2022 is a new start

DebtFreeWB22 · 29 March 2022 at 8:31PM

Hi all, I’m 32 and live with my partner, no children yet. I have decided I need to start sorting out my finances so that I can get some savings together ready to have a baby hopefully in the next couple of years. Our mortgage fixed term also expires in May 2024 and as we have a HTB loan, we are hoping to remortgage to put the loan into the mortgage, but we need to get some overpayments made to in a chance of doing this!

I will complete a SOA some point over the next few days. I have just a loan of just under £9,000 which I took out for my car (4.9% interest until June 2025) and around £2.5k on a credit card due to having had a lot of dental treatment (private due to having been taken off my dentist list as I hadn’t been for a while and was unable to get onto any NHS dentist’s books - the dental work was emergency unfortunately). This will increase a bit further as I have more dental treatments over the next month or 2. Credit card is 0% until January 2024.

My plan is to focus on overpaying the loan first - I get charged an early repayment fee of 56 days interest, so I will need to see how much this equates to nearer the time. I am hoping I will be able to get this paid off by the end of this year.

Once my loan is paid off, I will then pay off my credit card.

Once both these are done, we will hopefully be able to focus on mortgage overpayments!

I am a terrible spender so I need to really analyse my bank statements and see what I am spending too much money on. I know groceries are a big issue so I need to look into reducing these.

MissRikkiC · 29 March 2022 at 8:57PM

Good luck on your journey.

shell16 · 30 March 2022 at 11:51AM

Good luck on your journey! Just a comment on the Credit card, was this a new card at 0% for spending or a balance transfer? If a balance transfer, just be careful of new spending as this will very likely be at the usual card rate.