What do I do?

boo2905

Hi

Just wondered if anyone could offer some advice as I don't know what to do.

So far I have raised £40 from Ebay (not a lot I know but it's better than nothing). My OH has said I should keep all the money I make from Ebay in my paypal account to pay for a holiday that we're going on in September - so at least I don't have to fork out all the money in one go then.

But, I don't know if I should do that or pay some money off one of my debts.

Could anyone advise me what they thing is best please?

S

Storm

If you're going on the holiday anyway, then yes I would say start saving your Ebay money towards it, unless you've got another plan for paying for it. How much do you need to raise & by when?

boo2905

We're going in September and it should hopefully be around the £200 - £250 mark plus spending money. maybe if I really dig out loads of Ebay things I can get the money quicker and then it's done and I can use anymore I get to pay my debts.

bouquiniste

Except... you'll lose more, as the money is just sitting in Paypal, not working - i.e. it isn't interest-bearing. Meanwhile, your debts are working - against you - i.e. attracting interest.

I'd suggest you either use it to pay off £40 worth of debt - which saves £% of interest from accruing, so works in your favour - or, if you really want to keep it for hols, transfer it to an instant-access savings account. Even if it turns into £41 rather than £40, that's a quid more in the hols pot...

powerbase

Remember paypal charges you (I think it's 50p) if you withdraw an amount that is under £50.

I would suggest you sell some more on ebay, get up to £50 and then withdraw. I'd withdraw for two reasons:

1. Paypal have been known to be silly and not release cash to people though this is rare.
2. You should pay off your debt to avoid interest or if you really do want to save it put it in a high interest account until you need it (I suggest the debt)

Good luck.