Pay off which first? Help please

Bringvaluetome · 7 February 2020 at 1:53PM

VW's do have a premium however hold their value relatively well.

Bringvaluetome · 7 February 2020 at 1:56PM

In relation to my workplace pension, I have upped my contribution from 1% to 10%.

Monthly Contributions Value % of Salary

My Contribution (with Salary Exchange) £208.08 10.00%

Company Contribution £104.04 5.00%

Total Monthly Contributions £312.13 15.00%

Total Annual Contributions £3,745.50

Total Cost to Monthly Net Pay -£141.50

Bringvaluetome · 7 February 2020 at 9:02PM

Hopefully I'll be on track this year to get back in a good place.

Bringvaluetome · 8 February 2020 at 7:07PM

Any comments on the pension?

blakemansarah · 9 February 2020 at 10:32AM

Credit card first always, if you cant get a balance transfer or anything

Bringvaluetome · 9 February 2020 at 12:19PM

I have a plan for the credit card now. Should be paid off by the time the interest free period kicks in.

Picked up my new car yesterday. It's a lovely drive and it's amazing what £2500 can get you!

Bringvaluetome · 9 February 2020 at 11:41PM

So I've been doing some working out and I could be potentially debt free by November of this year. 9 months!
My total debt now is £7370. If I could pay £815 a month I could clear the lot in 9 months.
(£154+£108 of existing payments and £553 additional payment)

Bringvaluetome · 9 February 2020 at 11:46PM

My assets to date are as follows:
£2200 cash in HTB ISA
£2500 Car - VW Golf
£5000 pension

Bringvaluetome · 10 February 2020 at 11:31AM

Am I doing the right thing?

monetxchange · 10 February 2020 at 7:04PM

In what sense? You’re starting to focus on paying down your debts, were sensible in buying a car in cash and have sorted out your pension. It’s absolutely the right track! You might want to think about setting up a debtFree diary in the diaries section here to keep you focused and to be a sounding board for any decisions or doubts you may have. I’m sure lots will want to follow along!