The Big One -My debt-free by 30 journey

homegrown_life

just wanted to wish you good luck with it all! I agree that for an extra 2 months worth of debt, having a cushion for a move is worth it. You can bet if you didn't save it you'd need it!

SilkCutSilver

Thanks homegrown_life. I'm also going to start having some dental work donw very soon - and because I am so pretified of dentists due to nasty childhood experiences it has to be a specialist dentist. So that will require a bit of a cushion too. Speaking of which I just realised that I paid the deposit for my dental appointment this month then forgot to saved the full amount of the appointment (£98!) in one of my accounts. This means I have £48 extra than what I thought I had. Decided to keep half of that in the account for the next appointment and put the other £25 back in the Grocery account - thought it was looking a bit light given I hadn't spent that much yet! Thats the first time that has ever happened to me - having more money than I thought I did! yay!

SilkCutSilver

Another NSD yesterday so v pleased with my progress ont hat. No so pleased on the progress of actually paying off but fingers crossed at the end of this month Capital One can go.

Also got sold some stuff on ebay and made £80 -though neither of the buyers has paid yet! That's been four days -anyone else think that's a bit long to wait? Everything else I have sold has always been paid for ASAP.

SilkCutSilver

Wednesday appears to be the day of good things....and bad things....

Good thing......NSD number 4 today.
Bad thing......Still no payment from either of my ebay buyers though.
Good thing........Wanted to go to the library on the way home.......bad thing....... but discovered it's shut on a Wednesday. Good thing......Going to try and go tomorrow night though a have no books currently.
Bad thing.........Still not sold anything on GM this month.

SilkCutSilver

OMG totally forgot to mention have stopped occasional naughty smoking. It will be two weeks tomorrow free of nicotine

:T:T:T

I'm clapping myself incase no one is here :rotfl:

SilkCutSilver

Hola, I have a dilemma I need your sensible advice on.

My unused holiday is paid out in in my pay at the end of October. I thought I was getting about £300 and had planned to use this to pay off my capital one credit card completely. I was chuffed to discover today in my payslip it's actually £500.

As it's more than I thought and now Halifax are doing their crazy charges thing I'm wondering if I should put it towards my overdraft instead. For the purposes of my bad maths I'm assuming its going to be £30 a month (prob it will be 28).

It won't pay off the overdraft but leave it at less than it would have been - and in the long run save me 3 months worth of charges (£90). I have also worked out if I was really tight with money I could get the overdraft down to £500 - maybe even a bit less, which would leave me with only 5 months to pay off at £100 a month (working out as £180 in charges) or if I upgrade to a Ultimate Reward Account (fellow HFX sufferers will understand!) only 3 months (£90) as they give a fee free £300 overdraft.. IF I leave the overdraft as it is then it will take me 11 months to pay off (£330 in charges).

I know on paper this looks like a no brainer but I'm worried that the concept of paying something off will be lost if I don't pay off the credit card -which I was excited about doing. Also I don't want to leave myself totallly tight for cash at this time of year and it would be ideal to pay off the card and keep the remaiming £150 to make Christmas etc a little easier, plus to be fair I'm stressed to hell at work and feel like I need some kind of buffer on the money front.

I know I'm being an idiot but am i being a normal idiot? I think just writing this down has helped me think about this properly tbh but opinions would be great

homegrown_life

hi there,

I was wondering what to do about our o/d too as it's £2k and really just the only thing that is making me overly uncomfortable about our debt. I've decided to aim to pay it off. We've changed the account to a reward one where they pay you £5 if you pay in £1k a month which makes the charges around £25 instead of £30. Also I figure once I get it to about £1k to £750 it'll get to the point that our wages will start bringing it into the black and therefore not incurring charges. I hate the fact it never goes into the black EVER!

No idea if it's right for you though, but it's what we're aiming for now. Hope you can make a decision. Stick it in a savings account till you can decide??

How often do you go into your overdraft?

homegrown_life

btw - well done on being nicotine free :beer: How's it going??

SilkCutSilver

I'm in it pretty much the whole month - all the bills go out on the first of the month and all my piggy banks get allocated so that leaves me in the red pretty much straightaway. I do need to do the Reward Account thing to get the extra £5 - I'm a High Interest at the moment so that would make a difference.

I feel the same - I'd like to see it in the black every month but it's something about getting rid of a whole debt which appeals to me - does that make sense?

SilkCutSilver

Haha 3 weeks now. It's horrible - the worst time I have ever quit - I'm so stressed at work and I feel like the cigarettes are making it worse because now I have no emotional crutch! Also money is so tight I can't exactly feel the benefit -given I smoked about 40 a week. Still..I have kept to it for three weeks so I can't really say I havent stuck to it.