Journey to £0 by 2020, with a few bumps along the way

wishingthemortgaheaway

Wow. That's like a win, a definitely better to use up the surplus.

chelseablue

wishingthemortgaheaway wrote: »

Wow. That's like a win, a definitely better to use up the surplus.

Yes will give me more take home pay

Im not going to stop the vouchers just reduce as once you stop I don't think you can re-join any more.

Could drop to £50 a month until the surplus is used up then increase?

wishingthemortgaheaway

No, you can't start a new scheme anymore - it's tax free childcare which, won't make a huge amount of difference to you now if you are not using the full amount.

You could drop to £50 until the surplus is used but, do something with the 'extra' money that means when you have to up the vouchers again it doesn't feel like a pay cut.

I've got this 'issue' at the moment - we use the tax free childcare account.

Currently pay £375 a month in
From September it can drop to £100 a month (30 hours 'free' starts) but September 2020 when the 30 hours ends and he goes to school it needs to go up to £250 a month due to before and after school care needed.

chelseablue

Such a minefield isn't it?!

I think I'm leaning towards dropping right down to £50 a month, then when the surplus is used up increase to what I actually need (I'm too late for this months payroll so end of August I'll still get £243 worth)

Also, if they pull the whole voucher scheme altogether I don't want hundreds sat there that I cant get back :eek:

The extra take home pay I'll send straight to my savings account so that'll be Christmas covered hopefully

enthusiasticsaver

I would drop down to just £50 a month on the childcare vouchers.

Best not leave yourself too short. Maybe £750 off the Barclaycard?

chelseablue

Childcare vouchers now dropped to £50 a month, as I thought too late for August payroll so starts from September

chelseablue

Just paid £700 off the Barclaycard

New balance £1,158

chelseablue

£82 child benefit received today, so I did my usual and rounded it up to £100 and sent that to my sons S&S ISA, balance today is £7,200

Barclaycard charged me £31 interest this month so I've transferred the £1,158 to Virgin as I've got 0% offers with them

Good thing is now its all in one place with Virgin, I have 3 credit cards and 2 are now paid off

Will be paying off £700-£800 before the end of September

enthusiasticsaver

Sensible to move it if you are now paying interest. When do the Virgin 0% deals finish?

chelseablue

enthusiasticsaver wrote: »

Sensible to move it if you are now paying interest. When do the Virgin 0% deals finish?

The £1,158 I moved the other day is 0% until January 2020

The rest of the balance is January 2021