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Mass debt currently focusing on the now rather than later life
Comments
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The £15k is interest free for 26 months - just make sure you're in a position to clear it by then.
Also set up a LISA with moneybox if you're a first time buyer. You can pay in up to £4k per financial year and get a 25% bonus for a house deposit. Have to have had it open for a year and can only use it for that purpose but worthwhile.
I pay in a token 5er a week at the moment. Should be debt free by April so just plan to pay in whatever spare I've mustered before the year end.
August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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@ryanm8655 Yes - I’m going to put a plan together so I can ensure I meet the 26 months.In regards to the LISA I have actually got a Help to Buy ISA already with an amount saved. I have also opened up a LISA putting £1 a month just incase I decided not to buy a new build I can just transfer it over I believe.January 2020 - £17.5k
June 2020 - £12k0 -
Just to echo what others have said re. Pensions - if it is the LGPS you can join, it's a very good deal compared to most private pensions, and there are other valuable benefits too - like death in service benefits - don't neglect these...
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2022ismyyear said:@webnibbler @ryanm8655 @onwards&upwards @sharpe106
You have all pretty much given the same advice so I am definitely going to start contributing again to the pension! I would be shooting myself in the foot really if I don’t.
Thanks for your help I appreciate it! I will just have to delay the debt free date and housing buying back a few extra months! ☺️
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@sharpe106
Are you suggesting buying a house while I’m still in credit card debt? To save costs in the long term on renting.
January 2020 - £17.5k
June 2020 - £12k0 -
Up to you if you want to or not. But if you are paying say £700 a rent each month that is dead money. Your debts are interest free so not actually costing you anything. Obviously it will affect how much you can borrow.
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2022ismyyear said:@ryanm8655 Yes - I’m going to put a plan together so I can ensure I meet the 26 months.In regards to the LISA I have actually got a Help to Buy ISA already with an amount saved. I have also opened up a LISA putting £1 a month just incase I decided not to buy a new build I can just transfer it over I believe.
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@Elby
Oh amazing news, thanks for your comment! That’s even better then might as well just leave the money where it is then and not bother with the LISA.January 2020 - £17.5k
June 2020 - £12k0 -
Just wanted to add about the pension - definitely do not delay in paying into it, especially if public sector. How much of a deposit are you looking to save for the house purchase? Are you a solo buyer?1
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Applewood1 said:Just wanted to add about the pension - definitely do not delay in paying into it, especially if public sector. How much of a deposit are you looking to save for the house purchase? Are you a solo buyer?Yes I am a solo buyer. Probably around £15k for the deposit plus fees on top max around £2k. I already have 8k saved.
I manage to pay off some of the debt today so down to £13k which is good.Just need to figure about a rough plan to pay off the debt and save enough for the rest of the deposit in a reasonable amount of time. Currently renting so feel like I’m throwing money away which could go on a mortgage for probably cheaper!January 2020 - £17.5k
June 2020 - £12k0
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