Paying off card.

Sncjw

So I have a Barclaycard on 27 months 0% interest. It’s dus to expire September 2021. Now you may think that’s plenty of time to pay it off. However I don’t want to fall into the trap of spending up to limit then struggle to pay it off.

I have £600 left over after my bills. I use my card to buy my groceries which is about £20 a week if I plan it well. The odd time I need little extras for cleaning by not much as I’m fully stocked up now.

I currently have £1600 on the card. Now I do need money to live on for groceries and for things when I’m out and about. Also Christmas is coming up and I’m getting things here and there but trying to find the best deals for these.

I was thinking of withdrawing £300 a month to cover myself for Groceries and give me £50 a week spending if I need it . Do you think £50 is a lot? I go out to pleases with my boyfriend and often eat out. We take in turns to pay for food which one night could end up paying about £25 for food and drink. I’m also on the sick recovering from an operation on my ear. I have no hearing at all so I can’t work due to this as my job is communication basedz this means we are going out more but trying to find free places to go to.

I want to try and get the bill down a bit as we are going to Edinburgh for Christmas markets in November plus I have him to buy for and for his family so it’s going to cost a little more this Christmas also have a new baby in the family.

So you see I don’t want to get into a trap of not affording it.

Thank you.

MovingForwards

If you are concerned about not getting it paid off within the timeframe stop using it for general spending.

Sncjw

So what should I use it for.

BoGoF

You could always not use it at all. With 24 months to go and owing £1600 thats £66 per month.

Willing2Learn

Sncjw wrote: »

So what should I use it for.

Use the card for purchases that are budgeted for in your monthly budget.

So, if you were to look at your monthly SOA, it hopefully has categories for clothing, presents and entertainment. Which means that if you spend on these categories using the card, you should have a corresponding amount squirrelled away in an account that pays you interest. Therefore, you would not be at risk of overspending beyond your budget.

Does that make sense?

Terry_Towelling

Sncjw wrote: »

I was thinking of withdrawing £300 a month to cover myself for Groceries and give me £50 a week spending if I need it . Do you think £50 is a lot? I go out to pleases with my boyfriend and often eat out. We take in turns to pay for food which one night could end up paying about £25 for food and drink. I’m also on the sick recovering from an operation on my ear. I have no hearing at all so I can’t work due to this as my job is communication basedz this means we are going out more but trying to find free places to go to.

Could you explain exactly what you mean by 'withdrawing £300 a month'. That sounds like you are planning to do cash withdrawals. I am presuming that cash withdrawals are not fee free and not interest free either.

Sncjw

No with drawing from my debit card. So then I have some control of money rather than sticking it on plastic.

sleepyjones

Use your Credit Card as normal but try and keep a total of what you're spending, then each month just repay what you've spent + an additional £65, meaning your balance will be cleared (ish) in full at the end of the term?

If you know you're gonna be short (cash-flow wise) then cut back on spending, or if you think you'll go over (spend more than normal) in the run up to Christmas just up your payments or cut back in Jan and up your payments then to ensure the balance is coming down.

PS, £20 a week on groceries doesn't sound like a lot, I could barely feed my dog for £20 a week.

Sncjw

I shop at Lidl and meal plan. I have a bit in my cupboards. To use up as well