A Payment A Day - Part 8!

scoobylicious

I'm a total newbie & haven't even worked out exactly how much debt I have-my uninviting task for the weekend but think it's around 33k.
Whatever it is this group seems encouraging as anything I pay, however small, will at least make me feel the tiniest bit better!
Am really inspired by all you brave debt banishers :T
Scooby

clearing_out_my_pockets

scoobylicious wrote: »

I'm a total newbie & haven't even worked out exactly how much debt I have-my uninviting task for the weekend but think it's around 33k.
Whatever it is this group seems encouraging as anything I pay, however small, will at least make me feel the tiniest bit better!
Am really inspired by all you brave debt banishers :T
Scooby

Welcome to the [STRIKE]family[/STRIKE] madhouse!

maeeve

£4.99 to cap1 today

angelicmary85

Afternoon Padders!

I've got a really quick question...Would you spend your kids savings to pay off a credit card? I've been pondering throwing every penny we have that's just 'lying aound' to my annoying cc on Tuesday when we get tax credits and child benefit -

The breakdown of the 'lying around money' is £111.00 in our savings account, £15.00 in pound coins, £75.00ish in my current account, £132.00 child benefit, £40.00 left over from my bday money which has been down the back on the chest of drawers since around about Oct when I knocked it down there by mistake and haven't picked it up yet and about £84 from tax credits and I'd only be willing to take £250 out of the kids money.


The loan doesn't need paid next month as I'll get paid again before needs to go out so that's another £203.00 and a £5 note that's been in my piggy bank for a while!

I know that the CB should be spet on the kids as should the TC but they get spent on them every other month, would one month out of the year be so terrible?

I paid back all the money that I was due to them a couple of months ago!

I feel really rubbish about even thinking about robbing them again but when all these 'lying around' amounts are added together they could almost clear my cc and it seems silly to leave the money not gaining any interest whilst I'm paying loads!

I'd be interested to hear your honest opinions...even if it means telling me off for being such a bad mum!

Anyway, another pad from me of £2.00 please Clearing!

Hope you all have a fab day! x

Thrifty_Pixie

Happy Friday folks! :beer::):T:beer::):T

Can you tell I'm pleased it's almost the weekend...?

First thing's first - welcome scoobylicious! If you stick with us you will be absolutely gobsmacked at how powerful the PAD experience can be. Seeing my balances come down little by little had a massively positive effect on me, to the extent that I am now about as addicted to saving money as I used to be at spending it

Also...Angelic...my knee-jerk reaction is that I would never touch my kid's money, but don't take that to mean any slight on you for considering it I don't have kids and haven't been in your situation, so it's hard to tell. How old are they? If they're at an age where they might want their savings for a toy at any time, then I would be careful about removing it...however, if they're wee babbies they might not notice. Also, can you guarantee that you won't need that CB and TC money for them over the next few months as you pay it back? I would be nervous about it all, and probably feel a little guilty about them paying my debts. Don't take this to be judgemental at all, I'm just thinking out loud about what I'd be feeling

OK. 'Nuff rambling.

My PAD today is £9.39 into savings (87p STC and £8.52 'rounding down')

Hope you all have WONDERFUL weekends.

*meep*

angelicmary85

Thrifty_Pixie wrote: »

Also...Angelic...my knee-jerk reaction is that I would never touch my kid's money, but don't take that to mean any slight on you for considering it I don't have kids and haven't been in your situation, so it's hard to tell. How old are they? If they're at an age where they might want their savings for a toy at any time, then I would be careful about removing it...however, if they're wee babbies they might not notice. Also, can you guarantee that you won't need that CB and TC money for them over the next few months as you pay it back? I would be nervous about it all, and probably feel a little guilty about them paying my debts. Don't take this to be judgemental at all, I'm just thinking out loud about what I'd be feeling

You've sumed up how I feel about it as well but I guess I'm just trying to justify it to myself to make it o.k!!

The CB comes in every month so I'd be able to pay it back with that but the money in our savings account was supposed to be the start of the savings for a wee 'holiday' we're going on in May...

You're so right, god knows what I was thinking...I'm just a bit fed up constantly paying out and not seeing any change in the balance of this card, I wanted a quick way out

girlatplay

Angelic, I am a single parent. I receive CB and pitiful TCs. Most months I struggle to make ends meet (I work full-time). I would NEVER EVER EVER touch my child's savings to pay off my debt. However, the way I see it is CB and TCs are not technically savings. They are payments you receive to use for the benefit of your children. I would guess that some of your credit card debt amounted from buying things for the benefit of your children (only guessing here, maybe not). I would also guess that some of your income that is not CB or TCs will be used for the benefit of your children, therefore, I would not see a problem with using that.

Also, if you pay off your CC then you won't have to worry about finding an amount each month and any extra money you have can be spent on your kids if you want. Or paying it back to your kids' account.

If you do borrow from your kids' account, make a point of paying it back as soon as possible, that would be the only way I could justify it.

Remember, Martin always says to pay off debts with savings first so once your debt is paid, you can start saving for a nice holiday without having that worrying debt in the back of your mind.

I am not judging you at all, that is just my opinion and you did ask!! And I absolutely don't think you are a bad mum!

angelicmary85

girlatplay wrote: »

Angelic, I am a single parent. I receive CB and pitiful TCs. Most months I struggle to make ends meet (I work full-time). I would NEVER EVER EVER touch my child's savings to pay off my debt. However, the way I see it is CB and TCs are not technically savings. They are payments you receive to use for the benefit of your children. I would guess that some of your credit card debt amounted from buying things for the benefit of your children (only guessing here, maybe not). I would also guess that some of your income that is not CB or TCs will be used for the benefit of your children, therefore, I would not see a problem with using that.

Also, if you pay off your CC then you won't have to worry about finding an amount each month and any extra money you have can be spent on your kids if you want. Or paying it back to your kids' account.

If you do borrow from your kids' account, make a point of paying it back as soon as possible, that would be the only way I could justify it.

Remember, Martin always says to pay off debts with savings first so once your debt is paid, you can start saving for a nice holiday without having that worrying debt in the back of your mind.

I am not judging you at all, that is just my opinion and you did ask!! And I absolutely don't think you are a bad mum!

I'm very proud of the fact that I've never missed a payment or had a bank charge so I took out some to help cover the cost of the shopping a couple of months ago (had a diaster in the supermarket and the only way I could pay was to use the cash that was meant for my loan payment so to cover the loan payment, I took money from the kids) but I was on edge until I replaced it and slipped them each an extra few quid as interest.

And yes, some of the cc debt is from stuff I bought for them!

Thisisforthekids

Hi all, been away for a while have now returned, i didnt fall of the wagon or anything just with christmas and that got sidetracked and was not on here at all.

Anyway im back now with a new target as my Barclaycard has been added to and refinanced on a 0% so im going to pay whats left on the virgin card first £868.06, a nice achievable target.

I see there a still a few of the same names here I hope you are all well and have been staying on the straight and narrow, I havent added a penny to my debts just lost track of what ive actually paid of so am going to change my signature when I have more time to maybe include my total debt now, think I feel comfortable with it.

Can some one please give me a update on how everyone is doing and I promise to stick around this time I need the great moral support you guys all give!!

Todays pad is £4.36!!

girlatplay

angelicmary85 wrote: »

...but I was on edge until I replaced it and slipped them each an extra few quid as interest.

I borrowed money from my daughter last week (I asked her if I could borrow it - she had it in her purse, she has more money than me!!!:eek:) and when I paid her back I gave her extra as interest also. You sound like an honest person to me and I don't think you are going to steal from your own children!!