You got the debt and recently you paid it off right? Congratulations you have entered the free zone. here you are free from any kind of financial burden as debt or loans are the only and worst kind of burden one could have but you have successfully managed to get rid of it. being in debt bounds you to be in a cage where you only have to be in a limited budget and stay there until you don’t pay off your debt.
Cons: When you get the loan and remain in a debt for a duration, you are unable to enjoy your life for some intense. why is this so? because every month you have to save a sufficient amount of money not for you but for the debt payment.
In debt, you can not choose to make a budget but the budget chose to be in the same form and it can not expand until you pay your debt off. you always remain in stress because of the money, and even for the emergency, you would not have the money of your own.
So it is luck that you have paid it off, but there are some important steps you need to take soon after you paid off your debt. here I have mentioned some of them which you should take into consideration.
Debt Free Party Ideas
Idea 1: The best debt-free party idea starts always with a crazy debt-free cake. The cake can be self-made or bought and need to describe your debt-free mood.
Idea 2: Make a debt-free paintball party: Call your friends and make two teams: in one team debt-free people and in the second others.
Idea 3: Call your friends and make Spa debt-free party. Go to the Spa center, relax, get head, and shoulder massages.
Idea 4: Make a debt-free picnic party: Go with friends in a local park or a better place, bring food, barbecue.
Idea 5: Make sports debt-free party: rent a gym (some sports room) and compete in sports with friends. After the game, you can make lunch and have fun.
Idea 6: Make Bowling debt-free party: Make party in Bowling room with your friends.
Idea 7: Make a Mexican debt-free party: Go to some Mexican place and enjoy fajitas, tacos, nachos, margaritas, sombreros, maracas, and piñatas.
Idea 8: Make guys Arabian night debt-free party: Arabian Belly Dancing fun party
What to do after Debt Free Party ?
After debt free party you can:
- Save an emergency fund
- Think about how you can get rid of your credit card.
- Create your budget
- Work for your retirement plan.
- Go to Travelling
- Starting a family
- Buy a house
- Buy a car and invest your money in it
Save an emergency fund
Soon after you pay off your debt this is your time to make a great change in your budgeting. the first and most important thing you have been missing in your budget was and is “savings”.
I was reading a book, “the richest man in Babylon”. and it was stated in the book how to become a rich person and one reason in that book was “saving”, can you believe it whether you earn more or not the savings are the ultimate thing which plays a great role in making you stable or rich.
So after you pay off your debt or loans try to cover up for that gap. and prevent yourself from taking future loans and you can do this by only saving more of your money rather than spending it on your entertainments or wants that does not even worth spending your money on it.
That emergency fund not only gives you a cushion in your future budget but you can always use that money for some purposeful things like retirement or buying a house etc.
Think about how you can get rid of your credit card.
Using credit cards and think that that is your own money, is the worst lie you could tell yourself. credit card is a trap you fall in willingly. why? because you use the money from credit cards and a credit card are affiliated to banks, after your income comes to your bank account the bank cuts off the money which you already have used from credit cards before you can even take it out.
So this damages your whole budget of a month at the start. Try to make changes in your spending behaviors so that you do not have to use credit cards in the future. this also comes in the category of short term debt or loan. try to manage in the income you are getting and love what you own.
Create your budget
In order to make the savings and have a flexible month, you need to make a budget for yourself. when you have a budget you will know what is there for you to buy and what is not indeed for that specific month. This is what a wise person do with their incomes. just in order to save them and they also do this so they do not have to ask for the loans from other people in the time of emergency.
how to make a budget?
This is actually a simple task what you have to do is to take a paper and a pen and take a walk in your kitchen and see what eatables are there for you and their quantities and then figure out whether you need to buy them in this or not. do not buy the doubles when you already have them in your fridge’s upper portion. and then go to see the laundry and see whether you have the cleaning agents or not.
These are just going to take your 15 to 20 minutes and you will figure out what things you are going to need and whatnot. after that reduce the electricity bills of your by sitting in one room and switch off other rooms appliances, whenever you outside or travel for some days try to switch off all appliances of your home that will save you enough money on electricity bills.
Now come to water consumption and phone and cable bills, theses also sum up to become a great number so reduce your bills because these things are in your hand. when you do not need them to turn them off. and in this time era when you can use Netflix easily and Hulu etc then cutting off cable is the moderate option for you to save money.
You can even search for anything on the internet.
Work for your retirement plan.
When you pay off your debt take a month to at least think with a peaceful mind that what is your retirement plan and what type of work you want to pursue soon after you get to retire and what will the source of your income for that and etc.
At least you need to save a sufficient amount of money for your retirement. maybe you are a farm owner or maybe a businessman or an employee in all such fields one day or another you have to be retired.
So deciding today that what will be your retirement as you want it to be and making money today is the best option for you. so at least at the end of your jobs days or employment days, you will then pursue to do anything you want, without any tension of money.
Go to Travelling
If you have paid off your debt considering going traveling is also not a bad option. by the way, there is no saving in this but you can explore the world without wasting your money anywhere else and by doing this you can also explore other cities and more work opportunities.
You can also travel on RV after selling out your car and house and take the money and invest in a purposeful business while traveling around the world and explore more opportunities to work and earn.
Starting a family
You can also start a family after paying off debt, and for that, you need to change the behavior of your spending and earning. the more you save and spend while making budget the more stable life you will make after you start a life and that will help you in many other aspects too.
For example, saving today and making more money can help you to invest and buy insurance for your kids or shifting to a bigger house or to save enough money for the education of your kids as well.
Buy a house
You can also try to save money to buy a house for your family if this is not what you want, then having some money to save for a home can help you to buy it after your retirement.
Buying a house will save you whole a lot of money that you spend on your rent. once you own a house the money you spend on rent will become the savings of yours. then you can use that money to invest in a trade or the stock market.
Invest money into a well-known business
Always try to put your money even if you have little with you just invest it somewhere. one day it will start generating you the profit and maybe soon after you invest or maybe it will take some time. in this way, you can save you money and convert them in a profit-generating.
There are more of the chances that more or less, everyone around us is in debt or some have paid in recent times. so this is to be careful about to not take any debt or loans especially from banks with interest rates. this is a total loss of your money like you take less and you give them extra money.
Always be efficient about your budget on how and when to manage it. and especially save some sufficient amount of money always in your piggy bank. so in the emergency, there would be fewer chances for you to go for loans.