The road to my money all being my own!

mintymoneysaver

So due to a variety of things, I've had to totally rejig what I owe and who to. On the plus point I've got rid of the Barclaycard, I so wanted to get down to one card and I've managed to do that. On the negative side I've done it by borrowing from my Mum, and I also needed more as my car had a major fault that needed fixing.

However this now means, I have 2 straight debts to pay. £2000 to my mum, Standing Order for £100 a month set up, plus whatever else I can afford to pay her so that goes as quickly as possible, and then the Halifax, where I'm paying £50 more than the minimum off each month. It's still going to take me a long while to clear my debts, and I'm starting to realise that now, so the next thing is to also make sure I have a little bit of savings ready for any big expenditures. I'm going to aim for £100 a month and see if that's do able. It should be! Also the quicker I can pay my mum off, the quicker I can throw that £100 a month at the Halifax too, that would be £250 a month, £1000 gone every 4 months, £3000 gone in a year! Still going to take over 3 years though, which takes me to just about my 50th birthday. Guess that should be my new aim then, no debts when I'm 50!:T

lcc86

Hi mintymoneysaver,

You sound like you have had a similar situation as the one I found myself in, I had to borrow 2k from my mum on top of other debts. It saved me a fortune in interest though! You'll get there before you know it.

mintymoneysaver

Thanks lcc

My other aim is to set up that savings/ emergency fund that you've got. Now that I've got all the debts in just 2 places I should be able to save up to £200 a month hopefully, as long as I pay cash for everything and don't use my credit card for anything!!