Ive just paid off my overdraft!

bella121984

This forum is so vast so im not sure if this is the right place to post this...apologies if not... My youngest was born last June and since then I have been claiming maternity allowance, and ive saved pretty much most of it other than the odd spend here and there...! DH has been on at me ever since then to pay off the overdraft on our joint account, which is almost £1500, but I wanted to keep that money so I could spend it and not feel guilty about getting into more debt...im not quite sure I get the logic anymore! Anyway, last week I finally resolved to sort out our finances once and for all and today I have paid off the over draft with the MA I had saved. I think I have one or maybe 2 payments left to receive, and I know there is about another £500 to come out of our joint account this month, but im hoping, for the first time since I can remember, our joint account will end on a positive figure! Im then going to reduce it, and im really working at cutting down our grocery shopping, and just our general spending, and I hope we can manage to stay out of the overdraft now...I think im going to have to do some serious budgeting!

elliegibbo

That's brill!! Congrats

Need to get mine done now

dollybeads

Thats most excellent, well done you and your family. Long may it continue :j

bella121984

I feel I should add that we are still by no means debt free, but thats a huge chunk of it done now and I feel so much positive about our finances! This forum over the last week has been fab and really made me focus on money and what im spending, so thank you everyone! :-)

Yargo1

fab news! well done

Wee_Pilsbury

A huge well done! Bet it's a great feeling. :j

originalmiscellany

Take this as a great encouragement and ensure that the sadness and frustration of being in debt keeps you focussed on staying in the black

headoutthesand

I think clearing one debt makes you feel so good that it makes you more determind to clear more. It's like rush lol.

Personally, I do not and never have, used my OD properly. I am constantly in it and live off it. Mine is only £300 but I plan to clear it to nothing and remove it from my account for this reason. It's just bad money management from me

black_taxi_2

nice1

you made a plan to get out of debt and did it---o/d is a debt which banks thrive on(allows managers to stay in 1st class hotels with free travel /food/drink)

even more impressive because u did it in dribs an drabs(uneven small amounts overtime)

TIME allows you to change direction--out of financial straight-jacket

all the best on your next plan

bella121984

headoutthesand wrote: »

I think clearing one debt makes you feel so good that it makes you more determind to clear more. It's like rush lol.

Personally, I do not and never have, used my OD properly. I am constantly in it and live off it. Mine is only £300 but I plan to clear it to nothing and remove it from my account for this reason. It's just bad money management from me

We were doing exactly that, I cant remember the last time the account was positive. DHs wages would just take it back to zero if we were lucky, we would say we must spend less this month but it would never happen, and we would be exactly where we started again at the end of the month. I am determined though not to go back into it again now!! :-)

savingcaz

Well done