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Do little amounts really help?

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I have a debt of 22k

12k on a decent rate loan that will end in 4 years

10k on credit cards that I want rid of asap.

Our budget is tight and dont have much room left for big overpayments.

What Im having trouble getting in to my thick skull is that any extra is worth it. Does it really help to bring the DFD nearer even if its just a few quid here and there?

I tend to get in the mind set of thinking unless its a decent lump sum its not worth paying off the debt.
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  • larmy16
    larmy16 Posts: 4,324 Forumite
    1,000 Posts Combo Breaker
    megisabel wrote:
    I have a debt of 22k

    12k on a decent rate loan that will end in 4 years

    10k on credit cards that I want rid of asap.

    Our budget is tight and dont have much room left for big overpayments.

    What Im having trouble getting in to my thick skull is that any extra is worth it. Does it really help to bring the DFD nearer even if its just a few quid here and there?

    I tend to get in the mind set of thinking unless its a decent lump sum its not worth paying off the debt.

    Megisabel when you find yourself thinking like this remember that old saying "From tiny acorns, mighty oak trees do grow" - and you can't get much more solid than an oak tree!!!:)
    Grocery Challenge £139/240 until 31/01
    Taking part in Sealed Pot No.819/2011
    Only essentials on Ebay/Amazon

  • cornerclose
    cornerclose Posts: 1,500 Forumite
    Yes, little amounts DO help.

    An example:
    I've been making use of several cashback sites over the past 3 months. I have bought just one item - a Christmas present I was going to buy anyway. Most of the rest of the cashback has been earner by clicks worth 25p or less, and the vast majority less than 10p. My current cashback total?

    £106.35.
  • Tondella
    Tondella Posts: 934 Forumite
    megisabel it helps indeed, I've just brought down my shopping budget by £15 per week from what it originally was. Worth the extra effort? Well £15 is roughly £60 per month, that's £720 a year, or almost two months repayments for us. Plus, by paying it as we go we are reducing the amount that is accruing interest, so we'll have less interest to pay over the long run. I recommend this site. http://www.whatsthecost.com/snowball.aspx

    Just pop in your debts, and put the amount you are currently paying in. Look at your debt free date. Now add in say £20 per month extra. See how much less interest you pay, you may even shift your debtfree date forward by one month.
    Debt Oct 2005: £32,692.94
    Current debt: £14,000.00
    Debt free date: June 2008
  • Avogirly
    Avogirly Posts: 751 Forumite
    Part of the Furniture
    As that famous supermarket says, every little helps!!!!!

    OR

    Look after the pennies and the pounds take care of themselves...

    Oh I could go on, but I think you catch my drift!
    October make £10/day currently £11.02
  • It will make a difference. A few quid here and there...soon adds up.

    PP
    xx
    To repeat what others have said, requires education, to challenge it,
    requires brains!
    FEB GC/DIESEL £200/4 WEEKS
  • ariba10
    ariba10 Posts: 5,432 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Little drops of water, tiny grains of sand, made the mighty ocean and built the promised land.
    I used to be indecisive but now I am not sure.
  • black-saturn
    black-saturn Posts: 13,937 Forumite
    10,000 Posts Combo Breaker
    Every small overpayment you pay off your debt helps bring the debt free day nearer and reduces the interest paid. I've overpaid by only £5 before and never thought it was a wasted effort. Makes the light at the end of the tunnel a little nearer.
    2008 Comping Challenge
    Won so far - £3010 Needed - £230
    Debt free since Oct 2004
  • Without a doubt it does!

    Even if it's only a couple of quid I try to round my payments up to the nearest fiver! :D

    This isn't a pop, coz I'm guilty of it myself but it's possible it's that mind set that got you into debt in the first place.

    I can tell you it was for me. " Oh well, it's only a tenner, I'll put it on the card. It's only £4.99, I'll stick it on the card." Lots of small amounts equal one big amount! :doh:
  • megisabel
    megisabel Posts: 118 Forumite
    it is exactly that mindset that contributed

    even since i have been getting out of debt i have realised that my little under 5 pound ebay purchases that go on to a credit card have been slipping through
  • megisabel wrote:
    it is exactly that mindset that contributed

    even since i have been getting out of debt i have realised that my little under 5 pound ebay purchases that go on to a credit card have been slipping through

    Nightmare ain't they? :rolleyes:

    Do you keep a spending diary? I note down every penny I spend and on what then at the end of the month put it into catergories, for example, car (not inc petrol), snacks, social! It's amazing where the money goes! Takes a couple of months to realise where your going wrong but is a great incentive not to spend coz seeing £0 next to each day is well satisfying! :o
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