In my 20s, I paid off my student debt and it felt amazing. For the first time ever, I had discretionary income: Money left over after necessities. Aside from buying a bunch of crap I didn’t need, I had no idea what to do with that money. If this sounds familiar, whether you’ve just paid off a car loan, student loan or a credit card, here are some steps to take.
Illustration by Sam Woolley. Pictures: www.lifeofpix.com, skitterphoto.com, pixabay.com
Make a Plan to Not Go Into Debt Again
Once you pay off a big debt (or even better, all your debt), the last thing you want to do is ruin your progress by going right back into debt. Many people do, though. To avoid this, take a minute to think about where your debt came from in the f…
Read the full article at: http://www.lifehacker.com.au/2017/01/the-first-things-you-should-do-after-paying-off-a-big-debt/