New Year - save harder!

happykate

Hello everyone!

First post!! I am a fellow DFW and after reading these forums for a long time now, I have decided to join in!

I have a little over 10k worth of debt from credit cards, buying a sofa on buy now-pay later, and from a personal loan for a car I bought last year. It is all very manageable for me, but I have been quite rubbish, especially where my credit card is concerned, at paying debt off as quickly as I should. I have never missed a payment for anything.

This year I have decided that I am going to try and be 'good' and try my best to clear what I can and become more thrifty in other areas of life where I am lazy and don't save as much as I should (ie - supermarket shopping, clothes shopping etc).

So - I have done a full budget for what I will have to spend each month. I have written a plan of what I'm going to pay off my credit card every month (FAR more than the bare minimum) and try to clear this asap. I have also made a plan of what I will save to go towards the sofa which has to be paid off in August.

Paying this off will allow me to save harder for a deposit for a house.... I would like to buy within the next three years.

So - there's my loose plan. I just wanted to say hi really, and thanks in advance for any advice you may give me along the way!

R_P_W

Is your credit card debt at 0% interest? If not it would be a good idea to use most of your savings to pay it off now.

happykate

Hi RPW

Thanks for that. Yeah I am thinking of doing that just to get rid of the whole thing, but need to discuss with partner as the savings are both of ours, and the cc debt is my own stupid fault.... watch this space I guess!

unoriginal_uk

I would definitely echo RPWs suggestion - if the savings are joint why don't you suggest that you take out just what you've put in only, to go towards your debts, and then agree with your partner that you'll put it back gradually once you've paid your debts off.

It is much better in the long run to have no debts + no savings rather than debts + savings IMO. Then you end up not paying so much interest

Good luck