A Payment A Day - Part 11!

the_mollusk

Erme wrote: »

Looks like you are doing the right thing by paying off your small debts first...and then snowball....

BTW do you have a rainy day fund? Just wondering...should be a min of £100-500.....Ideally 3 months living costs...

hi!

there's a reason i'm paying my mum back first and as a matter of urgency - she gave me a gift of some money to put either towards my wedding or a deposit on a flat, and made me promise not to use it for anything else. but between the transfer from my current account to an isa, somehow £300 of it got used oops. she really begged me not to use it for anything else because she knows how useless i am (was!) with money so even though it's not the most financially efficient way of dealing with my debts it's the priority for me.

as for the rainy day fund, no i don't have anything like that at all, i was wondering what people thought of them here (haven't had a chance to search through for stuff about that yet cos there's so much other useful stuff i'm ploughing through!) because i was under the impression i should just throw every spare penny at my debts and then start saving. if the worst comes to the worst i do still have my credit cards for a genuine emergency..... maybe i'll carry on blindly paying off my mum's debt till it's gone and then start on a rainy day fund... do you have one?? is it really the best way to go instead of paying off as much credit as possible...?

(am i allowed to post this much personal waffle on this thread?)

back on topic, £1 to bank of mum! (short on cash till the end of the month so they'll be tiny payments for at least another 10 days!)

the_mollusk

squeeeek wrote: »

Hi mollusk :wave:I'm a newbie too!
Think this PADing may be addictive though I'm getting so excited to PAD and update my signature even if it's just pennies:o

hi fellow newbie! :wave: yeah i'm already finding that it's amazing how you can find money from nowhere just to make your pad!

Flower08

the_mollusk wrote: »

as for the rainy day fund, no i don't have anything like that at all, i was wondering what people thought of them here (haven't had a chance to search through for stuff about that yet cos there's so much other useful stuff i'm ploughing through!) because i was under the impression i should just throw every spare penny at my debts and then start saving. if the worst comes to the worst i do still have my credit cards for a genuine emergency..... maybe i'll carry on blindly paying off my mum's debt till it's gone and then start on a rainy day fund... do you have one?? is it really the best way to go instead of paying off as much credit as possible...?

To be honest I think rainy day funds are a personal preference. I personally dont have one (and lots of people will frown upon that!) but I am with you in that I would rather throw that extra money at CCs/loans than have it sat in account.

It really is what makes you feel more comfortable!

JayJay14

PAD for me today - £40.15 to tescocc and the change jars. Thanks Winnie.

vasseur

£8.36 to Barclaycard for me please Winnie

Winnie_in_Pooh

I'll add up my pad's over the weekend coz I can't get into my internet banking now for some reason :mad:

Re: rainy day fund - we sort of have one. As part of our budget we pay £50 a month into a savings account which is emergency fund/home improvements/unexpected big expenses (like DH's speeding fine last month or the insurance excess when he fell through the ceiling *rolls eyes*) but I wouldn't call it savings as such, more being prepared IYSWIM? Its a very rare month if we don't have to dip into it. Once we're debt free our first priority will be to save 6 months living costs and stash it, but not until we're debt free - thats far more important to us at the mo. I should add that we don't have a credit card to use in emergencies so our pot is our only resource should something happen.

sophia-abigail-mummy

Hi PAD today £1.00
With regards to rainy day fund I don't have one as I also feel I would be better clearing debts then saving for one as I am paying interest on them and would earn very little on my savings. I could also used my CC for a real emergency. This is the first thing I will be doing once debt free as I do feel this is important to have 6months minimum costs stashed away.
I just done my 1/2 monthly check up of accounts as I save as much as I can all month from, say, Julys pay packet I am looking at still being able to pay off £300 in one month (which is my target, minimum payment equal £175) and have to pay for car tax and a 5 week pay month I am really please with my self will pad all this nearer end of month when I have exact figures.

Wesker

Just got back from a few days away with a PAD of £100 please :T

Hopeful1

I used to have savings but used them when the debt got really bad. I am now trying to build up some funds again, as i struggle everytime something unexpected happens. With 2 young children and a car, that happens quite often!! I haven't got a credit card to fall back on either, so i really think i need something!:)

Kepp

Just a £1 for me today please