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Facing reality
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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 McGee1 -
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 👏👏 xmark55man 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
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/2 -
mark55man said:That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash
*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/1 -
mark55man said:That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cashSarahwithlove said:mark55man said:That's right @jwil, like a present from the council - well done on getting through 202x here's some unaccounted for cash"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 McGee0
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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: £55,4251 -
Bluegreen143 said: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.*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/1 -
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?1
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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/£80001 -
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?
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/2
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