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Time to Face The Music
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If it was just me with access to the money I would certainly do this but DH isn't as good with money and if it's in the account he thinks it's OK to spend it! Don't think I'm going to be able to change him after more than 50 years!ladyholly said:Its just a thought but instead of paying extra to your utility company would it be better to put in into a serparate savings account so you get some ineterest. I know the rates are terrible at the moment but even a penny or two helps and why should you inflate the coffers of the companies.
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Another one bites the dust! Well done - the next two will drop off super fast now and then all attention can go to the biggie - which should also drop really quickly shouldn’t it! You’ll be card-debt free pretty soon now!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
We are still not entirely sure how we are going to tackle the last big card. We have no great rush. The deadline we have set ourselves is to be debt free before we remortgage the house again which is in 4 years times. By then we want all of the cards and the motorhome loan paid off.EssexHebridean said:Another one bites the dust! Well done - the next two will drop off super fast now and then all attention can go to the biggie - which should also drop really quickly shouldn’t it! You’ll be card-debt free pretty soon now!
Card 6 will be getting balance transferred at the beginning of August probably to card 4 or 5 will see which has the best offer at the time. That will then be paid off in the 18 month 0% period.
Card 7 still has a long while left before we need to look for new deals. We may look to increase the repayment before this deal is up but we are just conscious that we want to see just what happens with inflation and the rising cost of living first.0 -
If it were me I’d be looking to continue paying off the other cards and transferring to new deals if needed right now, but I’d also be stashing all the money that was previously going to debt payments into a savings account specifically to be able to look at firstly having a “cost of living increase” buffer, but secondly to be amassing money to look at initially taking myself to card-debt neutral, and then perhaps once the cost of living thing settles a little and is more of a known quantity - being able to make a lump sum payment against the remaining debt. The best way of being to at least some degree protected against the real impact of the cost of living rises we’re all seeing right now is to be debt free. The second best is to be debt neutral - getting to the first of those as soon as possible without risking leaving yourselves tighter than is ideal is best done by is the “neutral” option. One thing to bear in mind too - don’t forget that at the point of remortgage it will be your credit history new lenders will want to look at - not just your current debt/utilisation, so the sooner you can reduce debt ahead of that, the better the deals it will help open up for you at that point. Allowing that interest rates are only going in one direction for the foreseeable, that could be a pretty important consideration in 4 years time I suspect.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Good news on card 4.
What's next?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
Well done another one gone. Good to have a plan in place for the remaining ones.Are you off on your travels this weekend?I get knocked down but I get up again (Chumbawamba, Tubthumping)2
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PayPal Credit. Although Card 5 won't be too far behind that one.beanielou said:Good news on card 4.
What's next?3 -
Heading up to Scotland to see the other half's mum.Sun_Addict said:Well done another one gone. Good to have a plan in place for the remaining ones.Are you off on your travels this weekend?
We have Friday off work. The van is back to the dealers for the warranty work finally completing now they have the parts. That is booked in at 9am and they want it for an hour. So when they gave done we will set straight off and head North for a few nights.2 -
It will be a no spends day today.
Breakfast, lunch and dinner will be from stores. Breakfast was toast, we have both taken our packed lunches to work and dinner tonight is stuffed chicken with rice and vegetables.
Tonight's jobs are:- vacuuming the house
- cleaning the bathrooms
- walking the dog
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Happy travels at the weekend, I absolutely love Scotland, it's one of my favourite places to visit. Such beautiful scenery
Life gets in the way...PADding is addictive...Saving's better than spending...My savings diary - Now for a healthier, wealthier me2025 1p challenge #41 | Cash envelope challenge #01 | SPC #017Sealed pot 2025 £7390 | EF £1000/£1000 | Sabbatical £3677/£6000 | Travel savings £1832 | Sinking pots £31072
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