Rennovations and the price to pay..

remote_control

I could have posted the same post!
We have £12,000 on two 0% cards, both expire in May and we have £5,500 in savings. I am itching to pay the savings to the card but I know it would be more sensible to try and switch to balance transfer and keep the savings. 
I don't know the answer to your question really!

Sarahwithlove

If you do pay it off do you have any other savings or pots you could fall back on in an emergency? Do you own or rent? How secure is your job in the current climate? Would you carry on paying more debt off or build the savings back up? Will you be in same position in a few months time of wanting to do the same again? Could you compromise and say keep 2k back and pay rest off a card. 

Pengwern

Hi 
I have a relatively secure job but husband does not. We would still have some joint savings for emergencies.  I am trying to up my savings each month, this month I managed £150.  I would keep building the savings back up until another 0% deal ended and then see what position I’m in.  Likely that I would have to pay some off and balance transfer the remainder. I’ve 3 cc ending Aug 21, Nov 21 & June 22. 

I think I will just have to wait till Aug then pay it off then, it’s the sensible thing to do. That reduction in overall debt should then help secure a 0% deal for the cc expiring in Nov 21.  However I want to pay off as much as I can before then.  

Sarahwithlove

The card that runs out in August do you have enough to cover the whole thing as remember it takes 2 to 3 months to update on your credit file so you may have to wait that long after it's been cleared to get another offer. 

Pengwern

Hi

yes I’ve enough now to clear the Aug card. The Nov is in the husbands name and the June 22 card is in mine.  Finally that’s all the cc we have, I’m hoping for a quiet year in terms of expenses and renovations with a view to getting debt free before we kick off the next phase of works. We plotted it out and we have about 5yrs worth of work left if we want to pay for it as we go along. 

remote_control

I'd pay it a little bit before August so it definitely is off your credit report before applying in Oct for a card for your husband. I don't really understand to what extent credit reports are linked though.....

Pengwern

Hello
payday last Friday so I have been balancing my budget.  I will be able to put £600 into savings this month with is amazing,  I went over my £400 food budget by a little over £1, as it was a 5 shop month I am extremely happy with that.  This month it’s 4 shops for £400 so a lot easier and I have had to hold off buying some of the cleaning products that are running low.  I buy little and often to spread the cost. Before COVID I would have shopped around a made use of discount shops but I have decided it’s not worth the risk to me and others so I get all I can delivered with my weekly shop.  I cannot believe that it’s near a full year of restrictions and that means 52 weeks of meal planning.  It’s exhausting and we have had some bumps trying out new recipes but equally it’s been a budget success.  No top up top no nip to the supermarket to buy 1 thing then come out with 10.  I am so great full to all those who have kept the supermarkets and other key industries moving this last year.  As we have a regular slot each week we have also got to know the delivery drivers which has been super.  They are so lovely and really help break up a lonely week.  

Anyway back to the £600, it’s going in the savings pot to pay off a cc at the end of the 0% deal.  March also sees the final payment for our downstairs toilet and vanity unit, slowly ticking off the items in the house that we now own outright.  The remaining debt is the kitchen and my car.  Talking of which my car no longer goes anywhere so the battery has run down, I borrowed a charger, fingers crossed that has fixed it and I don’t need a new one.  If I do that the best part of £300 as it’s a stop start one.  I really could have got away with no car this year, but selling it and buying another one just did not make much sense financially. It’s a shame my parents did not live closer mum and I could then share one. Anyway I need to keep on track this month so I can save a good chunk again.  

Pengwern

Hi
The final downstairs loo payment goes out tomorrow.  But I also had to buy a new car battery, slightly cheaper than I thought but £149 I really could have used elsewhere.  Food shopping budget still on track and saving a little each week as I am coming slightly under the £100/week allowance.  Currently stuck in the doldrums that is the middle of the month, 12 is the end of my mobile phone month, 19th is my visa cc and 26th is my AE cc.  So 2 more weeks before I’m into the next month of my budget.  I need to keep on track and not spend any money.  I need to do a Boots shop but that will have to wait till next month as I will be sacrificing savings to cover those purchases.  I’m on track to save about £500 which is the minimum I need to save each month to be able to pay off the cc that expires in Nov this year.  Debt free date predicted to be summer 2022 if this year goes to plan.  

remote_control

Our dfd is summer 2022 too. We are due to remortgage in May 2022 but I'm wondering if it would be worth letting it go to the standard rate for a few months and remortgaging once the debt is gone. I'm still doing the £100 shopping but finding it so tough! I think I'm just not used to not having full cupboards. Hoping now the children are back in school we'll save some money on lunch as one of them gets free lunches. 

Sarahwithlove

Maybe see what rates are like nearer the time and how much debt you have left before you decide. you might hopefully be able to bring your DFD forward