Unsure whether to consolidate - please advise

zippygeorgeandben

Hello everyone! and it's time for my monthly update! I was 39 yesterday!

This month I have underspent by over £300. This is due to finally paying in a cheque owed to me as well as doing a little bit of tuition.
So my exciting news this month is that I paid an extra £1000 off the Sainsbury's debt. I simply cannot believe that my total debt is now under £1000. I have just one instalment left to pay to my lovely sister and the Sainsbury's debt will be cleared probably quicker as I am start to get impatient!

Another piece of good news (if you're still reading that is!) is that I managed to reduce my pet insurance from £37 per month to £14 per month. This site is absolutely brilliant, but we know that already don't we!? I never would have thought I could get pet insurance from my credit card company! 12 months for the price of 9 for MORE cover! I really should look into sorting out the electricity really as that's £82 a month for two people living in a small flat.
I have sorted out my O2 as well as the contract came to an end, I switched to SIM only and reduced this from £37 to about £15 per month.

I have decided to pay my OH £50 a per month from June onwards which goes towards weekly essential 'popping down the high road' shops for milk/bread/eggs/greengrocers etc. I budget his money as well and it's all those small insignificant amounts which build up over time and he can't really afford it. I think like I've said in one of my previous posts that once I am officially debt free, then I'll start to build a 3/4 month emergency fund of my salary and then help OH more. He isn't frivolous with cash, he just doesn't have much disposable income once his debts are paid.

The tenancy is up at the end of July. Once again, I'm hoping that it does not increase. It really is overdue an increase compared to what other flats are per month but a) it needs a total makeover and b) he is getting his mortgage paid by reliable tenants every year without fuss. If it doesn't increase, I can imagine we will stay on again as we really like the area where we live and know there is no way we'd get a 2 bed flat around this location for what we pay now. I'm talking about £250pcm savings here.

I'm forecasting June to be an ok for month for spends. Tomorrow I go to Hull for the weekend and that's for my OH 40th birthday (tomorrow) and I'm paying for a hire of an area, few different things to shell out for as well. I'm not quite sure what else is planned at the moment but perhaps my next monthly update will be a little bit more interesting than this one!

There really isn't much to say apart from me hoping that people thinking of consolidating read this whole thread and perhaps it might help them change their mind set.

Thanks to all of you who link this thread in any consolidation posts because if it can help just one person change the way they see their debt then that's fantastic.

PS I was thinking of putting 10% of my salary away each month into an actual savings account and leaving it there as I don't have any savings, just surplus money in my current account.

Dobbibill

zippygeorgeandben wrote: »

Hello everyone! and it's time for my monthly update! I was 39 yesterday!

Happy Birthday for yesterday :bdaycake:

So my exciting news this month is that I paid an extra £1000 off the Sainsbury's debt. I simply cannot believe that my total debt is now under £1000. I have just one instalment left to pay to my lovely sister and the Sainsbury's debt will be cleared probably quicker as I am start to get impatient!

Brilliant news. This type of impatience is a good type though as it's more with the excitement of seeing the finishing line so close.

Another piece of good news (if you're still reading that is!) is that I managed to reduce my pet insurance from £37 per month to £14 per month. This site is absolutely brilliant, but we know that already don't we!?

I really should look into sorting out the electricity really as that's £82 a month for two people living in a small flat.


I have sorted out my O2 as well as the contract came to an end, I switched to SIM only and reduced this from £37 to about £15 per month.

Well done on the bills you have saved on - pop over to the Energy board when you've done a comparison for your lecci - there's lots of feedback on different providers you can check out if you like. Lots of knowledgeable people there too.

There really isn't much to say apart from me hoping that people thinking of consolidating read this whole thread and perhaps it might help them change their mind set.

Thanks to all of you who link this thread in any consolidation posts because if it can help just one person change the way they see their debt then that's fantastic.

PS I was thinking of putting 10% of my salary away each month into an actual savings account and leaving it there as I don't have any savings, just surplus money in my current account.

It's so true about consolidating and to see how you have reaped the rewards by taking advice on the forum is true testiment on how it works without consolidating. I'm sure this post insprires more than just 1 person.

Depending on the amount you are thinking of squirrelling away - a monthly/regular saver would probably be a good option for your 10%. You normally have to have a current account with your provider for these types of savings accounts - have a look what your provider has on offer.

Well done for another step closer to being DF - it's so close now you can almost taste it

DCFC79

You've done well so far zippy, your close to the end.

Nasqueron

You missed a [ in your signature which is making it look a bit funny


£2000.00 £133.38/B] (Sister 0%) £133.33pcm

Should be



£2000.00 £133.38[ /B] (Sister 0%) £133.33pcm


Which would be



£2000.00 £133.38 (Sister 0%) £133.33pcm

zippygeorgeandben

Thanks for pointing this out to me!

fudgecat

Just read your sticky and followed your progress in reducing your debts. Thank you for your detailed posts and I know this is an inspiration to others starting on a debt free journey.
Once clear, look at maximising your savings by making your money work hard for you. Lots of advice on regular savings and multiple bank accounts on this site! You may end up being a Zopa lender, rather than a Zopa borrower!

zippygeorgeandben

Aw thank you fudgecat for your post. I'm sure it took you a while to read. It would be cool to be a Zopa lender I guess. I did wonder about a bit of stocks/shares. I've got quite a bit in the bank now and really need to think what to do with it. I'm just not sure whether I'm bothered by getting a £50 annual rebate from a monthly savings sum.
Actually, how about premium bonds? I could put money in there per month? Anyone got any thoughts on this?

enthusiasticsaver

I have popped on to your thread after seeing you post elsewhere advising against consolidation loans thank goodness.

As you are now so close to being debt free I would urge you to think of your future goals so the spare money is not frittered away and you are using it to your best advantage.

Re house purchase. London prices are ridiculous and have been for a long time. Totally out of proportion to average wages. We moved away 30 years ago. The problem is the older you get the shorter the mortgage term unless you intend paying for a property outright. You won't get a mortgage which takes you into retirement, most see 70 as the oldest they will lend to and I am not sure anyone wants to still be working at 70. If you do intend to buy a HTB ISA or a Lisa may be an option but you have to be under 40 for a Lisa.

Regular savers are great for higher interest rates and premium bonds are another option. Stocks and shares isas and overpayments into your pension are great vehicles for retirement/early retirement.

zippygeorgeandben

Hi enthusiasticsaver thanks for the advice.
I think I will continue to put the money in Premium Bonds for now. I just found out that the LL is putting the rent up from August. To be fair, it's not budged for about 4 years so I was kind of expecting it.
Nothing to report on my debt because they haven't come out of my account this month. Both due out the 2nd July. So frustrating really when I only post once/twice a month on here!
Did a bit more tutoring this month which provided some more funds. The boy I tutor is going away for the holidays from the 13th July onwards so I won't have any extra income coming in from then. I am actually hoping I might get my annual statement coming in from SLC in July to see what I owe on the ruddy thing and then I might just pay that off as I can afford to at the moment.
I'm going to sell a few more candles too.
Have a great weekend everyone and I'll catch you all around a few boards!

lindez

Hi Zippy,
I came across your post looking at consolidating and I have read it from the beginning.
Congratulations on your journey you have done brilliantly I am mostly at the start of my journey slowly chipping away. Your posts have inspired me to continue chipping away rather than consolidating. Thank you to you and to everyone who has commented on your posts these have also been really helpful.