CreditCardJunkie's back again...

CreditCardJunkie · 8 April 2020 at 8:22PM

Had a very small unexpected windfall. Debt total is now down to £857 & have £105 in savings which I've spent 10, 001 ways in my head!
I think it's the thrill of spending, I definitely get excited when I buy something and when I have it, it isn't the same excitement as it is getting it...However I'm staying strong and keeping it in the bank.
I'm getting so close, the end is in sight & I'm literally obsessed with paying this down now.

Sarahwithlove · 15 April 2020 at 7:02PM

That's great news about the debt, once you have it all cleared maybe start budgeting for long term expenses and one off spends? I've found planning for them has really helped me stay away from cards again.

CreditCardJunkie · 15 April 2020 at 8:15PM

Sarahwithlove said:

That's great news about the debt, once you have it all cleared maybe start budgeting for long term expenses and one off spends? I've found planning for them has really helped me stay away from cards again.

Yeah hopefully, I can't really afford to do that at the moment being on stat maternity pay...things like birthdays etc I just pay out of my 'spending' money each month! Luckily they're fairly evenly spread out through the year!

Sarahwithlove · 15 April 2020 at 9:15PM

CreditCardJunkie said:

Sarahwithlove said:

That's great news about the debt, once you have it all cleared maybe start budgeting for long term expenses and one off spends? I've found planning for them has really helped me stay away from cards again.

Yeah hopefully, I can't really afford to do that at the moment being on stat maternity pay...things like birthdays etc I just pay out of my 'spending' money each month! Luckily they're fairly evenly spread out through the year!

That's handy then. I have mine in Jan, 3 in Feb, 2 in May, 2 in August, 1 in September and 1 in October and then it's Christmas and 2 birthdays in December 🙈 so I just put away a set amount each month and take it from that. When you go back to work I imagine will be much easier. How long are you on Maternity leave for?

CreditCardJunkie · 15 April 2020 at 9:21PM

Sarahwithlove said:

CreditCardJunkie said:

Sarahwithlove said:

That's great news about the debt, once you have it all cleared maybe start budgeting for long term expenses and one off spends? I've found planning for them has really helped me stay away from cards again.

Yeah hopefully, I can't really afford to do that at the moment being on stat maternity pay...things like birthdays etc I just pay out of my 'spending' money each month! Luckily they're fairly evenly spread out through the year!

That's handy then. I have mine in Jan, 3 in Feb, 2 in May, 2 in August, 1 in September and 1 in October and then it's Christmas and 2 birthdays in December 🙈 so I just put away a set amount each month and take it from that. When you go back to work I imagine will be much easier. How long are you on Maternity leave for?

Lol you'd need to have a plan in place with those! I took 9 months, due to start back mid May, was planning on using hols carried over to take me to start of June & do a phased return but no idea what's happening atm! LO was due to be minded by my parents while I went back to work, however they are both shielding under advice from GP for 12 weeks so no idea what will happen!

Sarahwithlove · 15 April 2020 at 9:29PM

Wow sounds like you might need to take the extra holiday then or possibly be fuloughed when you're due to return? Not sure how it works with maternity leave might be a question to ask on another board.

CreditCardJunkie · 16 April 2020 at 8:17AM

Sarahwithlove said:

Wow sounds like you might need to take the extra holiday then or possibly be fuloughed when you're due to return? Not sure how it works with maternity leave might be a question to ask on another board.

From what I've read I can be furloughed but at my normal wage not SMP. I'd be happy enough to use my holidays if they top the 80% to 100% - it makes no odds to me how its paid, I'm not being greedy for more time off. I'll be thankful if I have a job at the end of this!

Sarahwithlove · 16 April 2020 at 8:34AM

That's only good thing about being on maternity leave you have to have a job to go back too. I guess nearer the time have the chat with them about it and see what they want to do. Hopefully by time you need it they government would have sorted out the furlough payments so you may be able to just go straight onto it and save your leave for later in the year. I imagine it will still be more then SMP.

CreditCardJunkie · 25 April 2020 at 7:40AM

Payday's been and totals updated.
Debt total is down to £480 🎉
Savings of £255 🎉
I am beyond excited, I can see the finish line! I can't remember ever having savings in my entire life. Obviously the fact that there's nowhere open and I'm basically not using any fuel is helping too!
My SMP is due to end mid may and the last 2 weeks will be holiday or furlough pay so if I've calculated correctly I should *hopfully* be able to pay off the remaining balance from May pay!!

vic38 · 25 April 2020 at 9:08AM

Well done on reducing your debt and on birth of your daughter (bit late but only found you this morning!). Going forward I really recommend using different pots for all of your regular expenses. I've been doing it for 3 or 4 years and it makes a huge difference to my ability to budget properly. I have standing orders to transfer amounts to savings accounts within same bank (I use First Direct) each month, straight after pay day: Car/Insurance (covers MOT and Servicing too), Clothes, Gits/Xmas, Holidays, School extras, Haircuts to give you an idea. Initially it was a bit of a balancing act to get it right but now I wouldn't do it any other way. All the best for your return to work or furlough and well done on staying focussed.