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Unsure whether to consolidate - please advise

edited 30 November -1 at 1:00AM in Loans
240 replies 102.2K views
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  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
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    Aw Dobbibill, you are too kind. Would you class any money in my current account over £0 as part of a monthly salary? i.e. if I had £1500 in my account, that what be £1500 salary builder or would you say £1000 of that is a salary builder and £500 just a contingency?
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Aw Dobbibill, you are too kind. Would you class any money in my current account over £0 as part of a monthly salary? i.e. if I had £1500 in my account, that what be £1500 salary builder or would you say £1000 of that is a salary builder and £500 just a contingency?

    There is no right or wrong answer to this - it's personal choice.

    If you keep it in a separate account it becomes easier. Preferably a high interest account ;)

    Your funds in your account may be spending money. Why is it there? What was it's purpose when it arrived in the account? Has it just built up from being frugal with your balance?
    This is where categories for every single penny works so effectively.

    You have to decide if you want the £500 contingency.

    Have you seen the 3 - 6 month EF challenge?
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Ok - I'll take a look this weekend at high interest savings accounts Dobbibill.
    The money has built up due to a combination of a) underspending b) not using all my dads money he gave me and c) selling off my Yankee Candle collection - in fact I've arranged to sell a few for £850 so that can go towards the fund.
    I just had a look at the 3-6 month challenge - I think I'm up for that!
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • Reb2016Reb2016 Forumite
    176 posts
    Wow I had no idea Yankee candles were worth that much that’s impressive :eek::D

    Reb
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    They keep their value but Ive got some pretty rare ones too...
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Good morning/afternoon or evening! Depending on when you are reading this of course.
    It is time for my monthly update. For those of you who aren't regular readers, please spend 5 minutes looking through my thread, especially if you are someone considering consolidating loans into one big manageable debt (sounds the best and most sensible policy right?)

    So this month, I have underspent by about £1400 pounds. The tutoring has really kicked on and even though it's about 4 hours out of my week, well it's worth it even if I stop at Christmas. I've sold a few items on eBay too as well as chopping down a bit of the monthly shop.
    I've just made the regular payments off the remaining debts so not much to move.
    I'm going to Dallas in February and that's going to cost about £1500 so I need to factor that in.
    I do now have that 3 month emergency fund but I guess I should look into the higher interest savings account but every month I write my update, I'm just not sure whether to pay all the debt off instead of putting it in a savings account. To tell the truth, I'm not sure how bothered I would also be with an annual pay out of less than say £100 an that ain't gonna happen.
    I'm also concerned slightly about the economy in Britain at the moment as we head towards Brexit. The closer it gets, the more unsure and nervy everyone seems to be so I think I'm just going to keep having money left over each month and letting it build up.
    Anyway, hope everyone is ok! I'm going to try and keep Xmas spends to a minimum but I'll attempt not to spend over my monthly wage.
    Thank you!
    Ben
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • Reb2016Reb2016 Forumite
    176 posts
    That’s an impressive underspend, and great going on the tutoring.

    Good news that you have the 3 month emergency fund too you’ll soon be debt free

    Reb
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Aw thanks @Reb2016 I know you're reading! It's nearly 6 months since your lightbulb moment...
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Greetings and salutations my friends and well... HAPPY NEW YEAR!
    Wow, 2017 for me (well financially) was a GOOD year. Just looking at my signature shows the amount i've paid off. I'm hoping that I can become debt free this year. That's the plan anyway.
    I must change the dates my direct debits come out as once again, they haven't taken the money until today, meaning that, well, none came off during last month.
    How did you all do with Xmas spending? For those of you who have read my diary before I had my Dad's 80th to attend and sort out which was lovely and as a kind gesture, my sisters and I decided that we would pay for everyone's drinks for the event. I didn't do too bad actually financially in December and ended up a couple of hundred pounds in the black. As a couple we really stripped back with the present giving (more than last year) and it all goes towards the emergency fund I guess.
    It's funny when you have disposable income in your bank account. I've just booked 2 return tickets to Dallas for February and I know last year I would have used by credit card and then been charged 1.5% fee but this year, as I had the money in the account, I used my debit card and saved (quick Ben where's the calculator) £19.50.
    Thanks for reading everyone and have a wonderful 2018.
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭
    Well done zippy and Happy New Year to you too.

    What a nice way to start the year with Dallas to look forward to.

    You've done excellent throughout 2017 and I'm sure you will be just as productive in 2018 too. I'm sure your DFD won't be far away.

    Keep up the good work, you're nearly there :D
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
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