Cakeys debt free diary. Day 1, OH's wardrobe :)

cakey

good luck for your new job on the 19th!! i managed to spend nothing over the weekend which is great..

i have just found out i am due 4K commision at work!!! not sure how much that is after tax... what do i pay off first?

savingholmes

Have you snowballed your debt at whatsthecost.com? If you put in your aprs it tells you which to pay off first!

cakey

just had a go at snowballing, and it gave me the ones to pay off first. Is it bad of me to want to pay my own off first. the CC debt you see is a mix of mine and my OH, i dont mind paying off his with high interest rates, but just on the air of caution i am worried about paying his off before mine. the arsenal one is his, the barclaycard with 3000 and they are both coming up first to pay off

savingholmes

Hi I think this is really down to the level of trust in your relationship. If you have any qualms about how long your relationship will last - then pay your own off first. If however you view the whole money thing as a partnership as part of your life together - and you are in a stable committed relationship - then in your position I would pay the highest interest one off first. Only you know.

Lots of relationships do suddenly go down the pan - and I wouldn't want to "advise" you to pay off your partners debt first and then find out in 6 months you are not together any more. Only you can make that decision.

We run all our finances together, have joint accounts together (and kids) - we have however been married 18 years! We see all the debt as joint and it transfers between our names depending on who can get the best percentage rate..... From what I have read on the boards, we are probably more unusual in how we operate our finances....

cakey

i think my problem is i do trust him and have no qualms paying off his first, but having read lots of peoples posts about being screwed over on the board my brain kicks in and it says, what if. we are getting married in May next year so they wont be a what if.


hmmmm its a toughy. im not to bothered about arsenal its only 404. as the CC payments go out of our joint account anyway i guess it doesn't matter, so really i need to pay highest interest first.

savingholmes

I would pay the Arsenal one off as it is relatively small anyway.

How do you split the rest of the bills between you or don't you? Is it a percentage split of do both of all your wages go into one account?

cakey

all monies go into one account, all bills go out of that jointly.

he had a larger debt than me to begin with and he was getting a higher wages (his hours were cut after we combined), which was why i allowed the debt to be combined and go out of one account. now he gets paid the same is as me, if not less because of my commision.

Arsenal, Cap 1, Barclaycard 1, Halifax 3K and 3300 of RBS and halifax loan are his. the rest was my debt.

i dont mind though, i just want to be debt free so we can have a good life together

cakey

One down!! Arsenal cleared today.. ooooh it feels good

Freckles2408

Well done in paying off one of your debt !!!:beer:
I will be doing the same after pay day and can't wait for that feeling too !!! You seem to be on the right track for starting your married life off well....keep going !!!!:T

cakey

its such a good feeling! what i dont understand is i paid it off (only 404 on the balance) yet arsenal took of payment of 78 quid out of my account, i know i would owe interest from the previous month, but 78 quid???! surely i will be able to get this back? am confused!