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Figuring out what you’ll do after you get out of debt is just as important as actually getting out of debt. Here’s what you need to think about once you've become debt free:

Compensating for Deprivation
If it’s taken you a long time to get out of debt, and you’ve had to make a lot of sacrifices along the way, it’s only natural that you would feel a bit deprived. Maybe you’ve skipped eating out for the last year or you’ve been washing dishes by hand to avoid buying a new dishwasher. Whatever the sacrifice, it’s bound to have left you feeling like you deserve more.

Once you’re out of debt and have some money again, this deprived feeling can prove disastrous if you aren’t prepared to deal with it. As you work towards a debt-free life, start thinking about how you will spend your money afterwards. Go ahead and allow yourself a few rewards for all of your hard work, but make sure you don’t spend so much that you land yourself back in debt. The debt-free lifestyle doesn’t end with debt payoff, so you’ll need to make choices that keep you out of debt.

Stepping Up Investments and Savings
For most people, debt repayment means taking a break from investments and savings. As you are paying off debt, decide what your financial goals will be afterwards. Do you want to invest in the stock market? Increase your retirement contributions? Fund a college account for your kids? Grow your emergency account? Start a vacation fund? Increase your life insurance? Save money for home renovations?