what target to set now?
RuleTheWorld
Forumite 145 Posts
Hi guys, first time poster, long time lurker! Looking for some advice as to what target to set now?
Some background - last couple of years have been trying to pay off credit card. Balance was 6100 in September time but will be paid off next week. No intention to run up anymore debt on credit cards.
My situation can roughly be summarised like this:
Mortgage: 131k HBOS SVR 32 years to go monthly payment is 599
Personal loan: 3362 (221 a month until Sept 2010)
0% loan from employer: 700 (50 quid a month)
Student loan: approx 12k
Assets - Property worth around 180k and shares around 5.5k
After all the monthly bills come off I have 715 left. I am in the fortunate situation of working abroad for the first six months of this year which looks like roughly equating to another 1000 at the end of the month.
My initial thinking is to make no decisions for the next few months and just save as much as I can. It really is a strange situation for me as have been burdened by the credit card each month for a full two years
Some background - last couple of years have been trying to pay off credit card. Balance was 6100 in September time but will be paid off next week. No intention to run up anymore debt on credit cards.
My situation can roughly be summarised like this:
Mortgage: 131k HBOS SVR 32 years to go monthly payment is 599
Personal loan: 3362 (221 a month until Sept 2010)
0% loan from employer: 700 (50 quid a month)
Student loan: approx 12k
Assets - Property worth around 180k and shares around 5.5k
After all the monthly bills come off I have 715 left. I am in the fortunate situation of working abroad for the first six months of this year which looks like roughly equating to another 1000 at the end of the month.
My initial thinking is to make no decisions for the next few months and just save as much as I can. It really is a strange situation for me as have been burdened by the credit card each month for a full two years
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Start to build up some savings equivalent to 3months outgoings for the unexpected or any financial emergencies (so you don't have to use credit cards again).
Find out the APRs on your mortgage, loan and student loan and whether overpayments are allowed on the mortgage and personal loan.
Start overpayments on the highest APR (I expect this will be the loan).
The other thing to do is to have an savings account, which had 3 months salary in it. Just in case the worst comes.
chev
Even though you will pay more per month now you will have 12 years of not paying 599 pm which is roughly 80,000.