Help needed - SOA provided

enthusiasticsaver

will369 wrote: »

surly it will take me less then a year if I can put £800 a month towards the debt?

I just feel guilty I am falling more behind with my savings. But I suppose this has to come 1st.

How quickly you come out of debt depends on whether you can stick to paying the £800 per month, how much interest you are paying and whether you are able to stick to a budget. It would be better to feel guilty about getting into debt rather than not saving as quickly as your parents want you to.

Goldiegirl

will369 wrote: »

Basically last August I moved back to my parents house and the rule was I was to put £100 a week into a savings account so I can save for a deposit for a house

Me being an actual idiot I didn’t.....I wasted the money and got myself into debt. I have now grown up and need to save.


Now I feel guilty and have had to up my weekly Mortgage money so I can make up for what I have lost.

In 3 years time I aim to have £25,000

As you are an adult, surely it's not your parents place to tell you what to do with your money, even if you are living under the same roof as them?


As you are living at home, with minimal living expenses, you could get this resolved in 6 months. £1000 towards the debts, £100 to your parents for food, and £300 for some personal expenditure. Then it'd be done and dusted by next summer.


Once the debt is cleared, then you could put the £1000 into savings, if you feel you have to 'catch up' with the savings target your parents have set you

enthusiasticsaver

will369 wrote: »

Basically last August I moved back to my parents house and the rule was I was to put £100 a week into a savings account so I can save for a deposit for a house

Me being an actual idiot I didn’t.....I wasted the money and got myself into debt. I have now grown up and need to save.


Now I feel guilty and have had to up my weekly Mortgage money so I can make up for what I have lost.

In 3 years time I aim to have £25,000

It is good to have aims but they have to be realistic. Even if you saved £100 per week for the next 3 years without fail you will not have £25k. When you say you moved in last August do you mean August 2014 or 2015? If so there is a serious discrepancy in that if you have debt of £6k and no savings because you have wasted it in spite of paying no rent and only £100 per month in food. You have a serious problem with spending money you do not have and need to address this urgently. Keep a spending diary and record exactly what you are spending and when.

asparagus1968

There is a snowball calculator on www.stoozing.com


put into that your debts, with the APRs and how much you can pay each month and it will tell you how long it will take.
good luck:)