Boring Diary

HeavyMetalFan

I’ve been to watch the cycling today and I planned on having two pints but ended up having three. Not a problem though as beer is cheap where I live. Well, it’s not cheap but it’s less expensive than in many other places. 

The balance for one of my loans has reduced but I’m going to post my updates on the 18th of each month when all payments have been made. 

HeavyMetalFan

Expensive day yesterday. I went to the match so with beers before and after the match I ended up paying the best part of £50. I also had to buy a ticket for an upcoming away match which cost £42! Paid for out of my current budget - I don’t use credit to pay for this - but it is still a lot. 

HeavyMetalFan

Very slow progress overall but as I don’t think I can overpay on the loans I will just have to be patient.

CC1 - £550
CC2 - £1,006
L1 - £1,588
L2 - £929
L3 - £927

I will have to think about clearing CC1 with my emergency fund. 

MFWannabe

HeavyMetalFan said:

Very slow progress overall but as I don’t think I can overpay on the loans I will just have to be patient.

CC1 - £550
CC2 - £1,006
L1 - £1,588
L2 - £929
L3 - £927

I will have to think about clearing CC1 with my emergency fund. 

Cc1 is 34.9% apr so it makes sense to use some of your savings to pay it off but you also need to close it so you don’t spend on it again 
How much do you currently have in savings? 

What is the interest rate on cc2? 

HeavyMetalFan

£2,100 in the emergency fund and CC2 is 0% until July 2025. 

[Deleted User]

Personally I would clear CC1 and perhaps either loan 2 or loan 3. Debts would then be down to just 3 accounts.
Just my opinion of course.

HeavyMetalFan

[Deleted User] said:

Personally I would clear CC1 and perhaps either loan 2 or loan 3. Debts would then be down to just 3 accounts.
Just my opinion of course.

There is a lot of sense in this. I’m just having problems parting with the cash. I’m in the mindset that it’s easier to clear debts than it is to save. 

MFWannabe

HeavyMetalFan said:

£2,100 in the emergency fund and CC2 is 0% until July 2025. 

In that case I’d definitely clear the credit card that’s 34.9% as that is costing you a lot of money and you’re hardly paying anything off it 

[Deleted User]

HeavyMetalFan said:

[Deleted User] said:

Personally I would clear CC1 and perhaps either loan 2 or loan 3. Debts would then be down to just 3 accounts.
Just my opinion of course.

There is a lot of sense in this. I’m just having problems parting with the cash. I’m in the mindset that it’s easier to clear debts than it is to save. 

Yes but if you clear those two debts as I suggest you should have more money to both save and pay off the remaining debts. I suspect the loans are costing more you more in interest than you are earning in interest from your savings.

HeavyMetalFan

It was pay day on Friday (always a good feeling when payday falls on a Friday) so instead of paying into my emergency fund, I paid £120 off CC1. Yesterday I took £280 from my EF and put that on CC1 too so the balance is now £150. 

When I had my last diary I was posting more regularly as I had a more challenging budget, but as I don’t have to watch every penny I am not sure what to say. I think I got it spot on with the thread title.