Do you pay a set amount off debts each month?

In_Search_Of_Me

I think this is very personal one...I've a bit saved because I panicked about having emergencies & having to use CC but pay as much as I can off my cards every month...now loathe the fact that I am paying them interest!! Hope you find your solution!

Kevicho

At the moment im paying off 470 a month, and trying to raise my savings by 300, this is mainly due to most of my debt being in a loan, and the rest on a 0% card so im saving up to pay that off (see the sig)

Before i got the 0% card i paid off 770 straight away to the various debts, you have to be flexible and keep an eye on it month by month, as just going in a straight line isnt necessary the quickest way

I manage mine via a spreadsheet which has all the outgoings and various formulas to show what i can afford

pixie1

I pay off £409 per month on a dmp but I try to save at least £100 per month do i can make some final settlement payments in the future when i have more saved.

john_kent

I pay £500 a month off all my debts total. If tI have anything left on 29th (payday) I sort out any niggles (yesterday was pay day so bought tyre for car out of what was left last month) and then whateve ris left from previous months money gets put into a building society and then cheques drawn pro rata to all creditors. Some months I pay off 700+ others 500 only. It depends on tips and overtime.

themaccas

We pay around £1300 onto our debt but around £180 of that goes on interest! This month we will have managed to pay off £2250 off our debt however £950 was paid off our OD - we had £2600 in overdrafts this is now down to £1650. We did not include our OD's in our original debt total and I wish had now as it would have been good to see our debt total go down so much this month!

Molanole

I pay around £900 a month (minimum payments) onto my debts and haven't calculated how much of that is interest. All of the payments go out by DD the day after I get paid so that I don't forget any of them. If there's anything else left at the end of the month it all goes on my credit card (highest APR I have). When that is paid off (hopefully June!) I'll then start throwing the rest at my loans.

ms_london

Initially I used to make the minimum payments just to cope with sticking to a budget (and paying off arrears/just generally getting myself straight), then as time went on & I could see how much I could afford to overpay. Then as circumstances changed & I become more motivated I threw more and more towards my debt. At the most (last year) I was paying around £900 a month in order to clear my loan before the end of 2005 (personal aim!!).. Its a heck of a lot of money, but I couldnt think about it, as the money had to be paid back.

Now I am saving that much money (well, a bit more thanks to my second job) and it hasnt really sunk in that I am saving that much or that the money is mine..

It does take a while to learn to live within your means, especially if you have been spending your wages and MORE for gawd knows how long. So dont be too hard on yourself.

xx

tesuhoha

Once we move we are going to follow Ms London's advice and throw every penny at the debt because the sooner it is paid off, the sooner we will have money to do up the house.

ms_london

tesuhoha wrote:

Once we move we are going to follow Ms London's advice and throw every penny at the debt because the sooner it is paid off, the sooner we will have money to do up the house.

Its all down to personal circumstances & choice. Originally I was quite happy to pay the min repayment on my loan until it expired (£179 a month until December 2009 - interest only 2.3%), but because I wanted to go travelling I knew I needed to be debt free asap. The longer it took me to become debt free, the further away I was from travelling.

It wasnt easy but it was the best thing I ever did!! I'm proud of myself :rotfl: !!

Knowing that you are ok with money is such a weight off your mind, you wont regret it!! xx

tesuhoha

ms_london wrote:

Its all down to personal circumstances & choice. Originally I was quite happy to pay the min repayment on my loan until it expired (£179 a month until December 2009 - interest only 2.3%), but because I wanted to go travelling I knew I needed to be debt free asap. The longer it took me to become debt free, the further away I was from travelling.

It wasnt easy but it was the best thing I ever did!! I'm proud of myself :rotfl: !!

Knowing that you are ok with money is such a weight off your mind, you wont regret it!! xx

You are rightly proud of yourself. I have been reading quite a few of your posts over the last few months and I think you have done amazingly well. You really do deserve your well earned trip. Good luck from me.