Stop hoarding and pay off debt 2024

_Dolly_Rocker_

Still haven't written in those 2 notebooks I've pulled out the stash. 

I also still need to count the toiletries - I'm gonna gut the house tomorrow and then I'll do it. 

Nervous1234

Spent the morning planning next months budget which feels great. I’ve also set up a Chase account to transfer my weekly budget into and moved my 52 week savings challenge account as well - it’s great as you can input a savings goal and it counts down for you. I’ve also told my dad about my savings challenge and he has joined in too. A good Saturday so far 😊

MFWannabe

Love my Chase Account 👍

Nervous1234

Told my husband about the debt last night - it was giving me physical pain at not telling him - when I’m stressed I get really bad back ache which even the strongest painkillers does nothing for - thankfully it doesn’t happen very often. He was ok, I explained about my budget and my plan to pay it off and just said don’t be surprised if I say no to expensive trips out and takeaways. It’s payday next Friday so looking forward to paying off some debt. Although not sure how over paying the admiral loan is going to work as I’ve had to send a message to overpay just £100 whereas at the end of the month I want to pay £1,000 (repayments don’t start until the 27th February) so just making a one off big payment. I would have liked to just pay a bit when I want every now and again and not have to wait 3 working days to make the payment. Hopefully this is just a one off process until first payment taken. Does anyone else have any experience of overpaying a loan from Admiral? Thank you ☺️ I am planning to join a no spend February challenge once it comes up and see how I get on 😉

CMD79

Nervous1234 said:

Told my husband about the debt last night - it was giving me physical pain at not telling him - when I’m stressed I get really bad back ache which even the strongest painkillers does nothing for - thankfully it doesn’t happen very often. He was ok, I explained about my budget and my plan to pay it off and just said don’t be surprised if I say no to expensive trips out and takeaways. It’s payday next Friday so looking forward to paying off some debt. Although not sure how over paying the admiral loan is going to work as I’ve had to send a message to overpay just £100 whereas at the end of the month I want to pay £1,000 (repayments don’t start until the 27th February) so just making a one off big payment. I would have liked to just pay a bit when I want every now and again and not have to wait 3 working days to make the payment. Hopefully this is just a one off process until first payment taken. Does anyone else have any experience of overpaying a loan from Admiral? Thank you ☺️ I am planning to join a no spend February challenge once it comes up and see how I get on 😉

That’s a really positive step. The NSD Challenges are really good! No idea on Admiral… some do make it really difficult to overpay.

MFWannabe

A couple of thoughts: 
How much is the interest on the loan? 

Do you hand any savings? If not then I would keep the £1000 as an emergency fund and to start paying things like insurance annually rather than monthly 

Nervous1234

MFWannabe said:

A couple of thoughts: 
How much is the interest on the loan? 

Do you hand any savings? If not then I would keep the £1000 as an emergency fund and to start paying things like insurance annually rather than monthly 

Good morning, thank you for your comments x 

Interest is 11.3%
Bonus I get from work in a couple of month should cover council tax
Home insurance has been paid this month 
TV license due March
Pet insurance is due May
Boiler and heating etc insurance due June

I think that’s the only annual bills I have. Husband pays the rest 

I have some savings but they are locked up in shares until December 2024

I will see how easy it is to overpay the loan and then decide. I had planned to make overpayments every month but if it is really difficult to overpay I will put the money I was planning to pay into a savings account and then pay it all off hopefully in September to settle the loan. 

I haven’t bought any toilet roll, toiletries or cleaning supplies this month so just hoping it lasts until the end of the month. I then have a weekly budget that I can spend as I like but the plan is not to buy anything until I am running out - we are literally 7 mins from a supermarket so there really isn’t any reason I need to be stockpiling - just need to keep reminding myself of that 😉

MFWannabe

Ah at 11.3% I’d definitely be overpaying 👍 
I should think it’s possible to overpay after first month; have you got an online account with them? 

Ref the hoarding I think we’ve all done this to a certain extent; I used to bulk buy washing detergent and toilet rolls but got fed up of storing them so don’t anymore 

Nervous1234

MFWannabe said:

Ah at 11.3% I’d definitely be overpaying 👍 
I should think it’s possible to overpay after first month; have you got an online account with them? 

Ref the hoarding I think we’ve all done this to a certain extent; I used to bulk buy washing detergent and toilet rolls but got fed up of storing them so don’t anymore 

Yes online account set up but only a messaging option to overpay will wait to see what they come back with as they are closed over the weekend 

Nervous1234

 Pay day tomorrow and very much looking forward to paying off some debt. I have a few days off work now so concentrating on getting my budget set up. Love the new Chase account where I can set up different accounts and change which account my debit card will spend from. Have set up 4 time period ones so 29th January - 4th February and so on and will transfer my weekly budget into the 4 accounts - will need to set up another account for the 5 week months but overall really please and making a few extra quid with doing surveys on prolific 😊