Starting on the Debt-Free Journey

Sarahwithlove

Well done on your progress so far doing great. Have you thought about building a better emergency fund for a couple of months and then going back to hitting the cards. If its on 0% it's what i would be tempted to do just to avoid any future issues. I have a £1k EF myself. 

horseeatsallmymoney

Sarahwithlove said:

Well done on your progress so far doing great. Have you thought about building a better emergency fund for a couple of months and then going back to hitting the cards. If its on 0% it's what i would be tempted to do just to avoid any future issues. I have a £1k EF myself. 

Sorry, I've only just seen your comment! I'm building the EF slowly (up to £930 atm). I have thought about paying less off the CC, but I'm so keen to get it over with. Something to consider again though!

Sarahwithlove

930 is pretty good tbh. I think having £1k towards any major emergencies is quite a good chunk tbh. Dave Ramsey in his baby steps says 1k is a good start for emergency fund. Its hard finding a good balance of the two, I've had this issue recently as had quite a few expenses unexpectedly and it's meant a slow down of the card payments sadly. It is good to pay off what you can when you can as it means if you needed to have a few months of min payments you can do it

horseeatsallmymoney

CC Statement came in this morning and I've paid off another chunk of money. Situation as of today:
CC Balance: £6,705
% Debt paid off: 49% (so close to that 50%!)
Savings Pots: £958.82
Debt overpayment pot: £50.77 (every time this reaches £100, it goes on the CC)

Sarahwithlove

How much more do you need to pay off to get it to the 50% mark? 

horseeatsallmymoney

Sarahwithlove said:

How much more do you need to pay off to get it to the 50% mark? 

Another £100, so I'm almost there! I'm hoping to be able to do that by the end of the month, but I want to wait and see what money I have left from my Monzo spending pots.

horseeatsallmymoney

Paid off an extra £105 today, meaning I've officially paid off 50.05% of my debt!!
I've still got a long way to go, but it feels like I've hit a proper milestone!

horseeatsallmymoney

I've fallen off the wagon this month with Christmas, taking money out of my savings pots.   
I'm still paying off the debt, but all I want to do is spend in the run up to Christmas! *must sit on hands*
Breakdown of where I am now:
CC Debt: £5,800 (56% paid off!)
Savings: £895.70

Sarahwithlove

It's deffo hard round Christmas time. I preempted I would want to do this and have myself an extra £50 spends this month which I'm really glad about as otherwise I'd have nothing left for rest of month 🤣🙈

horseeatsallmymoney

Sarahwithlove said:

It's deffo hard round Christmas time. I preempted I would want to do this and have myself an extra £50 spends this month which I'm really glad about as otherwise I'd have nothing left for rest of month 🤣🙈

It's so hard! Well done on pre-empting and giving yourself more in advance. Definitely better than my plan of just thinking F*ck it it's Christmas!

I am getting my bonus in this month's pay and I'm so torn between doing something fun with it, or throwing it all at the credit card. I should probably do a mix so I'll see what I actually get after tax. Also, we're talking Under £1k, so not masses to do anything with!