Pay ALL your debt off by Xmas 2013

HalfPint

Winnie_in_Pooh wrote: »

Morning all,

Feeling a tad demotivated at the moment following a rather frank conversation with DH last night about the pro's and con's of having savings while paying off debt.

I'm of the opinion that so long as we have a big enough emergency pot in case the car blows up or the washing machine goes caput that any extra money should be paid off the debt. He is of the opinion that we should pay the minumum on the debts and then split our excess income 50/50 between savings and overpayments.

My way will have us debt free by at least Xmas this year, if not before. His way will have us debt free at some point in 2015.

I'd appreciate your opinions on this?

Win x

I'm with you Win. I'd be having enough in an 'emergency' pot (I don't even have that at the mo:eek:) and chucking every spare penny at the debts...that way you gain an extra year and half of time to save iyswim:)

HP x

moneyless_mac

Some ebay sales means I have made my first overpayment

# 114 £130/6381.81

Will update percentage when I find my calculator.

recurrent-ostrich

Winnie_in_Pooh wrote: »

Morning all,

Feeling a tad demotivated at the moment following a rather frank conversation with DH last night about the pro's and con's of having savings while paying off debt.

I'm of the opinion that so long as we have a big enough emergency pot in case the car blows up or the washing machine goes caput that any extra money should be paid off the debt. He is of the opinion that we should pay the minumum on the debts and then split our excess income 50/50 between savings and overpayments.

My way will have us debt free by at least Xmas this year, if not before. His way will have us debt free at some point in 2015.

I'd appreciate your opinions on this?

Win x

How much interest will you get on savings? 1,2,3% max? how much interest are you paying on your debt? I guess the bottom line is that if your debt is a higher rate than your savings, then it doesn't make sense to keep the debt and save.

Maybe you can agree with hubby to save a small emergency pot of a few hundred pounds, which will easily pay for a washing machine, or other white goods appliance, and go towards a car repair, then pay the debt off asap.

HalfPint

Hi all o/

Remembered I have a tent and 3 sleeping bags that I need to sell..so have stuck them on gumtree. (if they don't sell that way I'll ebay them)

HP x

amr547

Well I've managed to do some stuff today, I've just sliced my finger on a tin can too, argh!!!! We went to town, bought various bits and bobs, I wanted a slow cooker but I couldn't find one - the one I was looking at had sold out. Ah well. It's money saved!

Going to take down the Xmas tree and hoover shortly....

misselvis

Hello fellow DFW HNY and cheers to a new challenge am looking to rid myself of all of my debt just leaving my savings and mortgage which I will continue to overpay.

The amount is £10k and I know that by joining this challenge will inspire my journey.

Many thanks

SpagBol

Puzzcat wrote: »

Hi SpagBol,

I also joined yesterday and can't find myself.. the list only appears to go up to 109.. unless i'm being daft.. which isn't unusual....

xx

Ah I see...what has happened is I update my spreadsheet whenever there's an update but just upload it to the front every few days. Sorry will do it now

ETA: all updated now

SpagBol

Winnie_in_Pooh wrote: »

Morning all,

Feeling a tad demotivated at the moment following a rather frank conversation with DH last night about the pro's and con's of having savings while paying off debt.

I'm of the opinion that so long as we have a big enough emergency pot in case the car blows up or the washing machine goes caput that any extra money should be paid off the debt. He is of the opinion that we should pay the minumum on the debts and then split our excess income 50/50 between savings and overpayments.

My way will have us debt free by at least Xmas this year, if not before. His way will have us debt free at some point in 2015.

I'd appreciate your opinions on this?

Win x

I agree with the others (and you!) Winnie, keep a small amount for emergencies (I haven't even done this ) and then throw everything at the debt. Like the others say, compare the interest rates. Also, if you pay off a reasonable amount in overpayments to debt every month, if a big purchase was necessary you could just pay minimum payments that month. That's what we've just done with Christmas

[Deleted User]

amr547 wrote: »

I wanted a slow cooker but I couldn't find one - the one I was looking at had sold out.

ALDI have/had some 6.5L ones for £18.

http://www.aldi.co.uk/uk/html/offers/special_buys3_16010.htm

Winnie_in_Pooh

Thanks guys I shall tell DH he's a muppet and to go away and let me sort it out :rotfl: