Time to make this change!

enthusiasticsaver

I think you are straying into dangerous territory here with a consolidation loan and 3 credit cards all starting to build up. Very common with people who consolidated debt so I commend you on stopping the downhill slide into further debt now. The Halifax CC is the first target to start on. Building up an emergency fund should also be a priority as you have a property. Your isa could double as that as interest rates on isas are awful and bound to be lower than you are paying to borrow on your Halifax credit card.

Mahsroh

enthusiasticsaver wrote: »

I think you are straying into dangerous territory here with a consolidation loan and 3 credit cards all starting to build up. Very common with people who consolidated debt so I commend you on stopping the downhill slide into further debt now. The Halifax CC is the first target to start on. Building up an emergency fund should also be a priority as you have a property. Your isa could double as that as interest rates on isas are awful and bound to be lower than you are paying to borrow on your Halifax credit card.

Thanks for the feedback. Indeed the Halifax CC is the number one priority at the moment. I do have a small 'emergency fund' but I agree this isn't overly healthy.... probably where some of my problems have occurred in the past when I've been forced into doing a money transfer on a CC to fund repairs! Plus with a fairly long interest free period to run on the other cards, I'm thinking I might be better (once the Halifax card is paid off) lumping everything into savings then when the interest free period is up I can take a view on how much to lump on the card, and how much to keep in savings.

Mahsroh

Morning all,

Hope you all had a good weekend. So, this weekend was a good weekend for me, in that I didn't spend a penny!!!

We did the food shopping on Saturday, but when my other half moved in with me two years ago we agreed that she'd cover the food bill (as I pay for most other things, rent included) but even that was quite a success. With my MSE head on we walked around the supermarket and I challenged her on virtually everything! "Do we really need that? Isn't this one cheaper? Why don't we do this instead?". End result? Fortnightly food bill that's usually £125 was £90!! She even turned round to me at the counter and said "you can come shopping with me every week!"

We also had some John Lewis gift cards totalling about £70 and had already decided we needed a new pan set for the kitchen (our old one was just that - old, and very worn). We first went in and saw some sets for £100, £120 etc. The old me would have gone for it and paid the difference. But we eventually decided on a set that £65, meaning not a penny spent over the value of the gift cards!

Yesterday, was just a chilled day at home.

So the net effect out of my bank account was ZERO! So a resounding success. Quite pleased as I have a couple of days out planned later in the month and this month is tight, so I was worried I might end up with a bit of a shortfall, but I'm starting to believe this wont be the case now!

Mahsroh

Just had another small win. Noticed my football season ticket direct debit didn't go out today as expected. Upon checking. It's 10monthly payments which means it was paid off on 28th December, so similar to council tax, I get 2 months of no payment.


That's another £35.10 paid off towards my Halifax Credit Card instead!

Mahsroh

Perhaps a more seasoned user of this forum can help me on this one.....

What counts towards a No Spend Day? Today, in theory is a looking set for a no spend day, in that I won't be taking any cash out of my wallet, or using any debit / credit cards to make any purchases.

I do however, have direct debits going out for my mortgage and house insurance, and have made a payment to my credit card.

Does the circumstances above constitute a "no spend day"? Or does it literally have to be no money out at all, including repaying of debts and essential monthly direct debits?

Working_Mum

Hi Mahsroh,
Welcome to your debt free journey!! You seem to be doing very well.

I count a NSD as when i do not hand over any cash from my purse or use my debit card for any purchases. My direct debits etc go out at various times in the month to coincide with when I get money in.

I find it a nice challenge to "make do and mend rather than spend!" - I have done 14 NSD's for January which i am thrilled to bits with!!

[Deleted User]

NSD's depend person to person. I don't include the following when I have a NSD:

Direct debits
DH's Nicorette
My £10 weekly allowance (£2 per day budgeted)
Lunch money on kids accounts on Fridays
Top up shops

Mahsroh

Working_Mum wrote: »

Hi Mahsroh,
Welcome to your debt free journey!! You seem to be doing very well.

I count a NSD as when i do not hand over any cash from my purse or use my debit card for any purchases. My direct debits etc go out at various times in the month to coincide with when I get money in.

I find it a nice challenge to "make do and mend rather than spend!" - I have done 14 NSD's for January which i am thrilled to bits with!!

Thank you. Based on your logic.... I'm on course for the third consecutive NSD! Woohoo! I literally can't remember the last time that happened....in fact, I'm not convinced it ever has happened during my adult life, particularly when two of those days, were a weekend! :-)

Mahsroh

Morning all,

So yesterday can now be confirmed as a NSD!...And you know what? Today is looking quite good too!

Biggest concern at the moment is a text I had from my landlord yesterday wanting to meet for coffee. Which makes me think he wants to have a chat with a view to giving us notice, so that will come with all the associated costs of moving. But that doesn't change my current plan to just spend as little as possible. All it means is I may avoid any payments to the CC and stick in savings in the short term - just in case. Meeting him on Saturday though so all will be become clear then.

I've actually had a letter from Halifax offering me 0% for 12 months on money transfers, albeit with a 3% fee. Had contemplated taking advantage of that to pay off the balance on the same card, thus removing the 17.9% interest and changing it to zero. But given that it's only 12months, doesn't seem worth it, and if I can remove that debt within 3 months it will likely cost me less than £36 in interest, which is what I'll pay in fees. However, this offer may come in useful as a short term solution for that interim period between paying security deposit for new place and getting deposit back for old place, if we do need to move. Only other significant moving cost then will be a removal company.

I'm second guessing all this until Saturday, so between now and then my plan needs to remain the same - spend as little as possible!

Mahsroh

Morning all,

Can't believe we're 1/12th through the year already!

So yesterday wasn't an NSD in the end - Got a bit hungry at work mid afternoon and ended up raiding the snack box - so that was £2 spent yesterday. Entire spend for the day. No real plans today money wise so today has the potential to be an NSD.

Few direct debits going out tomorrow, one of which I class as part of my "disposable income" so that'll be circa £8 spent tomorrow on top of my "essential" direct debits.

Otherwise - nothing really to report.