Keep me on track to save!

*Vikki*

kathfisch wrote: »

Well the completely correct advice is put the money in a savings account, earn interest on it until December and then pay it off. However, if you don't have the self control to be sure you'll do that then pay it now!

I think I could have the control as its paying it off and I REALLY don't want to end up paying the full APR. Good idea, I might do that, its just exciting paying it off and getting rid of the debt.

*Vikki*

skintbuthappy81 wrote: »

I have been an avid reader of these boards for a while, but have never felt compelled to write anything until now. I am not offering you much advice as I don’t feel that I am in the position to, I am posting to show you that I understand where you are coming from. I am 27 years old and at your age was exactly the same. Every penny I earned (plus a LOT from my dad- which was paid back) went into my car. If you are not that into cars and modifying I don’t think you will understand. As quoted from my brother “you can’t polish a turd!” thanks bro!!!
Overall I spent 18k on the car eventually selling it at 3k (it broke my heart more to see it go than to only get 3k, as this is what was expected) I wouldn’t have changed spending my money on the car, as I think it was something I needed to get out of my system.
I believed that I had no reason to start saving, even though I was constantly encouraged by my parents…
So here I am, 27 years old, I have been living with my OH in a rented house for the past 2 and half years, due to having no savings for a deposit on our own house. I am now in debt again, over a car although this is affordable debt as I make substantial monthly payments. Plus I have no plans to modify this car! If I could offer any advice it would be to start saving, even if you are not planning to move house for a while it is worth having something behind you, I just wish I had taken this advice before, as now I would be in my own house and not paying someone else’s mortgage for them. My motto was very similar to yours “live for today” but realistically I should have been living for the future. I hope you take my post on board and along with the other DFWs advice (You are all fab!) start saving.
:j

Thanks so much for your post, I can really relate to that and am just the same as you were.. and also my parents have encouraged me to save all the time.... lol at what your bro said!..... thats a real help your post and this forum and members like you have really turned my way of thinking around and I am going to make this the year I am better with money and start saving. I will post my progress on here and stay on this site for a long time to come to show that I can do it!

kathfisch

*Vikki* wrote: »

I think I could have the control as its paying it off and I REALLY don't want to end up paying the full APR. Good idea, I might do that, its just exciting paying it off and getting rid of the debt.

If paying off the debt will give you a boost you could do that, the amount of interest earned won't be huge but it all adds up. And why help the company by paying them early?!

*Vikki*

Yea good point about helping them, yea i'll have to think about this one, once I get all the money for it. I am hoping end of March time, seams likes ages away.

skintbuthappy81

That's fantastic news hun, I wish you all the luck and with you starting now you really are on the right road. You can still buy clothes and put money into the car but in moderation. I'm looking forward to seeing your progress. :T

TurnaroundSue

Hi Vikki - Have read your post and already you seem to be more determined to save than when you first posted. However, I note that you say that your parents owe around £130k on credit cards and have a £240k mortgage, so maybe some of your ways have been 'learnt' from their spending habits.

I would also look at Martin's demotivator tool (found on right hand side of screen under 'free tools'. This might really help you to use this BEFORE you spend. You are lucky that you have youth on your side. I was 42 (not 43) before I managed to get out of debt and it was doing a challenge on her called The Unnecessary Challenge whereby you weren't allowed to spend anything unnecessary for 40 days (covered the lent period) and at the end for the first time in a long time I had money in my bank. From thereonin I cleared my debt and have been debt free for the last 5 months. At first I found it hard as I had all this excess income and really had to fight against the thought of it needed spending. However, I now have money in my savings accounts and am meticulous about what I spend. I WANT a new 3 piece suite - however, I don't NEED it, so I am not going to buy it. My children are 15 and 10 and in a few years I might need to help them through Uni and therefore now have that as my motivator for saving.

There are many things you could save for, a deposit on a house, getting married, children, holidays and even though these things seem a long way off, life goes by so quickly you will really appreciate starting saving sooner rather than later. Good luck and well done for posting on this wonderful site. You certainly will be among friends here.

*Vikki*

Thanks Sue and skintbuthappy81, i'll look at that free tools now, didn't see that, so thanks. Yea I have got a lot of my spending attitude from my mum mostly, my dad doesn't shop at all. Good points again for saving.. I can't wait to I get paid now, so I can put some of it away to save

*Vikki*

Thats good that tool! How does places like quidco work, when they give you cash back? Is the cash back to then be used again on something you purchase online? Or is it actually paid in to paypal? As I could get £50 cash back on my AA renewal.

*Vikki*

I just read about quidco on wikipedia, it looks really good, so thanks guys for telling me about it. Wish I found it sooner! All that money I could of got! I will get my AA cover through them as I should get £45 back after 2 to 3 months which is fantastic! (£5 admin fee)

TurnaroundSue

With Quidco you need to register first and from your first payment you will be charged a registration fee of £5. You can get the money put into your Paypal account or your normal regular account, it's up to you. It might take a while before the money comes through though, but if you were going to buy that service/product then it's worth it. I was told though that ensure you clear your cookies on your pc BEFORE you make the purchase so that it is easier to trace . Am not very teckie, so not sure if this makes any difference or not, but we always clear our cookies just to be on the safe side.

So far this year we have made nearly £400 buying through Quidco and do not buy anything without checking on there first to see if you can get a saving.

Good luck and long may your motivation continue:j