Paying £1 a day to credit card?

Missko

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Moneymash

I think you are referring to the payment-a-day challenge thread. Go to the Debt -Free Wannabe challenges sub-board and you will find the challenge and peeps you are looking for.

Seanymph

I'm doing it this month for the first time - and not a pound a day either.

But every day I pay something - and I'm amazed how that has hadded up this month and kept me motivated.

It's as easy as today we skipped a coffee we would normally have had, so tomorrow I shall put a fiver into the box.

But every day I put something - some people put a pound - some 50p, today for me i was £132 off the mortgage because I banked an unexpected cheque.

But it's the discipline of something every day making you think, and maintaining the focus.

It's also, even at a pound a day, £30 a month - and the difference that makes on cumulative interest is larger than you would think.

Missko

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suse*

You don't have to actually make the payment each day as Seanymph mentioned, you could just put money aside or vitually count it and make the actual transfer at the end of the month if that is easier.

For my mortgage the interest is added daily so it would impact that but for credit cards you'd need to read the t's and c's to see if it is daily or monthly etc.

Since I have been using YNAB to track my spending it really shows what a difference it makes on the daily interest for my mortgage, so that has really helped to focus me. As the more money I can overpay, and keep in the offset account, keeps it down more than if I just did one OP a month then forgot about it.

Tilly Tidy mentioned in my sig is something people do on the mfw board which means rounding your balance off to a whole number when you check your internet banking. So again it is only a few pence here and there but then you shouldn't notice missing it as much but it quicky can add up.

Seanymph

I have a paying in book in a sleeve for an oldfashioned building society account - everything goes in that, I pay it in on a Saturday morning, and when I get to £1,000 it goes off the car loan.

Other pay offs count (I only owe on the car and the mortgage) so yesterday the mortgage meant I didn't pop anything into the box for paying in later this week.

And I have missed a couple of days - but tried to pop extra in the next one.

It's the fact that the amount doesn't matter - but at 50p a day it's an extra £15 a month. And that does matter - it's all helping to crawl out of the hole!