Life after debt.

Now that you have cleared up all your debt, Kudos! Take a breath and relax. While it is quite an achievement, your journey is not done yet. Slipping back into that rabbit hole isn’t too tough. So how do you ensure that you’re not getting there?

Once you have control over all your money - the cash flows, the investments, repayment of loans, etc, it might seem like a straightforward path to financial freedom from there. This is an exciting time for you as you're through with the student loans, credit card debt, car loans, home loans and so on.

So what next?

Here's your time to start building wealth. You never want to fall back into the same space and want to provide for your future. But how do you even get started? There's no magic potion but there are simple tips to get you there. Read on.

Well that's the start, isn't it? Without having a plan, you cannot really work towards anything. If you want to build that emergency fund start with that. Put aside a strict sum every month towards that emergency fund. Once you have a month's worth of emergency fund, increase it to 3 months, then to 6 and then 9. Now you have a fund that will be your safety net no matter what comes your way.

We're not saying that you should live by a spreadsheet, but just having a goal set down will ensure that you don't squander that extra cash inflow.

Seriously. Just shut off the world for a bit. You just got done with paying off that colossal loan. We're not saying go all out Gatsby on yourself, but make sure you take a breather to absorb that in. Being debt-free is a liberating feeling and recognising it, introspecting with it will make you feel a lot more energised.

Congratulate yourself. Celebrate a little bit. When you take that pause, you will be able to clear your mind and make sound choices about what's important and what's crucial.

We already know that we want to avoid getting back into the same space we were in. Acknowledging this is important. Making lifestyle changes, might slowly creep in, and it's good to keep an eye out for that. so how do we ensure that it doesn't happen again? Give yourself some structure. Your money is, of course, for you to enjoy. So set aside a fun fund for yourself. This, keeping in mind that you're not compromising on your other investments, will give you that space to have fun while not breaking the bank.

As life changes and time goes on, so do our goals and ways of managing money. And that’s okay. We just need to recognize that and make changes that can adapt as easily.

So what's going to be different this time? Well, your relationship with your money. It's often that we are afraid of our money. We are worried that we'll be in debt again. But here's the deal. Money and debt on their own aren't bad. We haven't been able to manage them well. Once your relationship with your money is not one made of fear, you will be confident to make sound investment decisions and not panic while dealing with debt.

• Don’t allow a luxurious lifestyle to creep in. Yes, having a debt free life might tempt you into wanting more, use that extra money with caution. You don’t want to end up right where you began.

• Take the extra cash and start creating reserves. Make specific goals, and build towards those goals. This will keep you on the right track. There’s no alternative to discipline.

• Do a ‘financial’ spring cleaning of your finances. Reassign goals, redo inflows and outflows. Ensure your goals are aligned with where you want to be in the next few years.

It’s not rocket science. But the road to financial fabulousness takes disciplined effort, one good habit at a time!