Saving V Spending!

MrsAudus2b

Hey guys, new on here so apologies if in wrong place.

A little background...I live with my fiance in our own home. We each put money into a joint account where all household bills/mortgage comes out of. No problems there.

We are getting married next year (the MSE wedding tips forum has been the best thing ever..so many great ideas that have/will help save money. We have paid £1000 already, have parental conributions but need £2000 saved. We are trying to save another £1000 (fiance doing this as earns more, should be there by march)

Next september I'm going back to uni to do an MA. Need to save for that, thought £1500 good figure to aim for. Will eceive grants but only wage comin in.

Debts:
I pay £273/month personal loan, fiance pays £151.
My C/C is £6000, his is £1600
My O/D is £1200, his is £2000

So my question bascialy is...what should my priorities be? Should I try and pay more of O/D of than C/C this year before I go back to uni? Should I save more or pay off more debt?

We have just two salaries as income and no other savings.

Many thanks for reading, all comments welcome. Thanks for your time xxxx

andan

Hi again! No one has posted to this so i figured i would add my opinion!

Regarding which one to pay off first, it really depends on what the interest rate is on each one. Normally you pay off the one with the highest interest rate as that is the one thats costing more.

Regarding save or pay off debts, more often than not, your better off paying the debt off as the debt normally has a higher interest rate. However if for example your credit card was a 0% deal than i would hold off paying this first and would pay off the other debt.

Hope this helps somewhat.

savingholmes

Hi if you use the snowball calculator at whatsthecost http://www.whatsthecost.com/login.aspx
It will show you how much your current choices cost

It may be worth as well posting your statement of affairs for you and OH so that you can get some feedback on where you are currently spending your money to see if there are any other ways to generate more income or reallocate more of your income to debt repayment...

If you are not already on the make £10 a day challenge I also recommend that as you can then use that towards either debt repayment, your wedding or whatever your priority is at the time.

Hope that helps, and you get a few other posters soon too!