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

enthusiasticsaver

chelseablue said:

Honeysucklelou2 said:

That’s great...well done on getting your bonus and a pay rise.

Thank you, of course I'm in 2 minds what to do with it. 
Would be a shame for it to disappear straight away, if I put it in my savings account would only push my debt free date back by about 3 months (as I've been paying off around £600 a month) 
If it was going to take years off I might be more tempted
Of course I could just quickly send it to the loan on the 31st and pretend I've never had it haha 

Why not do half and half? Half to debt and half to savings. You must be paying more in debt interest than you get in savings? 

chelseablue

enthusiasticsaver said:

chelseablue said:

Honeysucklelou2 said:

That’s great...well done on getting your bonus and a pay rise.

Thank you, of course I'm in 2 minds what to do with it. 
Would be a shame for it to disappear straight away, if I put it in my savings account would only push my debt free date back by about 3 months (as I've been paying off around £600 a month) 
If it was going to take years off I might be more tempted
Of course I could just quickly send it to the loan on the 31st and pretend I've never had it haha 

Why not do half and half? Half to debt and half to savings. You must be paying more in debt interest than you get in savings? 

Yes that's a good idea. Savings rate is 1.5% the loan is 2.9% 
Hoping to get about £1,800 after tax so I could send £1,000 to the loan and add the rest to my savings 

enthusiasticsaver

chelseablue said:

enthusiasticsaver said:

chelseablue said:

Honeysucklelou2 said:

That’s great...well done on getting your bonus and a pay rise.

Thank you, of course I'm in 2 minds what to do with it. 
Would be a shame for it to disappear straight away, if I put it in my savings account would only push my debt free date back by about 3 months (as I've been paying off around £600 a month) 
If it was going to take years off I might be more tempted
Of course I could just quickly send it to the loan on the 31st and pretend I've never had it haha 

Why not do half and half? Half to debt and half to savings. You must be paying more in debt interest than you get in savings? 

Yes that's a good idea. Savings rate is 1.5% the loan is 2.9% 
Hoping to get about £1,800 after tax so I could send £1,000 to the loan and add the rest to my savings 

Yes that sounds sensible. That would take the loan into the £6k area. You would still have a fair amount in savings. 

chelseablue

Not updated in a while, scary times we're living in! Hope everyone is ok
Currently working from home, but I work for a housebuilder so when the economy goes down people don't tend to buy so many houses so we'll see what happens. Husband works for a commercial dishwasher company so what with all the restaurants, pubs etc closed his work is like a ghost town. My stress levels are extremely high!
For now I'm just going to pay the monthly direct debit that I have to for the loan and save every penny I can until things are more certain. So will just be putting my bonus in my savings account for now 

enthusiasticsaver

Sensible to concentrate on savings for now I think. My daughter and her family have just moved house and they had a surplus which they were going to use to do some work on the new house but have now decided to save. Both of them are still being paid but my daughter might have to reduce hours as working from home with a 4 year old and 1 year old not easy. They reluctant to expose us to the grandchildren or we would look after them but not sure if we should. 

I hope you and your husband continue to be paid but having a safety net is useful. Hope you all stay well. Good you got your bonus really. I hope your little boy is ok an you can work from home and take care of him.

 Scary times indeed although I have been ranting on some FB sites about the selfishness of some people stock piling, descending on our local area in Cornwall thinking this is a holiday when our local hospital only has 10 respirators and they are clogging up the shops and spreading the virus when we have a large elderly population. That plus people stealing NHS badges to get freebies and vandalising ambulances is not doing my BP much good. It really makes you despair although there are some lovely unselfish people too. 

chelseablue

Pay day yesterday, bonus received! Moved £2,000 straight over to my savings account. Husband's company have put some staff on furlough, but he isn't one of them. 
Currently he goes into the office 3 days a week, after Easter they've said 2 days a week in the office but still full pay. 
Loan
£7,811
Savings
£14,000
Current Accounts
Halifax £379
Nationwide £1,160

chelseablue

Just had a phone call from my boss. I am on furlough until 31st May. Although we could be back sooner.
Will be full pay as my company will top up the extra 20% 

enthusiasticsaver

Finances looking good and you have a good savings cushion with your bonus. Lots of people on furlough including my brother.  At least your company is  topping up the 20%. 

chelseablue

enthusiasticsaver said:

Finances looking good and you have a good savings cushion with your bonus. Lots of people on furlough including my brother.  At least your company is  topping up the 20%. 

Yes, luckily nothing is open so nowhere to go and spend money anyway. Good job I hate shopping! I did have next week booked off as holiday, not sure what happens to that now 

Jox

That's good you're getting full pay, how are you managing at home and home schooling? I'm doing my best with my 6 year old but he's not keen! My hubby is having a big adjustment period spending so much time at home!

Hope you're all well