Feel so alone

rolls99

Simple example: say a month had 4 days:


Day 1 - Balance £1000
Day 2 - Balance £700
Day 3 - Balance £1200
Day 4 - Balance £400


The bank adds each of these up (£3300) then divides by 4 (£825)


So your average balance is £825 - the only difference "Per month" is it adds the amounts for each day of the month then divides by 30 or however many days there are in the period

Popstess

Thank you Fmess and Rolls, I understand now. I think I'm going to keep an eye on my balance for a couple of months before I justo ship as I don't want to be too hasty and end up moving from one current account where I'm paying a fee and getting some benefit from to another where I end up paying a fee with no benefits because I'm not keeping the average monthly balance.

Newlywed_Saving_Ninja

First of all, a massive well done in paying Next, feels good doesn't it? Every time you pay a chunk off each debt, you will get the same feel good moment every time the next statement lands showing the drop in the balance.

I just want to say, if you go with First Direct, you won't regret it. I can't recommend them enough, their customer service is the best I have EVER encountered. Sadly I had to move my current account to Nationwide to get the deal on our mortgage for our first time buyer house. WORST.THING.EVER. I can't stand Nationwide, I have had nothing but problems with them since I moved to them in January, and as soon as the 4 year tie-in period with Nationwide is up, I am out of there!!!

Fmess

Popstess wrote: »

Thank you Fmess and Rolls, I understand now. I think I'm going to keep an eye on my balance for a couple of months before I justo ship as I don't want to be too hasty and end up moving from one current account where I'm paying a fee and getting some benefit from to another where I end up paying a fee with no benefits because I'm not keeping the average monthly balance.

Hi popstess, forgive me if I'm wrong but didn't you say your income was more than £1000 in your soa? If so then you qualify and don't need an average of over £1000 a month (I never have that) or do what I do and open a couple of online savings accounts with a few pounds in each.

dktreesea

Popstess wrote: »

Thank you Fmess and Rolls, I understand now. I think I'm going to keep an eye on my balance for a couple of months before I justo ship as I don't want to be too hasty and end up moving from one current account where I'm paying a fee and getting some benefit from to another where I end up paying a fee with no benefits because I'm not keeping the average monthly balance.

How about an HSBC current account? It's free, including the overdraft facility. No add on benefits like car breakdown but I would rather buy that separately, because I find they give you a good deal in year one, then hike it for year two, so I just keep switching, from AA to RAC and back again, to keep getting the introductory rate.


So if you do decide to switch don't take the attitude "can I please switch" but instead ask them what they can offer you. That way you may also be able to get a credit card that is 0% interest on balance transfers, so you might be able to transfer all or part of your balance from a card that is currently costing you interest, if you see what I mean. No harm in asking.


I would avoid NatWest/RBS. they can be expensive.

12_month_challenge

Hi Popstess and welcome

I would just like to add well done to you for starting your debt free journey.
I too have a high amount of debt so you are certainly not alone. I am using the snowball method and a weekly budget to help me stay on track.
I have had a couple of weeks of feeling up and down but am still determined to get there.

You say your debt free day is 3 1/2 years but I look at mine in payments rather than years. It sounds better. and more achievable.

For instance if you look at it as 42 payments. It doesnt seem so bad.

I have subscribed and will pop in to see how you are doing. Good luck and keep positive

Popstess

Fmess wrote: »

Hi popstess, forgive me if I'm wrong but didn't you say your income was more than £1000 in your soa? If so then you qualify and don't need an average of over £1000 a month (I never have that) or do what I do and open a couple of online savings accounts with a few pounds in each.

Yes that is true I thought you had to have both £1000 a month average and paying in

Popstess

dktreesea wrote: »

How about an HSBC current account? It's free, including the overdraft facility. No add on benefits like car breakdown but I would rather buy that separately, because I find they give you a good deal in year one, then hike it for year two, so I just keep switching, from AA to RAC and back again, to keep getting the introductory rate.


So if you do decide to switch don't take the attitude "can I please switch" but instead ask them what they can offer you. That way you may also be able to get a credit card that is 0% interest on balance transfers, so you might be able to transfer all or part of your balance from a card that is currently costing you interest, if you see what I mean. No harm in asking.


I would avoid NatWest/RBS. they can be expensive.

Thank you I'll have a look at that.

Popstess

12_month_challenge wrote: »

Hi Popstess and welcome

I would just like to add well done to you for starting your debt free journey.
I too have a high amount of debt so you are certainly not alone. I am using the snowball method and a weekly budget to help me stay on track.
I have had a couple of weeks of feeling up and down but am still determined to get there.

You say your debt free day is 3 1/2 years but I look at mine in payments rather than years. It sounds better. and more achievable.

For instance if you look at it as 42 payments. It doesnt seem so bad.

I have subscribed and will pop in to see how you are doing. Good luck and keep positive

Hi 12month challenge and thank you! Good luck on your debt free journey too. Oh I like the sound of looking at it in terms of payments rather than years

Popstess

I'm currently trying to work out budgeting however finding it rather stressful as the problem is I'm looking at how much I earn and how much I spend but I'm not starting from a clean slate of a fresh month of wages so I'm getting all muddled up.