Then it sinks in.
Youve got extra money.
Youve got hard-earned dollars that you dont owe to your creditors anymore.
What should you do when youve finished paying off your debt?
Celebrate Your Accomplishment
Washington, D.C. real estate agent Rachel Choate wanted her debt gone quickly.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
I got myself into a fair amount of debt during my college years.
Choates strategy: lump sums.
I am not great at patiently making small monthly payments over a period of several years.
She used a large payment at the end of a job and atax refundto lighten her load.
Then, she paid well above the minimum payment each month until she hit zero.
I got really emotional and started to cry.
The reality of actually being free of debt finally sunk in, Choate said.
And I suddenly knew that I had to celebrate this.
I love throwing parties, so a big party was the obvious thing to do!
Imagine 50 people eating, drinking and dancing to a DJs beats.
But she didnt keep the reason for the celebration a secret.
Plan Ahead for Life After Debt
Its all about strategy.
Not a lot of people talk about life after debt, Carrie Smith ofCareful Centswrote in a blog post.
For many of us, its a harsh slap in the face.
Have a purpose for the money once youre no longer paying down debt, Smith said in an email.
We all know how easy it is for money to disappear if it doesnt have a purpose.
Smith admitted that watching your savings grow can be less exciting than seeing your debt decrease.
Find ways to motivate yourself, and your family, so its not a chore, she advised.
During that time, they were also able to pay off her wifesstudent loansand both of their cars.
The two-and-a-half years were difficult because we had to stay on a strict budget, Esquina said.
Once we had that extra cash, it was hard not to just want to spend it.
One is a large dining room table to use forholiday dinnersand game nights.
You have to have goals in mind,Esquina said, which will help keep spending in check.
With debt out of the way, Choate also has a new goal to build up her savings.
Your Turn: If youve successfully paid off your debt, what are your new financial goals?
If youre still working on it, what will you do to celebrate once youve made that final payment?
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
