The times they are a changing.

Dottles1

Well done on your start, you clearly intend to sort this.  Good for you !1  I'll be following your progress.  Good luck

LW7

Dottles1 said:

Well done on your start, you clearly intend to sort this.  Good for you !1  I'll be following your progress.  Good luck

Thank you! It's gone rather fast so far, but not a lot will happen now until the end of March. Most importantly, I'm sorting it, and I won't be going back to it!! 

LW7

LW7 said:

Further good news, after being with NPOWER for 3 years running, I decided to check out my Energy supplier options. 

Looks like I've been overpaying on Energy (Gas & Elec) - £111 a month currently. 

Just switched to another provider, which kWH vs kWH & Standing charges, would save me £330 PA. Reducing my £111 a month direct debit by £27 a month to £83 per month. In addition I used Quidco for £110 cash back! 
So as of 25th March, I can put £30 a month into my credit card, along with the £150 cash back in a few months time!

For some reason this only tracked as £90 cash back, but should be available in a few months seems fairly swift. Still, saving money AND earning money? Who is with me on that one????

savingholmes

Saving money and earning money is fab. We saved £21 pcm changing BB supplier - and will get £95 from Quidco if all goes well. Keep going. What's your next target after repaying the debt? Are you going to start building your emergency fund to avoid going into debt again? Then perhaps up your pension? What's your mortgage situation?

I like you had repeated cycles of debt - but this time I've planned for what I want to happen once I'm CC free - including having the option of early retirement... 

LW7

savingholmes said:

Saving money and earning money is fab. We saved £21 pcm changing BB supplier - and will get £95 from Quidco if all goes well. Keep going. What's your next target after repaying the debt? Are you going to start building your emergency fund to avoid going into debt again? Then perhaps up your pension? What's your mortgage situation?

I like you had repeated cycles of debt - but this time I've planned for what I want to happen once I'm CC free - including having the option of early retirement... 

Thanks for the response.

For sure, once the debt is gone, the wife and I are going to try and get a £2k float within our joint account, and then start on a joint emergency fund of around £3k. 

Once we reach that, we will begin to look at the Mortgage. We've just literally re-mortgaged after our first two year deal finished. I would love to start overpaying on my mortgage.

Pension wise, perhaps, I'm at 8% already, and I feel if I were to spend another £50 into that, I wouldn't see the value for in comparison to some other 20+ year investments such as a LISA, perhaps a S&S ISA. I'll cross that bridge in due course. 
I hope we can perhaps reach the float and emergency fund goal by the end of this year. 

savingholmes

It sounds like you have a plan you are comfortable with

LW7

savingholmes said:

It sounds like you have a plan you are comfortable with

As much as I can be. I'm currently fighting with the thought that I'm not going to live longer than 55 odd and all the money I've saved into my pension will be for nothing as I could really have used it now, when I'm alive. Morbid I know, but there you go! 

Bizzywizard

It might be worth switching bank accounts. I did it 3 times last year and made £175 x 3 £525. My account, husbands account and our joint account. This money got our overdraft right down, its been clear for 2 days whoo whoo. When my Nationwide deal comes to an end in June. I will switch bank accounts again to RBS for their £175 free cash. Any good for you. Sorry question mark does not work.
The switch took about 21 days not the 7 that the banks say, but it was easy and free money and I could still use my card in that switch time.

savingholmes

I think you need to unpick why you are feeling so morbid. If it is just money - it is only money - you can sort that. If it is something else - are there steps you can take to improve the situation. What would they be? Is it worth journalling and picturing yourself at 85 and what you want to tell yourself at the age you are now? For you to be happy at 85 looking back - what would you want to change? They call it the 'rocking chair test' in coaching language. 

Sarahwithlove

Well done on tackling the debt, is your wife also tackling her half of the credit card debt? Having an emergency fund of 6 months pay is a good loan next and then start overpaying on the mortgage. It can make such a difference in terms of interest etc.