Tips to save money to pay debt off quicker

B17c

Ok so change of plan (again) I was worried that the interest charged on my Aqua card would take me over my limit so I paid £300 off using some of the £700 in the Monzo account. I did a boosted payment on my marbles card too. I've done enough OT at work to have a mini emergency fund next month but tbh I'll probably just end up whacking it on a card.
I've changed all my direct debits on my cards to leave the Monzo account now so I know that any money in that account is purely for debt and to keep track better. I'll transfer £500 every payday and add more from OT and eBay sales etc to make up the extra amount so I can pay them off in 12 months...

B17c

The Lady Sarah, extra money saving tips I've done this month is:
:eek:£5 budget for bread and milk for the month and not buying anything else and working my way through the freezer/cupboard
walking to work more so putting less on my Oyster card
selling stuff on eBay
doing overtime at work
:money: charging my housemate to clean the house (only £15 but better than being woken up if and when he does it!

B17c

Payday today, I've transferred £500 into the Monzo account to cover minimum repayments. My mum sent me a message telling me grandad (lovely of him) has Xmas money for me and do I want her to pay it into my account so I've given her the Monzo account details.
I've picked up another contracted shift at work so that will help going forward. I'll start listing on eBay again in January.

monnagran

Great work B17c.

I think I may be confused about the Monzo account. I understand that it is where your DDs go from and it is what you use to pay off your debts from but I don't quite get why the money has to go into the Monzo account first when it could go straight into the card that you are concentrating on paying off and reducing the interest you are having to pay.

Still, as long as you know what you are doing , that's all that's important.

Glad you are getting extra shifts. It all helps.

If I don't speak to you again, have a good Christmas. x

B17c

Sorry I've been quiet, I worked 12 hour shifts up until 6am on Xmas eve then flew up to Scotland. I have had a terrible cold/chest for about a week now, hoping it clears up before work on Saturday.
Just paid £600 off the Aqua card
Hope everyone is having a lovely Xmas x

monnagran

Oh well done B17c. I bet that felt good. Just after Christmas too, when most people are contemplating their empty purses and the predominately red colour on their bank statements.

You are working hard and silly hours, but it is paying off. I hope your cold gets better soon, lots of Lemsips or Beechams.
Give yourself a good rest.

See you in 2019.

janb5

monnagran wrote: »

Great work B17c.

I think I may be confused about the Monzo account. I understand that it is where your DDs go from and it is what you use to pay off your debts from but I don't quite get why the money has to go into the Monzo account first when it could go straight into the card that you are concentrating on paying off and reducing the interest you are having to pay.

Still, as long as you know what you are doing , that's all that's important.

Glad you are getting extra shifts. It all helps.

If I don't speak to you again, have a good Christmas. x

Any response on this post b17c? I am in awe as to how you are reducing your debt...well done.

B17c

Thanks janb5, I just find it easier to track my debts and overpayments if they're leaving a separate account, so the Monzo account has all my debt direct debits leaving it and I know I need £1043 in that account every month to overpay and clear my credit cards in 12 months, then it will be used as a savings account. My NatWest account is then for rent, utilities, phone bill, groceries etc

B17c

Thanks Monnagran, I got back from Scotland today and back to work tomorrow night so will have a nice long sleep and take some lemsip! It's spread to my chest now which I find easier to manage than a head cold. I figure what's a year of hard work, struggle and cutting back to a lifetime of debt free possibilities, it'll be worth it this time next year, fingers crossed x

monnagran

Just watch that chest. It can become something nasty if neglected. Talk to a pharmacist, they will advise on what to take. It can also make you very tired so hold back on volunteering for extra shifts until you are better. Better a lost shift or two now than a fortnight off later if things get worse.

Having cheered you up no end, I'll let you get on.

Ignore me, I do worry about you!