Diary to stop despondency

enthusiasticsaver

If the loan is front loaded with interest then repaying early will reduce the interest paid so the overall amount paid will reduce. Personally I would focus on saving for annual costs and emergencies before overpaying the loan which is not an awful rate of interest. No credit card debt or overdraft?

After January when you have the extra £83 when the boiler loan is paid off I would save that. Start a savings pot for clothes and treats so you can have the odd splurge but do it within a budget.

If you get paid early in December put it away in savings until the normal paydate rather than spending and anticipating it.

What are the terms of those loans and you really need to know the interest rate on the car loan? I think that is taking a huge proportion of your take home pay so that is the one I would target. Does the Hitachi loan stay at 8.9% throughout the term of the loan? Does the £8000 include interest?

NeverendingDMP

Just thought id pop in and say you are sounding a little bit more positive from jan onwards. Its not far off i promise.

stinabean

enthusiasticsaver wrote: »

If the loan is front loaded with interest then repaying early will reduce the interest paid so the overall amount paid will reduce. Personally I would focus on saving for annual costs and emergencies before overpaying the loan which is not an awful rate of interest. No credit card debt or overdraft?

After January when you have the extra £83 when the boiler loan is paid off I would save that. Start a savings pot for clothes and treats so you can have the odd splurge but do it within a budget.

If you get paid early in December put it away in savings until the normal paydate rather than spending and anticipating it.

What are the terms of those loans and you really need to know the interest rate on the car loan? I think that is taking a huge proportion of your take home pay so that is the one I would target. Does the Hitachi loan stay at 8.9% throughout the term of the loan? Does the £8000 include interest?

Thank you for the explanation. That helps!

Absolutely, I want to get a decent little savings pot before I think of overpaying, just wanted to know all possibilities
Will definitely do that with Decembers payday. I think we usually try to and it all goes wrong but am determined now. I can start 2020 really well and don't want anything to spoil it!

The car loan I will find out today. I have all the paperwork but it's not organised in the slightest, will just be a bit of digging.
Hitachi loan - yes this is 8.9% the whole time. The £8k is just the amount we currently owe, it's a new loan as we consolidated our credit cards so waiting on a first statement situation to have it all spelt out for me properly.

stinabean

Well extra on the credit card today.

The dogs decided to be hugely uncharacteristic and fight. One tore a chunk out of the other, so off to the vets this morning to get antibiotics and have it stitched - £157 later.
It's on a 0% credit card so I'm hoping I can work something out to pay it off before it spirals into another pointless debt.

stinabean

Thankfully the OH is showing signs of understanding the need to share our money as he's said we can use his commission to pay off the vet fees on the credit card - yay! I was planning on bringing it up but letting him come up with it himself has always been the best way to get things done.

Spending the day doing a hugely thorough clean of the house which will involve finding all sorts of clothes that LO no longer fits in to so hopefully we can get some pennies for those.

stinabean

Listed a load of clothes, snowsuits, jumpers etc yesterday and no interest. Really gutting as they're on for super low prices just to mainly get them out the house, but I'll bundle them up for a charity shop.

Did manage to sell a nappy (we use reusables) for £12 which was nice! Every little helps, that can sit in my paypal until I have a need for it.

stinabean

Morning all!

Well the dogs were hell bent on tearing chunks out of each other. The newbie was a foster so we've managed to relocate her to a different foster home which is dog free. I'm really quite sad about it, we definitely didn't have her long.

Am sitting around £300 in my overdraft (nothing new, just general spending) but have worked out that I can clear this come early December so I'm at least at £0. This should get us on course to actually watch our money penny by penny.

Am excited to finally crack it and get on top of this!

monetxchange

Sad news about the new dog - but could be a blessing in disguise. You're stretched to the max as it is, without another mouth to feed/repair! I'm sure she'll love it at the new place being the top dog in that home

stinabean

monetxchange wrote: »

Sad news about the new dog - but could be a blessing in disguise. You're stretched to the max as it is, without another mouth to feed/repair! I'm sure she'll love it at the new place being the top dog in that home

We've removed ourselves from fostering for a while for this reason - it does help a bit I hope she'll be happy!