Savings jar.....and silly picture loan

headoutthesand

I know i'm a reallr, really new DFW but i am wishing sooooooo much i can turn the clock to last august and choose not to take out a secure laon with Picture.

I am just off the phone to them today and i can't believe how silly we have been.

Every time i change my mortgage lender i have to pay picture £150:mad: .

I am starting to clear off my small OD. I have been helping out in a family business 2 nights a week meaning i can pay £60 a week to my OD.

I know that the practical way to do things is to pay off the high interest debt first but i prefer the psycological way and want to clear off small debts first. I think by clearing off the OD's it will sent up off on a positive note each month by not going to the bank and veiwing a negative balance.

I hope to use my Tax credits/family allowance to pay off barclaycard so this should be done in the next 4 months at £220 a month.

Anyway - enought about ranting on about this. My main reason for logging on today was to find out about the £2 jar and spare change Jar and what everyone does with it.

Do you raid it every month and pay more to your debt or do you let it build up and put it towards something as and when it comes up?

Comments would be appreciated. Please also feel free to advise me of how daft i was with picture.

wannasavemoney

Am ashamed to say, we raid our change jar towards the end of the month usually. It looks realy healthy at the beginning of the month and then just before wages go in, it gets raided for little stuff and top up shopping just so that we don't have to go to the cashpoint and raid that and possibly go od. As for a £2 savings, same there so gave up and now they are both in the same jar. In our defence, it has actually saved us money cos if we went to the cashpoint then we would usually draw out £20 rather than just using the money that we needed at the time.

Soprano

I won't comment on you being daft, nor should anyone else! We have all made mistakes with money in the past, otherwise we wouldn't be in these boards!!

That £2 jar is useless unless its working for you. Personally, I would empty it each month if it can cut into a bill. It may not erase one, but every little bit DOES help!

headoutthesand

wannasavemoney wrote: »

In our defence, it has actually saved us money cos if we went to the cashpoint then we would usually draw out £20 rather than just using the money that we needed at the time.

I can see your point for this. I made my cash pots husband proof (he hasn't had his LBM yet) but he plays golf almost every other day and needs to take £4 to pay for medal games. It's a catch 22 - if he goes to the cash point he would lift £10/£20 and buy the other guys a pint where as if he takes £4 from the cash tin he doesn't go for a pint as that is all he has. It gets me down though cos i try to save as much as i can and then i see him raiding it for stupid golf.

yellowmonkey

Hi

I have 2 change pots. One i use for 1 and 2p's. This when full goes into DD's bank account.

Have a 5p one that is just started this will be for DD's holiday spending money in 2008

ym

Broken_hearted

Ok you were stupid!
Doesn't help does it, I've another year to pay on my loan and it was stupid but at the time it seemed like 60 months wasn't a long time. we'll both know next time

Lindsay-Lou

hmmm... this is something i am undecided about. I've had a 1/2p pot and a 5/10p pot for years now and i used to count 'em 'n' cash 'em each Christmas. But now that I've started saving £2s I'm thinking I might convert my small coins to £2s on a yearly basis.

This might represent a spiraling hoarding habit :eek: but I am considering the question of when should I cash the £2s in. My current thinking is I'll pay it to the credit card when I hit £100.

Or maybe I'll just keep saving until the pot is full!! :rotfl:

N9eav

We have a brass kettle. All the small change goes in it, and the Tesco clubcard coupons etc. Near christmas we all count it and then go and blow the lot on Christmas food. Who needs a hamper club..

GettingThingsDone

I don't bother letting the change collect nowadays. I just let a sensible amount build up and pay off some debt with it. I got to thinking this way by pondering the following:

Would I rather have £10 sitting in change in a pot, or £10 off my debt and just that bit less interest to pay. i.e. £10 in the pot is *costing* me money

I set up an A+L account (through quidco) so I can just pop into the post office and put cash into my account any time.

postingalwaysposting

well i save 5p's, 1p's and 2p's. The 5ps are in a tin so i dont know how much is in there and the 1p's and 2p's go into a plastic pig. When my pig is half full he gets put into my isa :T once my 5p tin is full that would also go into my isa :T

we regards to you loan, it was pre lbm and yes looking back on it it was a mistake but the best thing now is you have relised your mistake and wont do it again