Pay Debt v Savings or both???

Frickdapop

I would personally have a savings account, nothing to do with Interest on savings versus Loans interest, just pure common sense (something I have lacked to get in my position). Other Bills and sudden unexpected problems can occur and not having the funds may temp a loan or cause worry. Saving a little each month in an account is a good cushion for sanity and incase the worst happens. with being tempted to spend it, only thing I can think of is putting into an account like an ISA or an account that needs to be signed which means going into branch and filling forms. You could even tell the bank to not let you have money without a proper reason, anything like that may help

Frick

tbourner

If it's credit cards compared to savings, you're still better off paying debt (IMO) as in case of emergency you can just buy the new boiler (or whatever) on the credit card that you've been paying off.

Mowgli87

tbourner wrote: »

as in case of emergency you can just buy the new boiler (or whatever) on the credit card that you've been paying off.

If youre joking... :rotfl::rotfl::rotfl: LULZ!!

If youre not joking :mad::eek: shame on yoooooo!

Lisa1978

thank you everyone for your replies, appreciate everyones opinion on this. At the minute i currently have 3 credit cards :
Santander @ 0% until Jun, so paying the min payment which is only £20/month
Virgin @ 16.9%, paying min of £110/month, balance approx £4.5k
Ulster Bank @ 18.9% - my current a/c is here, wages paid in here, etc; Basically i am lodging all income into this then transfering every single penny i can off the credit card. I check online everyday and if i see an additional £10 even, i transfer onto the credit card. I have the balance down to £3800.
Ref the comments on 'debt can be depressing and saving money at the same time makes it feel like your actually doing something with your money' i totally understand, however, the feeling i'm getting from seeing my debts go even from £4001 to £3999 is amazing!!! I can't wait to in 2months time when the Ulster bank CC goes to £2999 or lower

Thrifty Pixie, you could say the biological clock is ticking with being 33years old but i know i can hold off another year then start a family when i'm in the position to do so! I don't want to raise a family with debt over my head. I want to clear it then save for a few months so that when on maternity there is enough saved to cover at least 6months mortgage as husband cldn't afford to pay the mortgage as well as bills all by himself. Thanks all :) As soon as i get even 1 of the cards cleared i shall start putting aside even £50/month i think!

tbourner

Mowgli87 wrote: »

If youre joking... :rotfl::rotfl::rotfl: LULZ!!

If youre not joking :mad::eek: shame on yoooooo!

Why?

Lisa1978 wrote: »

Ulster Bank @ 18.9% - my current a/c is here, wages paid in here, etc; Basically i am lodging all income into this then transfering every single penny i can off the credit card.

Would it help to open another account somewhere and transfer your salary into it instead, then pay whatever you need for the months bills into Ulster, so whatever's left in the new account is for debts?