Savings vs debt dilemma

lynzpower

I thought it might be more than that actually Joe bloggs. feeling a bit gutted now.

lol

tesuhoha

Personally Lynz, I always think of money in weeks instead of days. I would throw it at the debt because if youre saving say, £30 per week on cigarettes then over just 10 weeks thats £300. Thats a lot of money of your debt although I dont know how much per week you are saving. However if you think of it that way, how much is it over 10 weeks, you will save yourself quite a bit of interest and will be debtfree all the sooner. That is my strategy now, I am not saving a penny. Every last penny comes off the debt and then you will be able to save properly once its all paid off.

Annie_Fanny

Well done Lynz on not smoking. I remember the days when you said you couldn't give up! Lol!

Anyway as ever my opinion is to throw the money straight at the debts. I'm sure we've talked about this before but it will take a HUGE chunk off your debt and I think that I know you well enough to know that you will feel fantastic when you see it being whittled down!

Mrs_Sparkle

Hi Lynz, firstly huge congratulations on giving up the ciggies- you're very strong and we're all behind you x x x

If it was me I'd really want a treat too- a little luxury thing that you wouldn't normally had. I would save up the money until I had a largish amount- say £600- in a separate savings account (Cahoot, via quidco if you haven't already then you'll get an extra £26 in the pot) and then I'd throw £500 at my debt and splurge £100 on something all for me- a day at the Sanctuary, a gorgeous pair of shoes, piece of jewellery, whatever. Then you'll have the satisfaction of clearing a chunk of debt while still having the treat you deserve.

lynzpower

Well, you know the day at the spa idea?

Ive just found a voucher for a day at https://www.thethirdspace.com for free !

onestep

nice one Lynz!:D

congrats on stopping, though - you'll feel better for it soon. And I think I'm with the majority here; I'd split the money between a treat and the debt on the grounds that you need a treat, and the debt will come down quicker with whatever extra you throw at it!! :T

hugs

onestep