Change of tactics

Kevicho

After some stressful months with nearly all my money going straight to cards, ive transferred all my (non loan) debt to my egg card, which has 0% interest for the next 5 months (2.5K) and will be paying in 200 a month.

Ive decided im going to leave the other 300 a month in my A&L account as the interest rate is decent so will make a bit more money out of it.

This will prob help keep me motivated as it will look like i have some money, although i will know not to spend it and the interest i make will be good (or better than nothing)

Also it will be handy in case of emergency (ie the sack)

Finally i get me 5 weeks wages next thursday so hopefully the tax man will be kind (not a chance) and i will have £300 more than normal (plus the 100 quid more i make from not being in the rainy day fund with my employer plus the £100 they owe me from said fund)

I may even be near halfway to the £1500 i need to save to pay off the card in full already

Reading what im writing makes me feel so much better

JAMIEDODGER

sounds like a good plan kev. what is the interest rate on the A&L account? is the £200 the minimum payment?

Kevicho

200 quid is more than the minimum so i could change it, but then id have to do more complicated maths to figure out what id owe and computer says no at the moment

Interest is somewhere between 4 & 5% i think (tut tut i dont know exactly)

dudleyboy

Looks good, Kev... it's certainly good to be flexible with your tactics. I'm currently paying off £400 pcm on my two 0% credit cards (both expire within next few months) but decided that this Feb, March and April i'll only make minimum payments so I can transfer the money into my ISA instead before tax year ends.

It's not so satisfying seeing those two figures hardly move 3 months in a row but it does mean I can up the payments again in May once my £3k allocation is reset. Ideally i'd always have paid the £400 into my ISA and then just withdraw it to pay off the debts but I find it more motivating seeing those balances reduce each month.

You certainly need to be on the ball to keep on top of everything if you do change ur tactics as we do... godbless online banking!

Best of luck mate.

mboro

Looks like you have got it all in under control Kev, nice one, keep up the good work.

JAMIEDODGER

thanks kev, whats your estimated DFD?

Kevicho

I should have paid the egg off before august so it will just be the loan to pay off

Will be ringing up regarding the loan to see if i can set up repayments at a higher rate, so will be able to say for certain when i find that out

At the moment im concentrating on killing the cards the loan can wait

Breaking things down usually makes it easier to cope with

moo842

good luck with everything looks like you've got it all under control

JAMIEDODGER

sounds good hun....sometimes it feels like a real struggle but it will all be worth it in the end!!!!!

Kevicho

moo842 wrote:

good luck with everything looks like you've got it all under control

i really hope so as it looks that way

then again life has a funny way of throwing curve balls at you, but im happy with ho its going so far

Cheers for the encoragement peeps, nice to feel wanted (and not in a dead or alive sense for once)

amosworks

Top stuff matey, doesn't look like it'll be long before you're in the same boat as $mma17 and sailing quickly to your first mil in the bank