Diary of a reformed shopaholic (I hope)

monkey62

Hey, well done on clearing the credit card and also on reducing the electric bill.  Certainly seems sensible to transfer some of the next or debenhams card to the C1 - it will save you something.  Also impressed that you've come in under budget on the food bill, this is an area I struggle with.  I do make a list but it's all the bits that go in the trolly when I'm not looking that takes me over.

Drawingaline

Just check what any fee might be to do a transfer. I may be something like 4%, which may cancel out the benefit of a small drop in interest rate
Definitely worth doing some sums. 

enthusiasticsaver

Well done on clearing the Capital one. Is there a balance transfer fee to move Next or Debenhams to Capital one? The decision as to whether or not to move it depends on (a) the balance transfer fee which is the cost of moving it and (b) how long it will take you to clear those two debts given the difference is only 6% over a year. If you can't clear it in a relatively short time it may be worth it.

shoppingobsessed2020

I need to sit with a calculator, a spreadsheet and a large cup of tea and work my way through the maths.  I can have the next, very, tsb and Debenhams cards clear by the end of December as long as there are no hidden surprises, but if I can save some money in interest by doing some credit card shuffling then it will be worth it even if it’s £50 saved as that’s better in my pocket than the banks.

i see a lovely complicated spreadsheet full of formula in my future working all this out for me.  Once I’ve done the initial couple of rows of calculations per card will be simple enough to work it out I’m looking forward to Friday when I can play around.

kinda wishing I’d stuck with my first love of accounting as I’m great with other people’s money just not my own lol.  I do well on the big purchases but the day to day ones slip by me and dh is horrible on the big purchases but generally (bar the last couple of years) been great at the small.  We’ve just got off track and I’m in a spreadsheet mood.

Naomim

Got to love a spreadsheet!  That's why I don't use YNAB as it's all there written down black and white for free 😁  Although I'm not so hot on formula's etc. I still rely on the snowball calculator for my credit cards.   
Agree with the bulk buying at Costco too.  My MiL goes to a cash & carry and always buys large fillet steaks and then supplies us with a few. We just had some this weekend and they were delish!!  She also give me washing powder and conditioner in bulk. It's fab.

Naomim

Mumoffourkids

I do love a spreadsheet. Although I have given up my main huge spreadsheet in favour of YNAB as I was finding that I was spending too much on little spends with my spreadsheet and saying oh I know I’m going to have at least £100 spare at the end of the month, so I can spend that. Having YNAB has helped me focus on saving more. I do still have a couple of spreadsheets to help with allocating money though.

enthusiasticsaver

I love spreadsheets.  I use clear checkbook (budgeting software)  to record spends but my budgets are all done on spreadsheets.  I for each year and 12 pages on each (1 for each month).  Great to look back on and see changes or similarities in spending patterns.  

enthusiasticsaver

shoppingobsessed2020 said:

I need to sit with a calculator, a spreadsheet and a large cup of tea and work my way through the maths.  I can have the next, very, tsb and Debenhams cards clear by the end of December as long as there are no hidden surprises, but if I can save some money in interest by doing some credit card shuffling then it will be worth it even if it’s £50 saved as that’s better in my pocket than the banks.

As a very rough back of the envelope calculation then if the interest differential is 6% (difference in rate between Capital one and the storecards) and you expect to get them paid off in around 6 months the interest saved will only be 3% (presuming the payments remain at the same level).  If the balance transfer fee is 3% or above or you think moving it will make you complacent and less keen to clear it then it is not worth moving it in my opinion. 

Drawingaline

I took myself back to college this academic year to do bookkeeping. I don't like maths at all, but stick a pound sign in there, love it! My new job was bookkeeping and I loved all the stuff, but I still find spreadsheets difficult. 

Mumoffourkids

I’m an accountant by trade and have always loved spreadsheets. Although I have got into difficulty with my money in the past, in my last bookkeeping job, I was the person who said yes or no as to whether we had enough money in the business to buy stuff. I was known for being particularly detailed on whether we had enough money. I actually love helping other people manage their money and budgets! And I do love a good spreadsheet!