Finally getting sorted

debtfreeme2015

enthusiasticsaver wrote: »

You seem to be doing well in reducing your debt and watching your spends although as you have realised it will be a long slog.

I think getting rid of the credit card is a must. At 17% anything you spend on it is costing you so much more because of interest added. You have an emergency fund. Don't put a laptop on the credit card. Can you borrow one or freecycle? Will this course mean you get a pay rise. I would be tempted to tell your employer you will need to have access to a laptop and can't afford one so can they lend you one.

As your debt reduces you may get access to 0% deals.

Hi thanks for your post. The course won't get me a pay rise in my current job but is one of the things future employers look for so hopefully it will help in climbing the ladder. I did get a laptop but got the cheapest one that would do what I need to and the plan is to really knuckle down and get to work now. Work are paying for this course and are also paying for me to do a course in counselling so again will help towards future work although I'm happy where I am at the minute

debtfreeme2015

Not great nes but another £40 paid off the credit card today so new total £2,750.
Going to be a spendy few days as collecting my niece tomorrow so will need extra petrol and her snacks but have saved some money from payday so won't be adding to the debt.
Probably no more paying off till next month now but only 10 days till payday

debtfreeme2015

Sorry to keep posting but looking for some opinions/ reassurance. I'm seriously thinking about taking £500 out of my emergency fund and using to pay off a bit of the credit card. I'm just worried that this only leaves me with £500 for an emergency. Realistically I live at home so don't have any household expenses the only thing that could go wrong is the car. In January I had no emergency fund though. Also if things got really bad I could use the credit card. Sensible me knows I will save more by paying it off but the other half feels save knowing it's there should I need it.

enthusiasticsaver

If you live at home I think a £500 emergency fund is enough so yes you would do better to pay down the credit card particularly if you paying interest.

monz

I think thats a good idea xx

Lumanous

Safer bet, I would say go with £250 just now...then see how you go for a few weeks. You'll have knocked something off future interest payments and maybe when you've added an extra £100 odd into your emergency fund, you'll feel better about the second £250 so your fund doesn't end up a solid £500 but always around a growing £600ish?

Then if you change your mind before doing the other £250, you've still got your £750 left and you're not far off building back up to your £1000 safety net each time

parsniphead

Hi debtfreeme.

Ive just caught up on your diary and wanted to say well done.

Youve paid off a good chunk since january AND saved £1000 emergency fund. I find the emergency fund impossible to do no matter how hard I try. D@ve R@msey says to have £1000 emergency budget unless youre on a low income. If so drop it to £500. I guess it depends on how you will fell with a smaller one.

Good luck. I will keep reading.:)

debtfreeme2015

Hi all. Thanks for all your replies. I've been thinking about everything you have all said and I know it makes sense to pay a chunk of the credit card I'm scared not to have the security of knowing the money's in the bank should I need it. I can't think off anything that would cost me £1000 but I haven't managed to save for the car tax and mot yet that will be due in October time so half of me thinks I can use some of the emergency fund for these things.

Really not sure what to do for the best

debtfreeme2015

Not been good the last few days spent lots but had my niece to stay and had allowed the extra money for treats,days out,extra food and petrol. Had some money left over so instead off taking my spending money out of the bank tomorrow am going to use what I have left in my purse to spend. Sent the spare £50 to the credit card so new balance £2,700:eek: will be paying this off forever.
Going to be a spendy week as running low on supplies for work and my drinks but determined to stick to budget and not reach for the credit card.

I know I keep on but before now days out extra food and petrol would have gone on the never never card and I'd still have spent the cash as well so at least it's all paid for in cash

debtfreeme2015

No spend day today. Had £5 left in the direct debit account left over so sent over to the credit card. New total is £2,695 still away to go but got to keep plodding on