My Updated SOA - Still struggling

RAS

Butterfliesarepretty wrote: »

I only get low probably one or two days a month, I am fine at work.

This may be completely off the wall, but have you thought of taking a B6 and B12 supplement for a couple of months. It did wonders for me when I was low.

Butterfliesarepretty

RAS wrote: »

This may be completely off the wall, but have you thought of taking a B6 and B12 supplement for a couple of months. It did wonders for me when I was low.

yes that has crossed my mind when walking past the health food shops or superdrug, I am 43 and its possible it could help my health and mood.

Butterfliesarepretty

closed wrote: »

Sell the shares, budget cards or savings schemes for car tax or regular bills are a bad idea when you have interest bearing debt, use the money to pay off CC or overdraft (unless it's interest free) instead.

The shares are BT shares and they are only worth £1.24. these are something I will not touch, they could come in handy when I retire.

The credit card is no longer interest free and I cant transfer it due to my credit score. Have to wait a few months and will try transferring it next year after xmas.
I will use the budget card as it will help me put towards the car tax whether six months or twelve months to pay in march when its due.

HappyMJ

closed wrote: »

£1.24 in total, or per share?

The yield on the shares is far lower than the interest rate you are paying on the cc and probably the overdraft, unless they suddenly jump in value, it's costing you money keeping them. Budget cards earn 0%, compare that with your cc or overdraft rate, you are borrowing now to pay for something that isn't due for 6 months. You might not be able to transfer it to 0%, that doesn't stop you from paying some of it off or using all available money to reduce the outstanding overdraft.

You can buy the shares back when you are debt free, they may even be cheaper then.

While that strategy may work BT shares have returned 15% over the past year they are now worth £1.40 and pay a 4.9% dividend. Not bad.

Although saving whilst having debts seems like a bad idea how does someone pay the bill in 6 months? They would have to borrow it. Not a good idea. Even that My Home Finance thing launched a few days back by IDS recommends saving whilst repaying debts at 29.9%APR. http://www.myhomefinance.org.uk/savings-accounts.html

closed

CC is 16.9% apr, overdraft unknown, BT's share price is more or less the same as it was 12 months ago.

What they have done in the past is irrelevant, it's what they will do in the next year and the year after that matters, inflation eats away at any yield or growth.

You pay off the credit card or overdraft now, and if you need to, dip into it again when you need the money, and save interest in the process.

It makes no sense to save while paying 29.9% apr on an overdraft or credit card, a loan is slightly different because you can't dip back in when you need more cash for a bill.

http://www.moneysavingexpert.com/cards/pay-off-debts

Butterfliesarepretty

goodgirl80 wrote: »

Why can't you change your car?

I bought and paid the car on my 40th birthday three years ago for £2900. Its paid for, the insurance is the same as it was on my other cars. To change the car I would get about £2k for it and its not something I want to change. Its fun in summer, its very reliable, parts are cheap, I am in a car club which costs nothing, I have friends on forums who have the same car and we all help each other when we are having problems with the cars or we need a part. Its part of my hobby and its a cheap hobby.

I would get £2k for it, then I would have to get a less reliable car thats boring, doesnt feel good to drive and have to start all over again learning to look after it, with possibly more expensive parts.

I know my car inside and out and know how much each part would be. Eg i just got a seal for it on the roof which had a hole in it. Now these cost £50 new. One guy I knew on the forum was breaking his car up and he had a spare seal and sent it to me for £10. I fitted it myself and do most work myself on the car apart from things like replacing shocks and other things. I service my car myself.

It would be costly to change it and as this car is a limited edition I am never going to go back to a normal car. If the car has a crash and its a write off then I can pick up another for less than a grand and continue my hobby.

If you go on pistonheads.com to the forum section of mazda mx5s and look at mx5nutz or mx5oc forums you will understand.:rotfl: