What shall I do with my extra £100?

frogga

Morning all,

I have just increased my hours at work and will be better off by about £100.:j

Now I am trying what's the best thing to do with it?

Shall I ~

1. Spend it on "little luxuries" that we have gone with out for so long like the occational takeaway and not skimp SO much on the food shopping?

2. Save it and buy the things for the house that I REALLY want to get done, ie. curtains in the bedroom, carpets in the tadpoles bedrooms, plaster on the kitchen walls et.c !

3. Pay extra money off my loan to pay it off quicker ( currently £215 per month for next 7 years).

4. Pay extra money off my mortgage.

5. Clear off o/d ( currently £4300)

I want to DO something with it so it makes it worth doing the extra hours. I guess the sensible part of me would get out of debt first , so the o/d and then loan? What would you all suggest?

By the way , MR Frog is in favour of no.1 as he REALLY hates the way we have to skimp and says that we are managing to pay off our debts albeit slowly so lets enjoy the extra! Hense why we are in debt!:rolleyes:

Gemmzie

Half it, half to the debts and half for spends - then you'll appreciate the extra and be lowering the debt

frogga

Oakey Dokey , which debt though? the O/D , loan or mortgage?

tallyhoh

It has to be the O/D closely followed by the loan. Check T&C's for the loan just in case you lose out by overpaying each month.

(are you really hoping someone will tell you to spend it on takeaways etc?):rolleyes:

immoral_angeluk

Buy 1000 penny sweets?

SunderlandBlackCat

frogga wrote: »

Oakey Dokey , which debt though? the O/D , loan or mortgage?

General rule of thumb is the one with the highest interest rate but it could also depend on whether your loan or mortgage will allow overpayments.

BartGirl

I agree with Gemmzie:

Altho I'd say do it in 'thirds':

like 1/3 on debts, 1/3 on the house things, and 1/3 on luxuries.

I know thats about £ 33 on each of those, but lets say u spend like £20 on curtains, the £13 could be put onto the debt to increase it to £43. Which isnt bad really..what do u reckon ?

Spirit_2

Hello Frogga:T

Congratulations on the additional earning power. I think you need to feel a bit of a 'reward' if you are in this for the long haul. So split it but perhaps on an alternate months.

If you increase the food/takeaways in six months time you will have nothing to show for it.

My 'vote' would go to one month debt, one month something around the house. Just think in 4 months time you will have cleared 200 off the o/d and the tadpoles will have new carpets/curtains.:j

frogga

oooooooo oooooooooo sweets yes , great idea!:T I'll go with that! Oh alright then , maybe not:o

I can overpay the loan with out a penalty so that's an option. I guess I could do it in thirds but I wouldn't notice much difference that way would I? I'm tempted to say "sod the luxuries and the house stuff for a while" and just pay off the loan and o/d. Then I wont feel so guilty when I buy extras. At least I can do it with a clear conscience can't I? Hmmmm food for thought ( food again? I'm obsessed!) x

frogga

Thanks spirit that's a good idea :T

I can't "save" the money because if Mr frog finds it he'll spend it! So I will have to DO something with it straight away. I have bought some pressys for Christmas but Mr Frog has seen them and used/watched them already! Also , dipped into the Roses tin!:mad: Honestly , it's like having 3 tadpoles!

Garnet_Gem

Have a weekly takeaway (keeps Mr Frogga happy), spend the rest on stuff for your tadpoles (not rubbish) and spend some on yourself. It'll be easier to keep to your current budget if you have a little leeway in your spending.