We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Want to be debt free but also save for deposit!
Options

Rachg86
Posts: 8 Forumite

Hi, after a little advice, or just an opinion that I'm doing the best with what I've got.
So bit of back story, split from ex of 10 years who I lived with and renovated house with and the mortgage was in his name because at the time my credit rating was abdominal! Go through solicitors, getting 3k out of it (I asked for 15k! Half the equity) no name on mortgage no leg to stand on. So still waiting for 3k settlement agreement should be with my solicitor end of this week. Since met new partner and he knows all my financial situation. Currently trying to save for a deposit for a house but also pay off debt. I'll add I've moved back home with parents so no rent etc to pay just abit of board money.
So 2017 saw me kick myself up the bum financially also with the help from my partner.
What I have is, and what I have done so far, transferred all oustanding credit card debt to 0% cards ( 1910 on barclaycard till Dec 17 pay £200 per month and 4100 on virgin until June 19 pay £150 per month)
Got rid of my £300 overdraft that was costing me £26 a month last week. Upgraded to a 123 lite account where after the fee I will average approx £1.20 cashback per month (not a lot but at least it's something)
I have a car on finance £53 per month £1800 left to pay, the car is worth more than that cause I had money to put down on it before finance.
I transfer £250 into savings. Opened a savings account which will give me 5% for 12months but limits me to £200 a month and the £50 I stick in an esaver.
The 3k I will get from my ex will go into a LISA when they fetch the cash ones out and I'll top up to 4K to get the bonus and use towards deposit, because I was never on the mortgage I can be classed as first time buyer.
I allocate £60 a week to live off, food, socialising etc and £100 for diesel. I've been doing this since Jan o envelope all money so I can't cheat myself and my partner has my credit cards so I can't spend on them unless an emergency (he acts as a conscience).
And then whatever is left in my account I use as a buffer so far is not a lot as I have other expenses such as tyres etc ☹️
Sorry for the long post I hope that explains my lot and someone can help I'm trying to make the most of my savings whilst also pay off debt. Looking at wanting to move out in the next 18 months - 2 years.
Thanks in advance!
Rach xx
So bit of back story, split from ex of 10 years who I lived with and renovated house with and the mortgage was in his name because at the time my credit rating was abdominal! Go through solicitors, getting 3k out of it (I asked for 15k! Half the equity) no name on mortgage no leg to stand on. So still waiting for 3k settlement agreement should be with my solicitor end of this week. Since met new partner and he knows all my financial situation. Currently trying to save for a deposit for a house but also pay off debt. I'll add I've moved back home with parents so no rent etc to pay just abit of board money.
So 2017 saw me kick myself up the bum financially also with the help from my partner.
What I have is, and what I have done so far, transferred all oustanding credit card debt to 0% cards ( 1910 on barclaycard till Dec 17 pay £200 per month and 4100 on virgin until June 19 pay £150 per month)
Got rid of my £300 overdraft that was costing me £26 a month last week. Upgraded to a 123 lite account where after the fee I will average approx £1.20 cashback per month (not a lot but at least it's something)
I have a car on finance £53 per month £1800 left to pay, the car is worth more than that cause I had money to put down on it before finance.
I transfer £250 into savings. Opened a savings account which will give me 5% for 12months but limits me to £200 a month and the £50 I stick in an esaver.
The 3k I will get from my ex will go into a LISA when they fetch the cash ones out and I'll top up to 4K to get the bonus and use towards deposit, because I was never on the mortgage I can be classed as first time buyer.
I allocate £60 a week to live off, food, socialising etc and £100 for diesel. I've been doing this since Jan o envelope all money so I can't cheat myself and my partner has my credit cards so I can't spend on them unless an emergency (he acts as a conscience).
And then whatever is left in my account I use as a buffer so far is not a lot as I have other expenses such as tyres etc ☹️
Sorry for the long post I hope that explains my lot and someone can help I'm trying to make the most of my savings whilst also pay off debt. Looking at wanting to move out in the next 18 months - 2 years.
Thanks in advance!
Rach xx
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards