Must try harder!

efes_shareholder

I have access to the cash to repay my debts but I'm reluctant .
A big part of me just wants to be on an even foot but i kind of feel that if I clear the debts from my house sale proceeds I won't have learnt anything as I am in the process of taking it from my salary.
That said there is currently no gain for me to pay them off quicker as they are on 0% and I can't buy at the moment , if I paying interest it may change my mindset.

WinterWarrior

@CRANKY40 you do deserve a holiday, you do!!
@efes_shareholder I admire your nerve to pay them off that way. I was worried I would spend the money while paying the payments and then have nothing to show for it. I aim to pay it all back into savings, but that has its own risk attached 😖 I need the savings mindset that I’ve never had before. If you could bottle that it would be a best seller! 

efes_shareholder

WinterWarrior said:

@CRANKY40 you do deserve a holiday, you do!!
@efes_shareholder I admire your nerve to pay them off that way. I was worried I would spend the money while paying the payments and then have nothing to show for it. I aim to pay it all back into savings, but that has its own risk attached 😖 I need the savings mindset that I’ve never had before. If you could bottle that it would be a best seller! 

My worry is I won't repay myself but I've had to make a promise to myself that I won't touch my savings , to be fair I do have a future need for them so that really helps and the more thats in there , the more choice I have 
Set yourself targets , I need to save £143 next month to round myself up to the next 1k 
Prem bonds are a great way to save , could you send what you would have sent to your debts to a bonds account?

CRANKY40

That would be my worry too @efes_shareholder. I could pay my loan off but then I could see the money just being absorbed into household bills as it isn't that much a month and I probably wouldn't save it. When the balance is a little lower or my savings are a little higher I may do it. Just not yet....and I know it doesn't really make sense.

efes_shareholder

CRANKY40 said:

That would be my worry too @efes_shareholder. I could pay my loan off but then I could see the money just being absorbed into household bills as it isn't that much a month and I probably wouldn't save it. When the balance is a little lower or my savings are a little higher I may do it. Just not yet....and I know it doesn't really make sense.

I told myself i'd meet myself in the middle.
it would mean I would have access to about a 3rd of my salary but I'm not sure I would re-save it.............It would be easy to skip each month and have the odd little treat and then I'm in trouble.
That said I'm so much better at saving since I made my mind up to try and clear my plate once and for all 

WinterWarrior

I do plan to filter some into my bonds. I only have £25 so far 😬
My payments were just over £600 and I was trying to save £200, but sometimes failed that. So I think a saving target of £600 and a £200 buffer will give me room for a bit more relaxed treats and save at least £600, more if any is left. That’s over £7k a year which would be amazing! 

efes_shareholder

WinterWarrior said:

I do plan to filter some into my bonds. I only have £25 so far 😬
My payments were just over £600 and I was trying to save £200, but sometimes failed that. So I think a saving target of £600 and a £200 buffer will give me room for a bit more relaxed treats and save at least £600, more if any is left. That’s over £7k a year which would be amazing! 

just think of the buzz it will give you watching that accumulate 
Like when your paying the debts down instead this time its yours and not paying for things you have since forgotten you bought 

jwil

Why not save the £600 out of sight, like PB, and then save some of the £200 in easy access.  Then it's there if you need it, but you can still try and grow your easy access savings until you have enough that you stop worrying you might need to dip into the out of sight stuff.  Transfer it all on payday so it's gone before you've had a chance to think about it.

WinterWarrior

@efes_shareholder and @jwil you talk a lot of sense 😁
I will do that. Dipping in to savings has been my nemesis, hopefully that buffer will stop any snacksidents of the monetary variety 🤭
Anyhow I bought two lottery tickets today, so if I’m a millionaire tomorrow I will let you know!

WinterWarrior

Happy Saturday 🌸🌺
sadly no news about my ticket…stupid lottery!
I took MrWW into town after work yesterday for his prescription so we don’t need to go anywhere today. We collected a takeaway, but I didn’t pay 😁
So today could be house jobs, but it’s more likely that I’ll get to tea time and wonder what happened.
Its a week and a half to pay day and I really want to spend something 😖