The Three C's - Coffee, Clothes & Credit Cards

Sarahwithlove

Made my first loan Overpayment last night using prolific cash in and rounding up of yesterday's spends to nearest pound. Also made another this morning as refund to monzo credit card for insurance which then got paid into monzo account.

16/5 £8.55

17/5 £4.31

Total overpayment £12.86

Nationwide are going to hate me by end of this loan 🙃

DancingInTheRain

I also think you've done the right thing, you need a car and you've got a decent rate on the loan plus it's fun to annoy lenders with small overpayments, it's one of my favourite hobbies 🤣

I'll enjoy watching you smash the loan 💪

Chocolatefund

You did the right thing with a bank loan. I'm always amazed when I speak to colleagues at work who most of them seem to have cars on pcp. Then have a shock when the balloon payment is due.

You'll grow to love your new car. Smiles for miles I say. Which make/model did you go for?

Willowtree222

I usually get a PCP as they offer better details from finance and then switch to a bank loan.

If your car is a necessity then you don't really have much choice.

Sarahwithlove

https://forums.moneysavingexpert.com/discussion/comment/82001878#Comment_82001878

Thanks, though now I am wondering whether I need to focus on loan or clear the credit card. I don't know what's for the best. Maybe some kind of split of the two? I think for now I will focus on the loan and review in the new year once things are more settled with my dad.

https://forums.moneysavingexpert.com/discussion/comment/82002021#Comment_82002021

My brother used to work for car sales with finance company and has put me off car finance for life. Its funny how when you take finance out they can give you a discount or "deposit" but if you pay cash no thanks.

Sarahwithlove

So I have set my direct debit for credit card at £50 per month for now, contacted Tesco to find out that the 0% period ends on 09/09/27 which is 15 more paydays. That works out at £241.55 per month, which I can't afford, so I am aware that I will likely have to do a balance transfer at some point in future. But for now I will make the £50 a month payments and then review situation when my dad "gifts" me money. He has also basically told me I don't have to make loan payments until I am out of debt which is very kind of him. I think its his way of showing appreciation for all I have been doing for him.

I have decided to set myself some financial goals for June. First one is to try a food budget of £200 for the month, basically shop from home. My freezer is rammed, my cupboards are pretty full, so need to menu plan better and try keep costs low.

The other thing I want to try do is keep to £30 a week personal spends money, this mostly goes on eating out and coffee out. But sacrifices are needed, so coffee needs to go unless its with a friend and reduce amount I am eating out as well. No takeaways for me. It should also help with my weight loss. I know its going to be hard and I am going to have to say no or suggest free/cheap alternatives but if I manage to do it then thats an extra £150 this month I would be able to put towards debt.

Also when logged on to do overtime today, payslips were available, sadly last weeks o/t didn't get authorised in time for this months pay, but good news is that next months pay will be more than this months and that's without any additional hours I do in next 3-4 weeks. I am hoping they agree the pay offer soon as could really use that extra £50 approx a month.

Willowtree222

That is nice of your dad and will hopefully will help.

Sarahwithlove

Well another day and another expense, this time the dentist. Tooth infection in same one as before, had hoped it would last until my appointment in August but seems fate has other ideas. Luckily have a prepayment certificate for my prescriptions and it's a NHS dentist so cost wasn't too bad today. But going back next week to discuss plans, most likely be a root canal and crown so that will be about £335 on NHS.

Fortunately my car went to car heaven today, got £500 in cash, debating whether to use that or put dental payment on 0% card and pay it off loan. Just thinking of interest i would save as a result as £500 is alot and would bring my loan end date closer by 2 months. I won't make any rash decisions and ponder it over.

Sarahwithlove

Today's Payment £2.29, total Overpayments £15.15

triple_choc_chip

Have you ever used the snowball calculator?

https://www.lemonfool.co.uk/financecalculators/snowball-calculator.php

I used it a lot when I 1st joined MSE with several debts. It’s a safe link, it’s found at the start of the DFW threads.

You put all your details in and it tells you which order to pay them, which should give you reassurance.