Debt free by the end of 2016!

emzky

Done some working out today and taken decisive action to up my DD repayment from £150 to £650. I have £8100 to pay back on a CC which is interest free for 36 months but want to it back sooner so we can start saving for a new house. 650 a month should see it paid by December latest. Maybe even October if we get a 1k payment through that we are expecting. Means we have a disposable left of 200 but Im not grumbling at that. I just find it so hard to save money.

enthusiasticsaver

If you are looking to buy a house I would look into the new Help to Buy ISAs which are paying 4% and maybe overpaying on your credit card but also saving in the new Help to Buy ISA to qualify for interest and put you in good position to buy when you are ready. I wouldn't suggest it if you were paying interest on your credit card but as it is interest free it might be better financially for you.

enthusiasticsaver

Ah sorry I have just read "new house" so I am guessing you already are homebuyers so wouldn't qualify. Saving is hard but a good discipline to get in to. I always find it helps to imagine the end target rather than saving just for saving's sake. In my case it is financial independence and obviously for you it is either a bigger or better house so keep that in mind each time you spend on something you want rather than need and ask what you would rather have - the new house 6 months earlier or whenever or something which may make you briefly happy now but in a few months time you will think what a waste of money.


Good luck.