2022 is a new start

DebtFreeWB22

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

Good luck on your journey. 

shell16

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.

LittleMissDetermined

Good luck on your journey, once you post you SOA we should be able to see where savings can be made   If you know groceries are somewhere to keep control of, have a go at meal planning and batch cooking as this saves both time and money! 

LMD x

DebtFreeWB22

Thank you all!

@shell16 - it was 0% on spending so no issues with that hopefully

@LittleMissDetermined - yes if I’m honest I plan to batch cook never get round to it but I definitely need to work on that