Pollyanna

ZTD

ChopinonaBudget wrote: »

Sorry, no. I'm overdrawn paying 20% interest to nationwide. M&S want £60 of that overdraft to pay off a 0% credit card. As it stands, that makes my debt longer to pay off, not quicker.

The monthly interest on £60 at 20% interest is 92p. What it actually costs you is less because you'd have to pay *something* of that £60 anyway.

That's what I mean by "very little difference".

ChopinonaBudget

ZTD wrote: »

The monthly interest on £60 at 20% interest is 92p. What it actually costs you is less because you'd have to pay *something* of that £60 anyway.

That's what I mean by "very little difference".

OK so it's 92p. Fair enough, but I'm still not paying off my debts any quicker with a higher minimum payment because all that happens with a higher payment that I can't afford that month is that the money goes from one debt to pay off another. I'm about to see it happen with the Halifax payment tomorrow.

If I can afford more though, then the minimum is irrelevant anyway because I pay the debts off with however much surplus I have left each month, which changes month on month.

My repayments really aren't going to work like others' on here, which is partly why I have never posted an SOA as I would get blasted for doing weird stuff or not paying off stuff, or saving when I have debts or doing all sorts of weird stuff that is generally not recommended. Even my income is, at best, educated guesswork until the end of the year when it has actually come in, and by that time it's too late to budget for the year that has gone! :eek: And there's no point in taking last year's income and using that, as that rarely bears any resemblance to the current year as students come and go and jobs change etc.

Which is a long way round of saying that my financial system is odd, and I think I've got a way of it working for me, but it's atypical (to say the least) (And I really, really like hyper low minimum repayments because then I can chuck money at my debts when I choose to. I have a simple system where I look at my current account balance at the end of the month, and anything over a certain amount (currently £800, but I set that to rise by £100 every month to build a current account buffer for the summer months in following years) goes on overpayments.

ZTD

ChopinonaBudget wrote: »

My repayments really aren't going to work like others' on here, which is partly why I have never posted an SOA as I would get blasted

Nobody is going to blast you. Have a read back of your diary. Has anyone been aggressive towards you? People may ask you questions, or make suggestions, but that is not meant in a detrimental way.

ChopinonaBudget wrote: »

for doing weird stuff or not paying off stuff, or saving when I have debts or doing all sorts of weird stuff that is generally not recommended.

People have their reasons, and when they have a diary and these things come to light, are often asked what those reasons are. I've never agreed with Martin's advice about having no savings when you have debt. He's assuming people can take on more debt at the drop of a hat, which for a multi-millionaire like he is may be true, but normal people need cash buffers.

ChopinonaBudget wrote: »

Even my income is, at best, educated guesswork until the end of the year when it has actually come in, and by that time it's too late to budget for the year that has gone! :eek: And there's no point in taking last year's income and using that, as that rarely bears any resemblance to the current year as students come and go and jobs change etc.

Yes, that's like other self employed people on here. There are a number of supply teachers on here who supplement their income with tutoring. There are taxi drivers on here. There are builders on here. All of these people's income varies through the year. Some of theirs will go to zero. The most unusual one was a few years ago - an actress. Her income was several thousand pounds per week. Or zero. Usually zero.

ChopinonaBudget wrote: »

Which is a long way round of saying that my financial system is odd, and I think I've got a way of it working for me, but it's atypical (to say the least) (And I really, really like hyper low minimum repayments because then I can chuck money at my debts when I choose to. I have a simple system where I look at my current account balance at the end of the month, and anything over a certain amount (currently £800, but I set that to rise by £100 every month to build a current account buffer for the summer months in following years) goes on overpayments.

Well, to recap what my points were:

1. It's a high minimum payment, but it is a payment. You are paying off something, the money is not wasted.
2. You can't do anything about it. It's a minimum payment.
3. It's not actually costing you all that much.
4. Stop stressing about it. There's bigger fish to fry which you can do something about and which will have a bigger impact.

I'm sorry that I trod on something sensitive.

ChopinonaBudget

Very DFW.. need to send a close account letter to Post office for a savings account I don't use, so I scribbled out the back of a printed sheet of a4, wrote on the plain side, sellotaped it together to make an envelope, and stuck a piece of scrap paper to the front with the address on it.

Sorted.

Free.

pennywisepoundstupid

HI chopinonabudget, I've come out of lurking as I saw an offer on the discount voucher board and thought of you, added the link incase you havn't seen it and are interested it's for £10 off a £20 spend on GF food.

https://forums.moneysavingexpert.com/discussion/5048122

ChopinonaBudget

pennywisepoundstupid wrote: »

HI chopinonabudget, I've come out of lurking as I saw an offer on the discount voucher board and thought of you, added the link incase you havn't seen it and are interested it's for £10 off a £20 spend on GF food.

https://forums.moneysavingexpert.com/discussion/5048122

Ooo thank you! I'll check through the site and see what they have later thank you for posting, I'm really quite awed at the support on here, you're all so kind!

ChopinonaBudget

On another note, I just helped daughter apply online for what must have been umpteen jobs (she now has GCSEs on a cv so actually has a shot of getting something). Wait and see now....

ChopinonaBudget

£30 has come out to pay off the Halifax and I got paid £200 which makes the current account look a little bit healthier

Last day off today (not counting weekends) before term starts; daughter has driving lesson paid for by rat sitting! She's excited, I'm knackered!

And we have an Ocado shop being delivered tomorrow morning :eek: Daughter went on a mission to lower grocery shop and found a introductory Ocado deal that weirdly makes it cheaper than our usual tesco shop. Delivery free, and apparently they don't do silly substitutions, so fingers crossed! Have to pop to tesco on way back from driving to pick up laundry liquid and vegetarian meatballs, but apart from that, it's all in the Ocado shop

ChopinonaBudget

I've eBayed 4 items... Two of them expensive branded boots, so fingers crossed!

ChopinonaBudget

Brilliant. And of the expensive stuff put on there, the one thing that has a watcher already is an empty branded jewellery box.