Wobbling my way out of debt

ohdearhowdidthathappen

Happy New Year!  How amazing that you should be debt free by the end of the month
What are your next plans?

findingthisdifficult

Thanks for stopping by @ohdearhowdidthathappen

I can't quite believe that this could be the month I say goodbye to debt, it's been a long journey!
Next plans are

• Hopefully sell our house and find our 'forever' home
• Build up our savings pot
• Up our pension contributions

It has been nice to have a bit more flex in our budget that has allowed for some bits we wouldn't usually be able to afford.

findingthisdifficult

Well isn't January just the longest month ever?! 
I'm trying to figure out how to pay for a new mattress, we desperately need one as we've had ours for about 10 years and it was given to us from the in-laws as a barely used spare room mattress, so it's definitely older than 10 years.  Just lately I seem to have sore neck, shoulders and back, I think this is a combination of bad posture from working at home and a worn mattress.  I don't know whether to finance it with 0% or take a big chunk out of my savings and pay for it outright...it wouldn't leave me with much in my savings. 

vampirotoothus

Hi I would finance it, but only because I like using someone else's money. I would only do that though if I had the amount I am borrowing in savings, so that if I needed to pay it off in one go I could. I never finance more than I have in savings!

joedenise

I'm with @vampirotoothus.  If you can get it on 0% and can pay it off in the time it's got to run then definitely use the 0%.

Lookafterthepennies2020

I'd get it on the 0% if u know you will clear it xxx 

findingthisdifficult

I'm assuming I could get a 0% purchase rate on a CC as I have literally no other debt and could definitely pay it off in time as I've cleared around £9k debt in the last year and that was mainly interest bearing debt so I'm sure I'd be ok.  I just don't know whether doing that defeats the object of being able to celebrate being debt free (excluding my mortgage) at the end of this month. 

Lookafterthepennies2020

You would be able to celebrate a good night's sleep though  I think when I clear the debt I will stay away from further credit where possible, however I would chose to buy at 0% rather than wipe some of the savings out atm. Also a mattress isn't a holiday or new flash tv, it will last you years and if you are suffering with the old one then it might be worth it x 

Sarahwithlove

I agree go with the 0% card. I know it feels like a step backwards in some ways but difference is your mindset you have already planned how you will pay it off and hopefully in future you'll have the money in savings for the next big purchase needed. 

findingthisdifficult

Just when I'm ready to bite the bullet and apply for the 0% deal on the mattress we've been coveting, they don't offer recycling of the old mattress at the moment (obviously due to the pandemic) but I don't like the idea of being stuck with the old mattress so looks like my aches and pains will have to continue for now.  
It's nearly pay day and that means on Friday (the day after tomorrow) I can finally say excluding my mortgage I will be debt free.