Cozza's get it gone and get a House Diary

cozza123

Well i've finished my birthday shopping for the boy's my brother always wants money in a card , my OH i got him a T shirt from next and two dvd boxsets, and for my stepdad some fish for his pond so all done and within what I budgeted for .

I haven't got a great deal for the next few weeks money wise but to be honest I've been working 6 day weeks so don't tend to spend much. It's only when I'm off in a weeks time but to be honest I haven't got a lot to do.

Just fancied a week off and trying to save my holidays so that if I do manage to clear my debt by the end of the year and have the deposit i need then i will need the days off to house hunt etc.

cozza123

well overtime at work seems to be coming in thick and fast (really lucky in the current climate) got tomorrow 7 hours overtime to work then rest of week off should end up with £332.85 (before tax and nat) for payday this month . Then have bank holiday monday double time and day in lieu and two bank holiday days in may at time and half and day in lieu.

If there is any more in the mean time or after i'll do as much as I can. I'm really motivated to pay off big chunks off my loan, then the quicker i get it paid off the quicker I can save the amount up i need to have as a deposit for a house and hopefully get one in time for xmas as planned.

I haven't really spent much this month bought a few tops the other day haven't bought any since :rolleyes: must have been way before xmas and the boys birthday presents, petrol and a few bits of food. To be honest with the weather the way it is at the moment been on alot of walks with OH and dog which has stopped alot of spending.

shaggydoo

Good Luck :T:T

jayss

Sounds like you're doing really well.

:T for all the overtime.

cozza123

Thankyou shaggydoo and jayss means alot to have some support from others :j

cozza123

I'm well happy i've put this collectable figure on ebay about 15minutes ago for £10 and is sold already not bad for something I won in a raffle which would of cost me less than £1 must be the quickest ebay sale I've had.

cozza123

Well I think i've had a pretty good week been naughty and bought some skincare stuff but it should last me along time. Feeling alot happier as I confessed to OH that i wanted to buy a house on my own but for him to live with me more for my own security due to having problems in the past with an ex and a rented property and my parents splitting up. OH was completely understanding so understanding I was in tears with relief

I am in a bit of a pickle tho wonder if anyone can give me their opinion

I have an interest free overdraft of £1000 and was thinking of making a payment of £400 to my loan with it then with my wages in two weeks pay the £400 back into the overdraft will it reduce the interest on my loan enough to be worthy enough to do that or is it not worth it?

Olliegami

As far as I know, Martin says that you should use all your savings to pay off your debts first.

If it were me, I think I'd use some of the overdraft to pay off the loan. So long as your overdraft really IS interest free (and for how long) it is better for you to be using any money you have access to to pay off the loan as quickly as possible. If that makes sense.

Have you done a statement of affairs here?

cozza123

Thanks for the advise Olliegami the overdraft is free for 120 days as I am in the process of changing banks so do you think I should use some of this? My SOA is on my old diary and hasn't changed much but due to doing so much overtime the income varies quite alot from month to month at the moment. Think I'm going to have a no spend day today

Olliegami

Really that would depend on how you look at things. The danger with using your overdraft is that if something happens you won't be able to pay off the £400 and then in effect you have two sets of debt, which can sometimes feel like 'more'.

It also depends on the interest rates you're paying, I suppose.