Getting out of debt is such an incredible experience that takes a lot of intensity and focus. Afterwards you reach your goal you can kind of feel a little bit let down and get back into bad habits. After paying off your debt we recommend building a full emergency fund, saving for purchases, starting to invest for your retirement, and paying down your mortgage. The thing you have to remember after you become debt free is to enjoy your money! There is a reason why you sacrificed to become debt free, so enjoy the financial freedom that being debt free allows.
Once you get to the point where you can think about saving for those purchases that you have put off to get out of debt, I recommend using the setting goals spreadsheet that we have developed. It can be quite overwhelming at first to prioritize your wants. But the spreadsheet helps break down those wants into short term and long term wants and helps prioritize them by forcing you to figure out how you will save up and pay for each one. You can find other helpful tools on our free financial resources page.
If you are debt free and want to share your story with me on a future podcast, please contact me today as I am getting ready to do a new podcast series starting in the fall and I would love to share your story on air!
If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.