Completing a debt management plan is an incredible accomplishment. It means you met your goal of paying off credit card debt and freeing yourself from the burden of monthly payments and creditor obligations. But you might be wondering what’s next. Here are the steps to take when navigating life after a debt management plan.

Rework Your Budget

Now that you don’t have a monthly debt management plan payment anymore, you have a significant chunk of money back in your budget every month. You’ll want to rework your budget to account for this and make sure you’re using it wisely.

If you don’t already have a fully funded emergency savings account, we recommend setting the money aside for emergencies. If you have emergency savings covered, consider saving for other milestones. Or if you’ve had yourself on a bare-bones budget while on the plan, you can adjust budget categories like food and entertainment to be a little more lenient.

Monitor Your Credit

Most of our clients see their credit steadily improve during their time on a debt management plan. And many of them tell us by the time they complete their plans, their credit is the best it’s ever been. But that doesn’t mean you don’t need to keep an eye on it. You’ll want to check your credit report to ensure all the accounts you had enrolled in the debt management plan are closed and noted as being paid in full. Also check to make sure no one has opened any fraudulent accounts in your name. And be sure all your personal information is current and correct. If you notice any errors or incorrect information, here’s how to address them.

Set New Goals

Now that you’ve accomplished your goal of paying off credit card debt. What’s next? It’s time to set a new goal (or two) to work toward. First and foremost, if you still don’t have emergency savings, that should be your priority. If you have your emergency savings under control, start saving for another milestone, such as purchasing a new vehicle, taking a well-deserved vacation or even buying a home. Or increase your contributions to your children’s college funds and your retirement savings.

Begin Using Credit Carefully

During your time on the plan, you’ve grown accustomed to living life without credit cards. There’s no reason for that to change now that you’re living life after a debt management plan. In fact, we recommend continuing to live a cash-only lifestyle to help you stay debt-free.

But the reality is you will occasionally need a credit card to do things like make airline and hotel reservations, rent a car or shop securely online. It’s fine to apply for and occasionally use a new credit card. Just be sure you are using it carefully and paying off the balance in full every month so you don’t accrue interest or get in the habit of carrying a balance.

Share Your Success

Americans currently owe more than $1 trillion in credit card debt, so chances are you have a family member, friend or coworker who is having a hard time paying all their bills, even if they don’t talk about it. Sharing your accomplishments and success on a debt management plan can be exactly the motivation they need to start their own journey toward debt freedom. Or if you’d like to inspire even more people, consider leaving a Google review about your experience on a Take Charge America Debt Management Plan.