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Life After Debt

Written by Blake Teen on February 1, 2011.

Paying off your debt is kind of like vowing to lose 50 pounds and then reaching your goal. Ta-da! It’s the moment you’ve been waiting for, but when it arrives you might find yourself thinking “Now what?”

First of all, awesome job paying off what you owed. It takes dedication and planning to pay off debt, and many people struggle with it endlessly, unable to make it happen. But not you!

It’s a new chapter in your financial life. A chapter where you are debt-free and devoted to not slipping into debt again. It takes dedication to stay within your budget and to spend less than you make, so remember not to get too relaxed and let your finances slip.

You’re also going to need a new financial game plan. This information and budgeting worksheet can help.

 Without debt payments, you’ll have an extra chunk of money to put toward something else. Financial experts highly recommend:

1. Creating an emergency fund with six months worth of living expenses, and 2. Contributing to your retirement (if you haven’t started saving for retirement, you’re not too young to start)

And if you want to reward yourself for becoming debt-free, you should! Just make sure the reward isn’t beyond what you can afford. (How ironic would that be?)

For great resources on saving, visit practicalmoneyskills.com.

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