on my way to debt free- might take a while

debtfreeme2015

If anybody is out there I could do with some advice. have managed to get my cc down to £540 this month. I have £2000 in a savings/emergency fund and am wondering wheather i should use this money to pay it off.
I realise that it would make more sense to pay it off of the loan but it wont make much of a dent in it. im also thinking that when my extra shifts finish this month it will be one less bill coming in. What does everyone think?

hannahroberts1985

Hey,

If you are paying interest on the CC it would be best to pay it off asap. xx

debtfreeme2015

hi hannah no i am not paying interest on it at the mo but just wonder if id feel better about my reduced income from next month if i knew it was payed and forgotten about if you like am thinking that £100 roughly I pay of it a month could then go to the loan if i am able to get a second job

debtfreeme2015

Hi all. I'v not been on for a while but have made some progress with paying off some things as you can see in my signature. I have also made a few decisions. I have stopped looking for a second job mainly because nobody within my company knows what is happening yet and the agency i applied to didnt seem to know what they were doing so instead am oing to have a huffle with my budget and try and manage. secondly on pay day I am going to pay off the credit card in full. I realise that this is a bit daft as its interest free at the min but think i will be happier with it gone as also in the new budget thats one less think to account for.
I have managed to get my emergency fund up to £2500.00 which is what I was aiming for. Do you think this is enough or should i aim to put more away (this may be possible on new budget even if only £50 a month) or do i just try a wipe as much of the remainig loan? Any thoughts would be good
the next few months will be tough with minimal/no overtime especially as ive been doing 100 hours extra a month but to be honest it will be nice to have a break for a bit

debtfreeme2015

Just a quick update due to lots going wrong in the last 24 hours and having to use some of my emergency fund on the sick cat i thought sod it and have used some to pay the credit card so that is now gone and the emergency fund stands at 1800.00:T

debtfreeme2015

Hi all have not posted in awhile but loan now down to £10,625.74 and hope to take off another £100 in the week will update properly tomorrow as just off to work

debtfreeme2015

Well I have been along time without posting and unfortunatly not much progress has been made .
There are still no extra shifts available at work which has made a massive dent in my salary (was £900 down this month :eek:) but have taken on a second job the pays not great and the shifts are not guaranteed but i can do it around my 1st job so its better than nothing.
Have almost finished xmas xhopping and have not got into any debt to do it have cut down alot this year and have only bought for my neice.
MY savings have taken a massive cut as in october we found out a relative had not been paying their rent. Thay have a young child and i couldnt see them on the streets so used my savings money to bail them out doubt i will ever see it again though.
So on my reduced wages I need to pay of the remainder of my loan and build up some savings again (have no credit available so need savings/emergency fund) dont know how im going to manage it but am def going to try

debtfreeme2015

also am on no spend day number 6 in a row (mainly as i have nothing to spend lol)

debtfreeme2015

well i managed 7 no spend days in a row :j but blew it all today in mr Ts however managed to use lots of vouchers for money off and extra points and got 3 more xmas pressies so could have been alot worse. Also paid another £40 off my loan cant wait for it to be under £10000 at least it will feel like im getting somewhere then

debtfreeme2015

Have managed to pay another £33.50 of the loan but thats it now until pay day. We get paid early in december so it needs to last an extra few days (although i have seen were getting paid 2 days early in jan so that will help)
Ive never done an soa as my pay changes every month but these are my outgoings

Rent- £150
LOan £538.30
phone- £15.50
Internet- £27.50
HFc LOan- £15.68
Spends £200
anything above this i use as an overpayment to the loan. am hoping my pay will be a bit better this month as had no holiday and also somehow had 30 extra hours.
Im hoping that next friday i will be able to make a £340 overpayment to the loan so that when the direct debit gets taken on the 28th it will be below 10,000