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  • We get into debt, because we are convinced by marketers that we “deserve”, “worked hard for”, or “been without for a long time”, so we should buy something “nice” to counter those feelings the marketers were able produce.

    The financial marathon, unfortunately, does not stop when we’ve “beaten debt”. In many respects, it gets harder. We have all this “new” money, what do I do with it? Do I focus on buying everything I ever wanted now and into the future with cash, instead of debt? Or am I able to break away from the consumerism that got me into this debt and use my money to make a lasting affect in people’s lives.

    I challenge you to maintain your discipline when you start experiencing your new freedom that comes with “debt free”. I challenge you to continue using the discipline you used to determine needs and wants. I challenge you to stay away from debt, save for bigger financial goals (cars, houses), and use whatever money is left to give to your favorite charity.

  • Yep, definitely agree with everything you just said. Not sure if you read my blog regularly, but I don’t plan to just use the “extra money” I have now to spend frivolously after I’m debt-free. This “Me Fund” is really just going to be one item that I plan to buy to remind myself of the hard work and diligence it takes to reach your goals. And becoming “Debt Free” isn’t the ultimate goal, but it is a big stepping stone for me to get there. I am SO excited to use that $700 per month that I pay now to debt on savings and giving. And whatever I plan to buy in this “Me” fund, it will after a few months of saving $100 rather than just the first month I get out of debt. Thanks for the comment… always a good reminder.

  • LOVE THIS! So, glad that you liked my idea. From reading your blog regularly, I’ve seen how responsible you are with your money, and know that however you choose to use it once you’re debt free will be the best choice for you. Happy Holidays, honey!

  • So, I already know exactly what I plan on getting when I get out of debt:

    1) A Dyson vacuum. (I have no vacuum right now, it is really embarrassing borrowing it from people every few weeks)

    2) A netbook

  • I voted for a trip. Travel is such a luxury and I think by saving up for an experience you will bring home so much more than souvenirs (which I personally am not a fan of buying, FYI) but you will have memories to last your lifetime. When you have your last moments left on this Earth, will you be saying, boy I’m glad I bought that designer purse, or would you be saying I’m glad I saw that part of the world or spent that time with whoever.

    That’s what I’d like to do with my debt-free-day fund. :)

  • I have to kind of agree with BDO. I’m not wild about the idea, but I’ve always wanted to get a tattoo of the infinity symbol on my wrist to remind me that all things are constant, whether it is staying within my budget, healthy eating or exercise. I hate needles and would never go through with it, but maybe I will settle with a necklace with the symbol on it.

  • I can see we are all voting on taking that great trip outta hear for awhile. Sea shells and the Bahama’s! ;)

    I think it’s great to have a ‘me’ fund. I am starting a ‘husband’ fund soon. LOL. will explain more soon.

  • I definitely think you should do this! Creating a “me fund” to save up for an expensive but uncessary item to bring you joy and remind you of the journey you have been on sounds totally reasonable.

    If it were me, I’d likely buy a classic piece of jewelry – maybe a necklace, bracelet, or cocktail ring . . . something that I’d take great pleasure in wearing and could keep for a long long time! Perhaps even pass it down to a daughter or granddaughter and share the story behind it!

  • I totally agree with you BDO, however, I’m planning on splurging for one month. The first month after debt I’m buying myself at least one or two things that I had been denying myself during debt. (For me: vacuum and netbook) – THEN it is back to putting all that debt money into savings. =)

    I keep that one month of freedom as a little carrot in front of my face – pushing me forward. I have a feeling I will give it a lot of second and third thoughts when the time actually comes though. ;)

  • I love the idea of this for you as well! Something like $25 doesn’t seem like that much, but it can add up over time and can be a nice way to treat yourself.

    This would never work for me, though. I tend to treat myself all the time!

  • I like the idea of taking a vacation to celebrate. There’s nothing quite like the feeling of knowing it’s all paid for, and you will have the memories of the trip forever.

    I also voted for jewelry because if you have a piece that you wear every day or almost every day, it will always be with you to remind you of your accomplishments.

  • I have a ME fund called my Splurge fund and I will be using it to get some new clothes. You do need to have a little fun every now and then or you just get overwhelmed by the debt and might have a relapse.