From care-free spender to debt-free saver

misstara · 22 November 2015 at 10:55PM

Hi, how was your weekend? Hope you're getting on ok

craididlyaig · 23 November 2015 at 3:16PM

misstara wrote: »

Hi, how was your weekend? Hope you're getting on ok

Hey there, things are ok here thanks for asking, hope all is well in your world too.

I have two things to report. Firstly, I am experimenting with not posting here every day. I am still keeping track of what is spent, and at the end of each week I will post what was left of my budget, pay that off my target debt and update my sig. Also, I will make the obligatory massive pay day post and update also. This is just to see if it helps really, what with posting on here and totalling up my exact spends it feels that all I'm doing all the time is thinking about this debt, and whilst keeping it on my mind will be useful for making sure it's being paid off, I feel i need to ease up a little with just how much I am thinking about it before I go a little crazy. If it doesn't work, I'll be back to posting every day. The debt is still very much the priority.

Secondly, I made the decision to use the money I'd put aside for my housemates security deposit to just pay off the rest of the second pay day loan in full. This way, I've avoided just over £40 of interest (and I have a few months before my housemate will want this money anyway) so it just makes financial sense. Also, it feels awesome to have another big red zero in my sig. And it is obviously nice to go down another roughly 2.5% of my total debt balance.

The new target debt is actually going to be the larger of the credit cards. The interest level is roughly the same on both, but it's just depressing making minimum payments to this one of nearly £100 only to find that it's pretty much back at the same level as soon as the interest is calculated. So I'll be overpaying on that bad boy come pay day, and should see some movement there too.