Saturday, May 10, 2008

Becoming Debt Free

Over the past few weeks many people have been clearing out the last of their debt. As I near the end of my marathon of debt pay down I start to think about what it would be like to be debt free.

I wonder if it will be as fun to save as it is to pay down debt. While watching your money grow is fun it's not quite as satisfying as beating down the debt. Who knows? Maybe my feelings on this will change when I finally get there. After all its been quite awhile since I haven't been in the red. There are so many things I want to do with money.

1)Australia Fund. I put $5000 on the tally bar but its not an exact figure. Its my starter goal for that fund. BF and I haven't really broken down the costs yet. Since we plan to work while we are there he thinks about $5000 would be good but I would like to have more so that I can be flexible when I'm there with what I want to do.

2)EFund goal. I think I will do it in portions. I don't like to set huge goals for myself because then I feel discouraged. Once I hit the $2000 mark I will probably reset it for something like $5000.

3)Entrepreneurial Fund. One day I would like to have my own business. My mind is always racing with ideas and I want to have the money to put one of them into action one day.

4)Wedding Fund. I would like to get married in the next 5 years. I have some ideas on what I want to do but the groom has other ideas for our wedding day so we'll see.

5)House Fund. The market on Vancouver Island is the pits right now. Its so high that nobody who grew up here can afford a home. I have no idea how the upcoming Olympics will affect us. :(

Then there are all the other things to consider as well such as retirement savings and I will probably learn how to drive one day and want a car. There is always a place to spend money and with that comes the need to increase my income.. so does that mean I need an education fund as well?

Yeesh! Well, I'm just going to focus on my current goals right now and be happy that I am financially aware of all the things coming my way.

Big shout out to Canadian Saver and Debt Hater to paying off their debt! I can't wait to join you ladies!!!


krystalatwork said...

I just want to personally visit your site and say you are suck and will be in debt 4ever!!!

Dolly Iris said...

As if I would ever believe that the real Krystal would write that!

Move on... you are wasting your time here!

Canadian Saver said...

Thanks for the shout out :-) I can't wait for everything to post and then I'm sure there will be a bit of residual interest (a couple dollars) I'll need to pay off.

Your list sounds good!!! There's always something to save for, isn't there??? In my case my loan was to boost retirement... I took out $7k in 2006 but it took forever to pay it back... but I think it was worth it cuz my RRSP is doing well :-)

Good luck!!!

SavingDiva said...

I love it! :)

David said...

I think the joy of being debt free is going to be that i am no longer a slave to debt or employer , right now I am stuck making both wealth while I slave away . Slavenomore!1

debtfretter said...

i feel your pain - i wonder abut exactly the same things - will it feel as good as i think it will? I believe the answer is `hell yeah!'!!