Save for maternity leave, or pay off 0% debt?

Pepperoni

Hi.

I have £4,000 on a 0% CC until March 2017. In the next few months, I should have the money to clear this. However, it's likely (fingers crossed, all being well) that I'll be starting maternity leave mid-next year. So now I have the quandry of whether to pay off the CC, or save the money to cover the drop in income during maternity leave.

I think my head is saying save, continue to pay minimum CC payments, and balance transfer if needed (I'll still be on maternity leave come March 2017). Interested to know what others think is best though.

Thanks

Sharon87

Maybe half and half? Do you think you will be able to get another balance transfer deal when on maternity leave?

I personally would leave it in a savings account until the 0% runs out anyway, it's a way a lot of people on here make money - by stoozing.

I would also continue to make savings from your wage for the maternity leave.

It's a risk if you don't pay it off, because you never know if you'll be accepted for another balance transfer deal and may end up paying more interest than you'd like. The choice is up to you!

andyfromotley

Its a good time to sit down and cut your monthly expenses as low as they will go, that will help offset the reduced income during maternity leave.

rockm87

I'd get rid of the debt, and then you dont have to worry about finding money to pay off a credit card when you have a resticted wage.