Payday!

shezam

I'm always so full of excitement come payday, good intentions for the month ahead.

Just sorted out some new Standing Orders and even a wee savings account so this month looks like this:

Salary: £1044.00

Gym Membership - £30.20
Credit Card - £175
Bills - £340
Savings - £25 (Its not much but at least its something!)
Dad (Money owed) - £100

This leaves me with nearly £400 for the month ahead to spend as I wish. Trying to curb my going out/eating out etc this month so I'm hoping to have a bit left come next payday. Which i'm not sure whether to put towards savings or pay off more credit card. Decisions Decisions!

Just wanted to have a wee rant on here. Hope everyone else is having a good payday!

Sx

los72

Are you able to save a ickle bit more than the £25?

I know £25 doesn't sound much, but at the end of the day, it all mounts up...:)

Personally, I'd save a lil bit more, least then you'll have some for a rainy day if sommat goes wrong etc....:)

shezam

Yip I definately can save more than £25, was just a numbter to round it up after paying my cc £175. I've just changed my standing order to £40 a month. Can't wait for my CC to be paid off then I can throw even more money at my savings!
Sx

Pollycat

Unless you're paying less interest on your credit card than you'll be getting on your savings (unlikely unless you've got a 0% deal) you're probably better off putting the £25+ to your c/c bill.

Here's how Martin explains it:
http://www.moneysavingexpert.com/savings/pay-off-debts

Although depending how much of an emergency fund you have it might be better to build it up as los72 says.

shezam

Well my credit card is 0% untill April next year. So no problems there. My savings aren't in an interest account just a normal bank account, would I better moving to an ISA or something? Sorry i'm not very clued up on all the different accounts!
Sx

ixia

If your card is interest free I would make the savings. just make sure you budget enough to pay the card off brfore the interest free period runs out.

Your savings would be better in an Isa.

Good luck.

Pollycat

shezam wrote: »

Well my credit card is 0% untill April next year. So no problems there. My savings aren't in an interest account just a normal bank account, would I better moving to an ISA or something? Sorry i'm not very clued up on all the different accounts!
Sx

Just pay the minimum on your 0% c/c but make a note to pay off the full balance when the 0% period is up.

YES, YES, YES (sorry to shout ), don't leave your savings in an ordinary account.

You could open a cash ISA, often with as little as £1 and instant access if you need to get at the money and you'll get over 3% per annum.
Compare that with the interest you're getting on the account your money is in now.

http://www.moneysavingexpert.com/savings/best-cash-isa

Lots of choices, some pay monthly interest, some are online only, some are in branch.
Just choose the one that suits you.

You can put in £5340 each year in an ISA for tax-free savings.

But (there's always a but), these rates usually include a bonus and the rate will drop to often as low as 0.5% so you need to be savvy and plan to move your money at that point.
Again, make a note in your diary.

shezam

Thank you!

Yeah paying off £125 to CC just to get rid of it. Just had a little meltdown when I thought its actually 5 weekends and 3 days untill next payday. I can do this though, minimum spending here I come!

Sx

shezam

Pollycat wrote: »

Just pay the minimum on your 0% c/c but make a note to pay off the full balance when the 0% period is up.

YES, YES, YES (sorry to shout ), don't leave your savings in an ordinary account.

You could open a cash ISA, often with as little as £1 and instant access if you need to get at the money and you'll get over 3% per annum.
Compare that with the interest you're getting on the account your money is in now.

http://www.moneysavingexpert.com/savings/best-cash-isa

Lots of choices, some pay monthly interest, some are online only, some are in branch.
Just choose the one that suits you.

You can put in £5340 each year in an ISA for tax-free savings.

But (there's always a but), these rates usually include a bonus and the rate will drop to often as low as 0.5% so you need to be savvy and plan to move your money at that point.
Again, make a note in your diary.

Wow some great points there Pollycat thank you! Gonna have a hunt and look at ISA's, got accounts with HBOS & Santander so alot to look at, although think I will stick with HBOS as much as I can!

Once again thank you! xxx