A Thread for After Debt?

rising_from_the_ashes

thrifty_fifty wrote: »

To be honest the thought of applying for one, and filling out an application form, and maybe even holding a credit card is terrifying. But maybe I need to get over the fear.

I know what you mean .... for a long time I had a card off my dad's account - it worked well for me as I would've done anything to make sure I wasn't able to not pay it at the end of the month!

Anyway, went like this for around 6 months and then started using my card again (I'd somehow always managed to keep one of my cards.....) for online purchases again and it got too much to have two! So .... I went "solo":eek:

However, having got into the habit of clearing every month - there's no way I'm going to "fall off the wagon" again with it! I only ever put on what I can afford to pay off each month .... and TBH, I find it a great way to control my spending - I rarely take cash out (maybe £20/month for wee bits/window cleaner etc) and as everything else goes on the card... which must be paid .... it works well for me.:)

If you do get one and aren't sure - try using it for one thing each month ... say fuel or groceries & paying in full each month - and seeing how it goes.


Welcome to Marco and Gap!:) Great to see new faces - think I'm going to need this thread more than ever this year to not fall back into bad habits:o

JulieGeorgiana

I have a MrT reward Credit Card and I have been putting all my spending and paying it off in full since 2004!!!!

Think of all the bonus points it has earned me

I started doing it after my LBM to try and get some rewards for entertainment and treats and I spent every available penny on debts... so i could take us out using CC vouchers and not feel guilty.

I have been taking DS to Legoland every year since he was 3 for FREE

AlyBaly

girlatplay and Marco welcome to the thread, I think its a great thread and learned so much already. I love the idea of "recycling" savings by putting it from one account for a bit then moving it on a regular basis to another. I will look into this especially accounts at 8%!

I have not yet found out how to do the "pots" , I am with Lloyds TSB so if anyone knows if they do that can you point me in the right direction, spent ages reading their site but its probably staring me right in the face !

Away to make dinner and catch up later x

JulieGeorgiana

AlyBaly wrote: »

girlatplay and Marco welcome to the thread, I think its a great thread and learned so much already. I love the idea of "recycling" savings by putting it from one account for a bit then moving it on a regular basis to another. I will look into this especially accounts at 8%!

I have not yet found out how to do the "pots" , I am with Lloyds TSB so if anyone knows if they do that can you point me in the right direction, spent ages reading their site but its probably staring me right in the face !

Away to make dinner and catch up later x

i should make commission for recommending people!

Try calling Lloyds and asking if they have a product to suit you. Don't forget to use saynoto0870 website for a local number to save you £££ on your call

amiehall

Hi guys, I've been debt free for about 6 months now. I made a huge push to clear the decks before I started at university in September (better late than never eh )

I'm hugely happy today. I got a revised student loan assessment recently and having just put the new numbers into an SOA, it comes back positive!! Hooray. I'm managing to save £250 a month at the moment in one of these regular savers you're all so keen on. Started that in May and I'm so hoping I can keep the payments up until it reaches the full year. I think £3000 saved would be a fab emergency cushion and I might feel more able to cut my job down to 1 day a week rather than 2 because I'm knackered.

Congratulations all on making it to debt free. Saving payments that were going on debt repayments is something that I hardly noticed at first and I find it hugely motivating to see the balance build up and up every month. I've promised myself I won't be in debt again until it's a mortgage so here's hoping I can manage!

JulieGeorgiana

welcome amiehall

congratulations on your SOA... I hope to see you on the honour roll very soon

QueenB.

its great to see so many new faces in here, welcome everyone:j.

I have one CC that i keep for an emergency but it is stashed away and hasn't been used for 4 years. It is there as a back up but it would have to be a major emergency for me to drag it out, blow of the cobwebs and use it.

I am rubbish with spreadsheets, maybe one of my goals this year should be to try and work out how to create and use one.

I like the idea of e-accounts so i will be looking into them and that 8% savings account will be another thing i will look into. I was hoping to up the amount i put into savings each month but with me no longer working, DS2 PGL trip (£300:eek:) and a underpayment to make to the taxman:( doesn't look like i will be able to do so for a few months at least. I have little envelopes for my weekly bill money, i sort them all out at the start of each week, always try to stay at least one week ahead and then lock them all away. As im the only one with a key no one can get in and sneak any for any reason. My OH can find this a little annoying but as he really has no control over his spending (if he has money he will spend it) he understands why. Having all the weekly bills prepaid (thats how i like to see them), right down to the weekly chippy spend of £1.80, a few weeks in advance gives me a real feeling of peace. Its such a change from the living week to week, or should i say the struggle from week to week that we had to do pre DF.

LianneH

hope to be joining you all in the next few months! I'm excited and nervous at being debt free as i want to get rid of it but then... what next?!

rising_from_the_ashes

amiehall wrote: »

I'm managing to save £250 a month at the moment in one of these regular savers you're all so keen on. Started that in May and I'm so hoping I can keep the payments up until it reaches the full year. I think £3000 saved would be a fab emergency cushion and I might feel more able to cut my job down to 1 day a week rather than 2 because I'm knackered.

Wow! That's fantastic Amie - congratulations!

QueenB. wrote: »

I have one CC that i keep for an emergency but it is stashed away and hasn't been used for 4 years. It is there as a back up but it would have to be a major emergency for me to drag it out, blow of the cobwebs and use it.

:eek: Wow! That's fantastic going! (is it still in date? - may be worth checking .... just in case):)

LianneH wrote: »

hope to be joining you all in the next few months! I'm excited and nervous at being debt free as i want to get rid of it but then... what next?!

Congrats on your debt busting so far ..... look forward to hearing you've "done it" very soon!:)

JulieGeorgiana

LianneH wrote: »

hope to be joining you all in the next few months! I'm excited and nervous at being debt free as i want to get rid of it but then... what next?!

So exciting, hope to see you on the Honours board soon.

What next? That's up to you. From experience and what others have said on here the best way forward is to try not to go too crazy and spend spend spend. Try and think of what you would like to do with the extra money. Some ideas:

1) Ease all you 'budgets' and give yourself some extra spending money
2) Save for something big (holiday, deposit...)
3) Cut back your hours at work and have a better work/life balance

I wish you luck x