Debt free before August 2023

Poppy1984

CRANKY40 said:

https://www.thescholarshiphub.org.uk/

https://grants-search.turn2us.org.uk/

Any use?

Thank you so much, but no sadly not 

Poppy

Poppy1984

savingholmes said:

Hugs sounds a tough time

Thank you 

poppy

Poppy1984

I'm in two minds at the moment. 

I have a help to save account, there is currently £1200 in it, I can withdraw the money at any time, however if I take the money out I won't earn the reward which is £25 for every £50 (you can only put a maximum of £50 a month over 4 years) 
I also have £850 in a savings account for emergencies and Xmas and gifts which is locked until late October. 

If I was to withdraw the money from the help to save account I would lose the £600 reward which I would have got in 2024, but if I paid that and the other savings off my loan I think it would be completely gone by late October. However I'd have no Xmas or emergency savings and I would not get the £600 bonus hell you save payment. 

Do I just continue to be patient and leave my savings in the help to save account and gain the £600 bonus payment and use my other savings for Xmas etc OR to I withdraw the lot and get out of debt sooner but then potentially put myself in a situation where I might end up back in debt if there was an emergency or when I can't afford Xmas costs. 

I pretty much know the answer 😂 but the possibility of being debt free by next month is soooooo tempting 

Poppy

WinterWarrior

If it was me I would keep back the Christmas and emergency money as you know you’ll need it, but would fire the help to save onto bringing down the debt. It’s probably not the right way, but I’m impatient and would rather it gone. It’s a long time until 2024 to wait for the bonus. I don’t like to lock in savings for higher bonuses as I hate the feeling of not being able to get at them in an emergency, but I realise this is because I’ve not been in a position where I could save and still cover an emergency…

Poppy1984

WinterWarrior said:

If it was me I would keep back the Christmas and emergency money as you know you’ll need it, but would fire the help to save onto bringing down the debt. It’s probably not the right way, but I’m impatient and would rather it gone. It’s a long time until 2024 to wait for the bonus. I don’t like to lock in savings for higher bonuses as I hate the feeling of not being able to get at them in an emergency, but I realise this is because I’ve not been in a position where I could save and still cover an emergency…

It's very tempting, the help to save isn't locked in, but the way it works is I saved £50 a month and in the 1st 2 years got a £600 bonus into my current account which I did put to my debt, then the bonus is worked out is the bonus goes off the money between year 2 and 4 so if I take it out I won't receive the £600 after year 4. 

My ef isn't Locked in but my Xmas funds gets locked for 1 year to late oct 

Poppy

savingholmes

Unless your debt is due to cost £600 in interest I would leave savings where they are.

Poppy1984

savingholmes said:

Unless your debt is due to cost £600 in interest I would leave savings where they are.

They are my thoughts for why I hadn't used it already. No the interest is about £40 now. I will leave them where they are and be patient! 

Poppy

savingholmes

Good call. I understand the temptation but in this case delayed gratification is as important a skill to master

savingholmes

When I have mastered it I will let you know 

Poppy1984

savingholmes said:

When I have mastered it I will let you know 

😂😂 same, I just want this flipping loan gone!!!!!