Never ending story

Abz12

I have been a member for quite a while but up until now have been a browser. After reading loads of amazing stories of debt free journeys, mortgage free journeys and life after debt I have decided to start my own diary.

Not the best when it comes to self discipline so hoping to borrow some of yours (whoever reads) and build on that.

A bit about me,
I am 23, soon to be 24. Rent from a housing association and live with my boyfriend of almost 7 years. No dependants except 2 cats. Although they are my babies!

Have a full time job with a good salary and earn commission on top. No debts really to speak of except the ones in my sig- they will be cleared by march all apart from the car.

When debts are cleared I should be able to save around £300 a month which still gives me some spare for having fun on the weekends like meals and drinks etc

My OH doesn't work so only one wage in the house, but with his JSA he buys food etc.

I would like some advice on what you think I should use my additional savings for? Might sound like an odd question but I don't know wether to pay off the finance on my 0% interest over 5 years car finance or save for a house? Or just go on hol

We would like to own in the future but its unlikely on one wage we can achieve this any time soon. We have spoken about opening a joint account but I have reservations as I'm the only one working ATM.

Sorry for the long post but wanted to give the full pic.

Thanks for reading.

Oh an I also want to loose about 70 lbs.....

X

Robin_TBW

Save. If the interest rate on the loan is 0% then you can gain a little bit of interest.

Don't feel like you need to spend loads of money on losing weight either. Change your diet and exercise at home does the job. It's what I do and I've lost a stone now since January 1st.

Abz12

Already have a gym membership, tied in until September.

Thanks for responding.

It does make sense to save after clearing the initial debts.

Abz12

So first day of the master plan. Like most of you I am waiting for payday so I can clear these debts.

April will really be the month when things get started.

Looked around for high interest savings accounts. Like the idea of the Halifax saver for now. OH seems interested too which is a plus.

Saving here I come!

Haven't been to the gym today as I had an appointment after work but should be going weds, thurs an Friday anymore than that is a bonus.

hereigoagain22

Is your OH looking for a job? How long has he been unemployed? Remember when his 6 months contributory JSA ends you will have to provide for him.

Save a little for the future, stay away from debt and enjoy and live your life - meaning go on holiday!!! Before you know it you will be settled down with two kids and STILL worrying about money ;-)

Don't open a joint account with your partner - there is no rush and plenty of time. There is no point especially now, when the time comes in the future when you are both working and thinking of starting a family etc. you can open a joint account then. But for now it's just as easy to half the bills (when your OH gets a job)

Good luck and make sure you enjoy that holiday!!!

Abz12

OH has been unemployed since he left uni!!
He had a temp job working in a clothes shop but didn't get taken on full time.

Unsure about the 6 months JSA as he's been claiming for 10 months already.

Can see your point about the joint account, I wanted to do this mainly to spur him to find a job and make contributions.

Thanks for the advice.

Robin_TBW

Abz12 wrote: »

OH has been unemployed since he left uni!!
He had a temp job working in a clothes shop but didn't get taken on full time.

Unsure about the 6 months JSA as he's been claiming for 10 months already.

Get him off his !!! then.

In my previous role (started in March 2012) I met a woman who had only been in the country for three weeks and then got the same job I did! I got kept on (and eventually promoted) but she was at least in the job until September. If she can manage that quickly then he's not trying hard enough.

Thrifty_Pixie

Abz12 wrote: »

I have been a member for quite a while but up until now have been a browser. After reading loads of amazing stories of debt free journeys, mortgage free journeys and life after debt I have decided to start my own diary.

Not the best when it comes to self discipline so hoping to borrow some of yours (whoever reads) and build on that.

A bit about me,
I am 23, soon to be 24. Rent from a housing association and live with my boyfriend of almost 7 years. No dependants except 2 cats. Although they are my babies!

Have a full time job with a good salary and earn commission on top. No debts really to speak of except the ones in my sig- they will be cleared by march all apart from the car.

When debts are cleared I should be able to save around £300 a month which still gives me some spare for having fun on the weekends like meals and drinks etc

My OH doesn't work so only one wage in the house, but with his JSA he buys food etc.

I would like some advice on what you think I should use my additional savings for? Might sound like an odd question but I don't know wether to pay off the finance on my 0% interest over 5 years car finance or save for a house? Or just go on hol

We would like to own in the future but its unlikely on one wage we can achieve this any time soon. We have spoken about opening a joint account but I have reservations as I'm the only one working ATM.

Sorry for the long post but wanted to give the full pic.

Thanks for reading.

Oh an I also want to loose about 70 lbs.....

X

hi and welcome

pay off your little debts first and then save in an ISA. when the 5 years 0% on your car is up use some of your savings to pay off the balance before the rate increases.

do NOT open a joint account with your OH. he isn't contributing anything at the moment. when he finds a job then maybe. is he out every day looking for a job whilst you're at work?

Abz12

Lol at Robin TBW - I have tried and have come to the conclusion I should just leave him be.

Thrifty Pixie- car finance will be complete in 5 years. Have decided on saving before going on hol. Would like to save for my insurance in dec, half of water in oct and service in Sept. once all that's done I will start on my emergency fund of £1k.

Would prob then look at a hol.

Second day of this new leaf and I'm feeling good. Spent too much money though. Spent money on lunch at work and then steak night at the pub with my girlies.

Need to start budgeting for this.

Checked my account today and I have £98.88 until payday next Thursday. Should last me although I'm going out Saturday for a friends bday and then the weekend to go. Ideally I wanted to have some left over so I could clear debts with a little extra from this month instead of some from next, if that makes sense.

Tomorrow should be a NSD except lunch as I'm going gym after work and then home for dinner. This is usually healthy chicken or something. Thursday I'm seeing my mum so should be a curry (no naan) lol still dieting.

Anyways thanks everyone for the replies and help.

I have been looking into changing my bank. I am currently with HSBC on there advanced account, which I pay for. £12.95 a month.
I was thinking Halifax has anyone done this?

mildredalien

When I paid off my debts I split the money I now had 'free' into a few different areas

- providing a bit more breathing room and fun in my day to day budget
- long term savings (for real emergencies like losing my job, and eventually for a house deposit)
- holiday savings

I figure I'd rather be working towards all three of those things a small bit at a time than either blow it all on daily living, blow it all on holidays, or just savesavesave and not have a life even AFTER paying off debt!

Abz12

Mildredalien - sounds like a plan. I guess you feel like your achieving more as well then.