Pay ALL your debt off by Xmas 2015!

Mat_Lock

I guess my next question is where to put my savings - ISA, more current accounts or something else?

Ahhh never saved before so this is worst than paying debt haha

starnac

Mat_Lock wrote: »

I guess my next question is where to put my savings - ISA, more current accounts or something else?

Ahhh never saved before so this is worst than paying debt haha

#debtfreeproblems :rotfl::rotfl::rotfl:

Seriously though, check out the savings board on here. They'll be able to help you x

BirdSeed

Hi there. Just thought I'd give a little update on my financial plans for 2015. My household outgoings have increased over the last few months which is having a slight impact on my debt busting. I'm a bit annoyed at my gas and electricity supplier as when I was discussing my payment plan with them at the beginning i offered to pay £50 a month more than they suggested. However they insisted I didn't need to do that, so I didn't. I received a bill last week saying I am almost £400 in debit so they are increasing my payments by £47 now. If they'd have just listened to me in the first place.....

It's not all bad though, husband and I have taken out life insurance policies. They're costing a fair amount but we believe its sensible in the long run. (I promise if he dies in the next few months I haven't killed him for his money!!!).
I am also saving the 'save the change' and quidc0 cash back money into an online bank account. The aim is to put this towards a holiday in 2018 for husband's 40th. (Hopefully I will get the £50 Christmas bonus from quidc0 which will bump the balance up nicely). I'm going to try to avoid looking at the balance of the online account for while, hopefully there'll be a pleasant surprise when I do!

Eta, forgot to mention I've opened a credit union account through work. I'm putting £50 away each month for Christmas. There are penalties if you withdraw money before october.

My debts in this challenge are to my parents so as much as I need to pay them back, they're also pleased that I'm getting my finances in order too.

All the best to everyone. What a positive start to the year, keep up the good work ��

BirdSeed

Pablosammy

Mat_Lock wrote: »

I guess my next question is where to put my savings - ISA, more current accounts or something else?

Ahhh never saved before so this is worst than paying debt haha

1) Get a couple of grand in the TSB 5% interest account. Use this as your emergency fund, and it's a great interest rate anyway.

http://www.tsb.co.uk/current-accounts/classic-plus-account/

2) Start paying into an ISA. The interest rates aren't that attractive at the moment, but if you don't use it, you lose this year's allowance. When interest rates go up in the future, you'll appreciate it!

3) Once you've got a decent amount of cash (think six months salary... may take a while!) start to think about investments. Stocks and shares (can be included in an ISA allowance) and even a small proportion of physical gold, depending on the price at the time. Diversity is key when you've built up a decent amount - cash can go down in value (if inflation is greater than your interest rate), the same way shares or commodities can, so start diversifying to keep your money safe.

Mat_Lock

So I can open that TSB account up even though it won't be my main current account. So long as I stick £500 in each month it can be getting that interest?


I have an ISA with Halifax, hadn't used it for years until I started the £1 a day challenge on here. Now has £62 in it. I think I'd prefer to stick £2000 in the TSB account for better gains and just put more in the ISA if I have any spare.

SpagBol

Mat_Lock wrote: »

Happy Monday everyone.

Today I am officially debt free. Payday today and just made all my final payments.

Payment for 2015 now updated in sig for the front page pablosammy.

Thanks to everyone on the thread, especially from the 2014 thread. Everyone on a debt free mission in 2015 good luck and don't lose your way even if times are tough. You can do this.

Well done! :beer: :j

Pepperoni

Pablosammy wrote: »

1) Get a couple of grand in the TSB 5% interest account. Use this as your emergency fund, and it's a great interest rate anyway.

http://www.tsb.co.uk/current-accounts/classic-plus-account/

Is there a limit on how many of these you can open up?

ETA - Found the answer, 1 in sole name and another in joint. So presumably OH & I could get a sole account each then a joint one too...

Our debt is 0% for 2 years so looking at the best way to earn some money on the money I've put aside to repay it. Its currently in Santender earning 3% (or 2.89% really I think).


- Does anyone know if the £500 can just be in an in / out payment from another bank account (not with them) or does it have to be a salary or similar?

Mat_Lock

I think I need to start asking these questions on the savings board. I am confused with it all.

Pepperoni

Mat_Lock - I may be following you over there

Pablosammy

Mat_Lock wrote: »

So I can open that TSB account up even though it won't be my main current account. So long as I stick £500 in each month it can be getting that interest?

I have an ISA with Halifax, hadn't used it for years until I started the £1 a day challenge on here. Now has £62 in it. I think I'd prefer to stick £2000 in the TSB account for better gains and just put more in the ISA if I have any spare.

Pepperoni wrote: »

Does anyone know if the £500 can just be in an in / out payment from another bank account (not with them) or does it have to be a salary or similar?

Yeah, just set up a standing order to transfer £500 once a month from your normal current account into the TSB account, and have another standing order set up to transfer it back the same day! No need for any Direct Debits to come out like there is with some other high interest current accounts.

Mat - your old ISA is probably 0.1% or something silly. Make sure you shop around for the best one on the market. You can transfer any funds into the new one most of the time.