We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help please!
FulhamAustin
Posts: 10 Forumite
Morning everyone,
I am a long time reader and a newbie on here, so am not sure if I have posted this in the the right section...
I am currently paying off mine and my girlfriends overdrafts (we live together) and we are also saving to buy a house. We have approx £500 spare each month to pay between debts and savings.
My question is, is it better for us to pay £500 a month off debts, and once this has gone start saving (saving interest charges etc) or should we save and pay off, proving to banks we can save money over the long term?
Many Thanks!
I am a long time reader and a newbie on here, so am not sure if I have posted this in the the right section...
I am currently paying off mine and my girlfriends overdrafts (we live together) and we are also saving to buy a house. We have approx £500 spare each month to pay between debts and savings.
My question is, is it better for us to pay £500 a month off debts, and once this has gone start saving (saving interest charges etc) or should we save and pay off, proving to banks we can save money over the long term?
Many Thanks!
0
Comments
-
In general, if you are paying a higher APR on your debts than you can earn on your savings then pay off debts otherwise consider savings.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards