Keep paying off debt or save

Brenster

BabyStepper said:

Access to credit is not an emergency fund. It was also that kind of thinking that got me into debt trouble. Not using credit cards at all is really important when trying to get debt free. Emergencies will always come up, have some cash and be ready for them. Apart from anything else, it's so much less stressful to manage your money in this way. 

I understand your dilemma OP. For what it's worth, I'd say take one month at a time and do not make yourself vulnerable for the sake of getting your debt paid off faster. Keep budgeting, don't overspend, save your money, review regularly to make sure you're not missing any expenses coming up and then make occasional big overpayments to your credit card when you feel secure enough to do that. You have paid off a lot already, you're nailing it! Your debt free date will come in time and you could have a good amount of savings by that point too. Then come and tell us so we can all celebrate with you. 

I agree when your oon your debt free journey access to credit cards shouldnt be a plan, but they can be ok once you have completed your debt free journey and learned the lessons that go with it.  For example i use my 0% credit card as a fuel card and pay it off monthly.  This improves my personal cash flow whilst improving my credit worthiness.  But in principle agree, you need to be very strict as these habits can easily slip into paying minimum payments letting balance increase and before you know it you are in trouble again.

Imlay

A wee update. 

I am due to go back to work on 22nd February and other half's furlough, fo childcare reasons, has been approved by his boss.  I have been eating out of the cupboards and freezer (usually good at this but have got even better  ) and have been paying off our debt.  Currently have £900 left to pay and our debt free date is the end of the month. 

Very, very excited

BlueJ94

Imlay said:

Currently have £900 left to pay and our debt free date is the end of the month. 

Very, very excited

woohoo well done! I can't wait for my debt free date!

ZaSa1418

Imlay said:

A wee update. 

I am due to go back to work on 22nd February and other half's furlough, fo childcare reasons, has been approved by his boss.  I have been eating out of the cupboards and freezer (usually good at this but have got even better  ) and have been paying off our debt.  Currently have £900 left to pay and our debt free date is the end of the month. 

Very, very excited

great news congratulations 

Aspiration

Imlay said:

A wee update. 

I am due to go back to work on 22nd February and other half's furlough, fo childcare reasons, has been approved by his boss.  I have been eating out of the cupboards and freezer (usually good at this but have got even better  ) and have been paying off our debt.  Currently have £900 left to pay and our debt free date is the end of the month. 

Very, very excited

Exciting and it must be so rewarding after how much work you’ve put in! 

Imlay

A wee update.

We are debt free today  . We are going to 'celebrate' with our children by having a Dominos at the weekend using a variety of voucher codes  Before saving a fully funded emergency fund.   

Kakiste

Congratulations! I've still got just over a year to go until mine.

JessyRM

Congrats! 

ZaSa1418

congratulations on being debt free