Note: I am not a home-owner so I don't have a mortgage. I am happily renting a room. I don't WANT to buy a house - in that it's not something that I feel will make me happy, excite me etc etc. Also I'm not 100% certain where I will be living in the next 3, 4 or 5 years and I really cherish my independence and freedom.

So my salary is totally mine at last. My effort is mine.

My Debt-Free Budget looks as follows:

32% into secure Cash Savings (Target 50,000).
10% into Retirement Account for the tax relief.
8% into Shares of my Employer (don't pay Income Tax).

50% - everything else - rent, bills, food, holidays, buying anything and everything. I'm going to put any overtime or any other money that comes my way into this "Spending" side of the budget so that I can treat myself from time to time. Life is for living right ? :-)

But of my basic Work Salary, 50% is to Savings of some sort and 50% is to Spending which I'm pretty happy with as a Single person on an average industrial income.

I feel like I've arrived at the Start Line of the Marathon as opposed to having finished at - as Financial Independence is still a long way away - but at least I'm heading in the right direction !! :-)

13 Responses to “Debt-Free !!!!!!!!!”

  1. Joan.of.the.Arch Says:

    You are a rare bird to save 50% of your income. I wonder where you will be in 10 years if you stay on this path.

  2. creditcardfree Says:

    Yipee!! Congratulations! You have done a fabulous job.

  3. ambitioussaver Says:

    Congratulations! That is wonderful!

  4. monkeymama Says:


  5. Ima saver Says:

    That is great!

  6. Analise Says:

    Commendable effort! I like your plan to save a healthy amount, but also to use some $$ to enjoy life. It's important to have balance... some for now, some for later.

  7. ceejay74 Says:

    Excellent! Glad to hear it's happened at last. You've done well while being flexible with your goals, which I like. Enjoy living in the present and planning for the future, versus paying for your past! Smile I hope to join you someday.

  8. Broken Arrow Says:

    Dude, congrats! Very awesome.

  9. retire@50 Says:

    congrats! one of the best presents you can give yourself is no debt

  10. cptacek Says:

    wow, I am impressed! Saving 50% is amazing.

  11. wowitsawonderfullife Says:


  12. Apprentice Bliss Hunter Says:

    Thank you all !! Ceejay you'll be hot on my heels I feel !

    Yeah.. it's amazing how being debt-free is allowing me to save so much of my basic take-home pay. Well my monthly loan payment was 26% of my basic take-home pay. So that will make up most of 32% Cash Savings goal. I'm already paying 100 a month to the goal as well.

    I'm also already saving 10% to Retirement and 8% in Employer Shares. So saving 50% of my basic pay is only a small amount in euro and cents over what I was paying before towards debt and savings.

  13. Jerry Says:

    Congrats on that amazing success, and I think that you are correct about not buying a place... it isn't for everyone and every circumstance. You will now have the ability to live where and how you wish, and that leads to true freedom and some insurance of flexibility as your desires fluctuate over time. Enjoy it!

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