Help with SOA

LollyLou_2

Thanks everyone!

brummiebabe

It might be better to leave the saving until you're debt free - you'll be paying out more interest than you're earning!!

Also Gym £41 - is this absolutely necessary?
Mobile £35 - expensive - what about PAYG?

Will look at SOA again, but this is what stood out!

LollyLou_2

Gym absolutely necessary.....

magentadreamer

Does your rent cover Gas/elec/council tax/household insurance?

I'd ditch the £100 a month savings and throw it at your highest credit card APR to clear that. Then work on the next card adding the money you paid out for that one on top of the amount you pay now.

If you've got £500 plus spare a month you need to chuck that at your overdraft.

black-saturn

I agree about the savings. Pay that £100 extra off your debt and use any existing savings to reduce the debt. It's earning you money while in the bank in interest but the same amount is costing you much more in the debt.

brummiebabe

LollyLou wrote:

Gym absolutely necessary.....I'm climbing a mountain in July for charity!

That's brill!! Best of luck!:T

LollyLou_2

My £300 rent does cover everything.

In some ways I do aggree with using my £100 savings to pay back the debt however, what happens if I suddenly need to lay my hands on some cash to pay for something unexpected??? What - do I put that on my credit card???

My thought was to rethink how much I pay each month to loan. cc's etc. If I've got £500 spare at the end of the month then perhaps I should up my repayments and keep my savings....

tango

hi ,if you have got £500 spare each month,i would think it was a good idea to use this to paying of your debts, it doesn't make much sense to pay interest on past money spent,chuck this at your debts, keep £100 in a savings account so you will not need to use your cards if something crops up. well done for getting your default down , and good luck with your climb