📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Facing reality

Options
1585961636477

Comments

  • jwil
    jwil Posts: 21,932 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congrats on clearing the card!

    I like the two free months on the council tax so prefer it over 10 months.  It's like a treat!
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • mark55man
    mark55man Posts: 8,209 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash :smile:

    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • Sarahwithlove
    Sarahwithlove Posts: 3,331 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Parkyp said:
    That’s great you’ve cleared your credit card, only your dad to go but he’s happy with your current payback agreement so credit card payments can go to pots or sinking fund.  I prefer 10 months council tax I like having the extra two months to treat myself to something for me or the house it’s a nice wee bonus, whereas I don’t think you’d feel the benefit as much as a reduced monthly payment. Well done on your weight loss to 👏👏 x
    Yes I suppose after Xmas etc it is quite nice having those months without. In grand scheme of things £6 a month extra isn't much. I think for now I will leave it as it is and review once my housemate eventually moves out. Though would get my 25% back. 

    mark55man said:
    well done.  I know this is naughty old school thinking, but if you have a lot of car expenses at this time of year, I would be tempted to keep the CT at 10 months, effectively you are saving a bit of a buffer so you have a bit of slack in the budget for the two CT Free months at the start pf next year.  I know a grown up managed budget shouldn't need that sort of logic, or a post christmas boost, but maybe lets not go full speed ahead until you've settled in to it all

    Also your only debt now is to your dad, so as a fully paid up lender from the bank of mums and dads I applaud that as way more than a half way step - and although I know you take that debt extremely seriously, and its still hanging over you a bit, once you only owe family, then I think that's a different place to be 

    I wouldn't think about accelerating that repayment just yet, as you focus on savings and EF that can wait
    I have different pots for car insurance and tax which are still ticking along nicely. But yes Oct-Dec is car expenses. 

    My dad seems happy with current repayment plan and the few times I have mentioned increasing my repayments he has said no.
    So I'm going to focus on my sinking Fund and a good emergency fund. 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£400

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8440/£11641.17*


    Savings
    *Savings Buffer - £1000/£1500
    *Emergency Fund - £1010/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • Sarahwithlove
    Sarahwithlove Posts: 3,331 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    mark55man said:
    That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash :smile:

    It is quite nice having the two months without especially as I then get the following two without my service charge. Just can be a pain as I have a water bill that's only 8 direct debits a year and my nhs prepayment card is 10 months as well so can be difficult keeping track on ynab 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£400

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8440/£11641.17*


    Savings
    *Savings Buffer - £1000/£1500
    *Emergency Fund - £1010/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • jwil
    jwil Posts: 21,932 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mark55man said:
    That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash :smile:

    Yes, buy 10, get 2 free 
    mark55man said:
    That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash :smile:

    It is quite nice having the two months without especially as I then get the following two without my service charge. Just can be a pain as I have a water bill that's only 8 direct debits a year and my nhs prepayment card is 10 months as well so can be difficult keeping track on ynab 
    Just do what works for you.  My water is also 10 months, and I get the same two months free, so the last two months I've managed to put almost £500 in savings without any pain.  It's a nice boost for me, but others work better when everything's monthly.
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • Bluegreen143
    Bluegreen143 Posts: 3,704 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I must be the only person who likes council tax to be 12 monthly 😅 I find it easier to budget the same every month and like the lower amount.
    Part time working mum | Married in 2014 | DS born 2015 & DD born 2018

    https://forums.moneysavingexpert.com/discussion/6542225/stopping-the-backsliding-a-family-of-four-no-longer-living-beyond-their-means/p1?new=1

    Consumer debt free!
    Mortgage: -£128,033

    Savings: £6,050
    - Emergency fund £1,515
    - New kitchen £556
    - December £420
    - Holiday £3,427
    - Bills £132

    Total joint pension savings: £55,425
  • Sarahwithlove
    Sarahwithlove Posts: 3,331 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    I must be the only person who likes council tax to be 12 monthly 😅 I find it easier to budget the same every month and like the lower amount.
    Ha I can see pros and cons to both tbh. I think I'm going to leave it as 10 monthly for now as can't be bothered to ring up and change it and they probably have more important things to do. 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£400

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8440/£11641.17*


    Savings
    *Savings Buffer - £1000/£1500
    *Emergency Fund - £1010/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • Blackcats
    Blackcats Posts: 3,881 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    On balance I prefer council tax over 10 months.  Last year I over paid by 10% each month and got the bill paid in 9 months which I was very pleased about.  My monthly payment is £350 a month though!! I've got £400 ready for my April payment.  
    Sarah you are doing really well on your fitness and weight loss.  Do you notice a difference in your general sense of well-being? 
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,062 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    We well done on clearing the credit card and if your dad is happy with the repayment plan then focusing on building up savings pots and EF is the right way to go. I prefer to leave our council tax over 10 months and February and March the money goes into savings pots. My car insurance is due February so usually the money allocated to council tax more than covers that  and there are lots of birthdays in March so again it is like a bit of a bonus that the council tax money is there to boost the pots. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
    Save £12k in 2025 #1 £12000/£8000
  • Sarahwithlove
    Sarahwithlove Posts: 3,331 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Blackcats said:
    On balance I prefer council tax over 10 months.  Last year I over paid by 10% each month and got the bill paid in 9 months which I was very pleased about.  My monthly payment is £350 a month though!! I've got £400 ready for my April payment.  
    Sarah you are doing really well on your fitness and weight loss.  Do you notice a difference in your general sense of well-being? 
    I think I too prefer it too. It can be a bit of a pain for ynab purposes as have everything on repeat but I've just set the new payment plan for it up on there and didn't take too long really.
    Yes I feel much better in myself. My mood has lifted and just general sense of well being feels better for it. It's very easy to get into a rut of eating bad and not exercising and then put weight on so feel bad about yourself so ear some more. 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£400

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8440/£11641.17*


    Savings
    *Savings Buffer - £1000/£1500
    *Emergency Fund - £1010/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.