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

Tropically

You are doing a great job! I support your plans for saving while you have a loan too. And you can't go wrong with Vanguard.

chelseablue

Pay day at last!

Now that my 3 cards are all clear I'm thinking of using my Cashback one to pay for everything I normally spend, petrol, food etc and set the dd to pay in full

Its only 1% cashback but better than nothing

savalittle.

Good plan to get cashback, also try https://www.airtimerewards.co.uk/ as when you spend money on your cards at certain places it gives you money off your mobile bill.

enthusiasticsaver

I think it is a good idea to use a cashback card too. We do that too just for supermarket and diesel. It gets paid off in full each month too. I am toying with getting rid of ours though as it is the Santander 123 and the cashback is capped now and there is a fee so no longer as attractive.

chelseablue

Not sure if paying for everything on my credit card is for me.

The balance is £87 after food shopping and petrol and its freaking me out having a balance :rotfl:

I suppose I could still use it for the cashback but instead of waiting for the statement pay it off whenever I spend on it

PurpleFairy26

That’s what I do. I use it and then check it a couple of times a week and pay the money over rather than wait until the bill goes out. Just make sure it’s one that still doesn’t take the DD if you have one set up!

chelseablue

PurpleFairy26 wrote: »

That’s what I do. I use it and then check it a couple of times a week and pay the money over rather than wait until the bill goes out. Just make sure it’s one that still doesn’t take the DD if you have one set up!

Good idea! Think I'll do once or twice a week too.

I'm guessing card providers don't frown upon using a card this way? Don't want them cancelling my account (its my longest open credit account, been with Barclaycard since 2007)

OnlyPariah

They don't care as long as you are paying off the balance. Before all my debt problems this is what I used to do.

PurpleFairy26

Never had any issues, but like I say just check how it works on BC, my sainsbob card still takes the minimum DD even if I’ve paid in the month. Only an issue if you have generated a bill but you will see it on your statement. If you pay it pre bill being generated you’ll be ok either way.

As OP says, they just want the debt paid back. I do it on a card I now call ‘just for points’ as it gives me reward points to convert to vouchers and it (and the protection you get on a card) are the only reasons I use it.

chelseablue

Direct debit to the loan went out yesterday, that took the balance down to £8,084

I couldn't have it so close to the 7s and not do anything about it so I paid off another £100, balance is now £7,984

Debt
£7,984

Savings
S&S ISA £8,082
Easy Access £4,500

Current Accounts
Halifax (Bills and Food) £314
Nationwide (My money) £371

I'm thinking instead of putting £800 into my savings account every month I might drop that down to £500 and send £300 to the loan

Especially as my savings account is 1.5% and the loan is 2.9%

I do feel so much better now that my credit cards are all at £0, I know all I've done is move it to a loan but it doesn't seem as bad haha!

Husband on the other hand got paid on the 24th Jan and I don't think he has much left, he gets paid again on 25th Feb so still has 3 weeks to go :eek:
I refuse to pay for his petrol, beers and smoking any more! So not sure what he'll do