Does this challenge sound worth it?

clayton1106

Depending on monthly income disposable

Group 1:Double your monthly debt repayment totals by adding savings in an extra category,
eg. £200. on debts becomes £400 on debts, but half is savings, (labelling it as the word debt,and having an e-savings account as a standing order helps)

Group 2: match your monthly debt repayment total with a quarter in savings
eg. £200 on debts = £50 in savings

Group 3:Match your monthly debt repayment totals with a target to save for, and a timing to save by
eg. £200 on debts = new sofa costing £200, so thats roughly £3.84 a week to save.

for me, im going to treat my savings as a debt, so it should always get paid.

clayton1106

in group 2, you would have to e adding that quarter to your outgoing total to cover it obviously.

Buffythedebtslayer

I am not sure I uderstand? Mind you there is a reason why I am in debt - not great with money/maths.

good luck with it!!

clayton1106

lol. basically if u negative income disposal you are targetting how many repayments it will take to reach the total of something to save for, and if positive then, you treat save either the same amount as your debt totals each month on top of allowing for debt repayments, or you can save a quarter of your debt totals a month on top of allowing for your debt, and treat your new savings as a debt so it builds up but you label it a debt so your more inclined to save, and if debts are still high when youve saved a year, then use 75% of the savings on your debts and carry on saving as usual.