All change for 2025

jwil

ladyholly said:

 Take_a_hike_Elon_and_Jeff

How could you take a swipe at honest business people   I am joking of course I wish I had thought of it.  To answer your question PAD means payment a day.

Thank you

jwil

Today's PAD - £2

Jan - £319
Feb - £135
Mar - £129
Apr - £114
May - £118
June - £93
July - £123
Aug - £118
Sep - £60
Oct - £113
Nov - £66
Dec - £47

Take_a_hike_Elon_and_Jeff

jwil said:

Take_a_hike_Elon_and_Jeff said:

ladyholly said:

 Take_a_hike_Elon_and_Jeff

How could you take a swipe at honest business people   I am joking of course I wish I had thought of it.  To answer your question PAD means payment a day.

Thanks ladyholly I love learning the new terminology and Jeff and Elon are getting absolutely  NADA from me! Well done jwil on the PAD's this is good inspiration for me , I think I'm going to start doing the same! On a positive note I've just completed another NSD today and yesterday was a NSD and tomorrow I'm planning on another NSD

Well done on the NSDs, that's great in December!  Good luck if you start padding.  They don't count as a spend in my book.

Thanks unfortunately today was not an NSD as I decided to do my grocery shopping today instead of tomorrow as I'm not so keen on doing it on a Saturday morning, it was a calmer affair. I stuck to my list and only went with cash and a calculator and I was ruthless even put back a bag of popcorn that I was going to buy as I thought I can live without it so I was under budget.
It's amazing how my attitude has changed towards the value of money it's taken decades to sink in that it's a valuable commodity not to be chucked about.
I officially had my first PAD today I paid £2.58 onto my Monzo loan it's reduced the monthly payments by £0.06p lol!
Out of curiosity I visited the lemonfool website to look at creating an SOA, it's my mission to start my first diary soon as you are all an inspiration and I know it will make me feel better and keep the focus, with this in mind I looked at the snowball calculator I have 2 loans and another to a friend who says I can wait until the middle of next year to start paying him back.
Am I correct in thinking I need to add the total of the loan which includes the interest, then in the next box the APR and the last box the minimum payment? I presume it's not the amount I borrowed from the creditors but the amount including the interest. Seeing the interest is utterly shocking the calculator is telling me to snowball the slightly lesser loan as the interest is higher. 
I see a lot of padding coming my way. I set up a pot within my Monzo account for padding and named it "Smash it !" with a picture of fist haha. Just like I can't stand Elon and Jeff, I'm not a fan of these wealthy bankers so by smashing it they are going to get less interest out of me!!!
Wishing you all a brilliant and smashing  weekend :-)

jwil

Take_a_hike_Elon_and_Jeff said:

jwil said:

Take_a_hike_Elon_and_Jeff said:

ladyholly said:

 Take_a_hike_Elon_and_Jeff

How could you take a swipe at honest business people   I am joking of course I wish I had thought of it.  To answer your question PAD means payment a day.

Thanks ladyholly I love learning the new terminology and Jeff and Elon are getting absolutely  NADA from me! Well done jwil on the PAD's this is good inspiration for me , I think I'm going to start doing the same! On a positive note I've just completed another NSD today and yesterday was a NSD and tomorrow I'm planning on another NSD

Well done on the NSDs, that's great in December!  Good luck if you start padding.  They don't count as a spend in my book.

Thanks unfortunately today was not an NSD as I decided to do my grocery shopping today instead of tomorrow as I'm not so keen on doing it on a Saturday morning, it was a calmer affair. I stuck to my list and only went with cash and a calculator and I was ruthless even put back a bag of popcorn that I was going to buy as I thought I can live without it so I was under budget.
It's amazing how my attitude has changed towards the value of money it's taken decades to sink in that it's a valuable commodity not to be chucked about.
I officially had my first PAD today I paid £2.58 onto my Monzo loan it's reduced the monthly payments by £0.06p lol!
Out of curiosity I visited the lemonfool website to look at creating an SOA, it's my mission to start my first diary soon as you are all an inspiration and I know it will make me feel better and keep the focus, with this in mind I looked at the snowball calculator I have 2 loans and another to a friend who says I can wait until the middle of next year to start paying him back.
Am I correct in thinking I need to add the total of the loan which includes the interest, then in the next box the APR and the last box the minimum payment? I presume it's not the amount I borrowed from the creditors but the amount including the interest. Seeing the interest is utterly shocking the calculator is telling me to snowball the slightly lesser loan as the interest is higher. 
I see a lot of padding coming my way. I set up a pot within my Monzo account for padding and named it "Smash it !" with a picture of fist haha. Just like I can't stand Elon and Jeff, I'm not a fan of these wealthy bankers so by smashing it they are going to get less interest out of me!!!
Wishing you all a brilliant and smashing  weekend :-)

Well done on the first pad!  Try and keep your monthly payments the same if you can as you'll then clear it sooner and save more interest.  It's very motivating though when you can see the results straight away.

SOA is a great place to start, and also a spending diary.  I've only been properly tracking my spending this year, and it's been an eye opener for me.  I always knew what my monthly bills are, but I do have a tendency to forget all the little extras throughout the year.

With the snowball calculator, put in the current balance of the loan and then put in the APR and your monthly payment.  Unless the interest is front loaded (all added on to the loan at the start) then the snowball calculator will calculate the monthly interest for you.  It's usually the case that you pay the highest interest one first as you can save the most there.

When you do start your diary, let me know and I'll pop over and say hi

jwil

Today's PAD - £2

Jan - £319
Feb - £135
Mar - £129
Apr - £114
May - £118
June - £93
July - £123
Aug - £118
Sep - £60
Oct - £113
Nov - £66
Dec - £49

Take_a_hike_Elon_and_Jeff

Thanks jwil

Well done on today's PAD! I started my diary after posting on your diary. I haven't added figures in as yet as I need to reassess my budget at the end of December, once I get my payslip as unfortunately my pay is variable .There is a baseline I know I’ll clear so I kind of need to budget on that but the advantage is there will be months when I clear a lot more so that extra will be for debt smashing.

My loans are with Monzo and Tesco which when I look at the balances, it is the original balance together with the interest. So I’m guessing that’s front loaded? Pardon my ignorance but this is decades of not understanding the true value of money. It is utterly shocking to realise how much the interest is. I have small car I’m planning to sell in January which should wipe off about 40% of the original amount borrowed from Monzo minus the interest with a bit of luck I could clear this by June 2025.

I have to say Monzo is a brilliant banking app and with the loan it makes it super clear to visualise but at 19% it is super expensive!!! 

I will definitely gunner at doing PAD’s but I also think I need to prioritise the emergency fund as it’s currently only £200 but my goal is to get it to £1000 a.s.a.p.

This is the name of my diary 

The ostrich wakes up and decides it's aspiring to be a  wannabe wise Owl!

joedenise

Adding a link to your diary for you @Take_a_hike_Elon_and_Jeff:  https://forums.moneysavingexpert.com/discussion/6574828/the-ostrich-wakes-up-and-decides-its-aspiring-to-be-a-wannabe-wise-owl#latest

You're doing amazingly well with your PADs @jwil.  Only halfway through December and you've Pad'd nearly £50!

Sun_Addict

All caught up now 🙂 Fantastic news about your job, I’m so pleased for you. What a relief it must be. PADs looking awesome as always. 

jwil

Take_a_hike_Elon_and_Jeff said:

Thanks jwil

Well done on today's PAD! I started my diary after posting on your diary. I haven't added figures in as yet as I need to reassess my budget at the end of December, once I get my payslip as unfortunately my pay is variable .There is a baseline I know I’ll clear so I kind of need to budget on that but the advantage is there will be months when I clear a lot more so that extra will be for debt smashing.

My loans are with Monzo and Tesco which when I look at the balances, it is the original balance together with the interest. So I’m guessing that’s front loaded? Pardon my ignorance but this is decades of not understanding the true value of money. It is utterly shocking to realise how much the interest is. I have small car I’m planning to sell in January which should wipe off about 40% of the original amount borrowed from Monzo minus the interest with a bit of luck I could clear this by June 2025.

I have to say Monzo is a brilliant banking app and with the loan it makes it super clear to visualise but at 19% it is super expensive!!! 

I will definitely gunner at doing PAD’s but I also think I need to prioritise the emergency fund as it’s currently only £200 but my goal is to get it to £1000 a.s.a.p.

This is the name of my diary 

The ostrich wakes up and decides it's aspiring to be a  wannabe wise Owl!

It's been a long time since I've had a loan, so I can't really remember.  I had one where all the interest was added at the start, and my payments just repaid the balance, but others where there was the normal loan amount, and interest was added to the balance each month.

I have a savings account with Monzo and it tells me the amount of interest I've earned on a daily basis (and pays that interest monthly).  It's very motivating!

Emergency fund is definitely a good idea (you could always pad to that).  It's the one thing that's made me feel a little more comfortable, knowing that if something happens it wouldn't be an absolute disaster!

jwil

joedenise said:

Adding a link to your diary for you @Take_a_hike_Elon_and_Jeff:  https://forums.moneysavingexpert.com/discussion/6574828/the-ostrich-wakes-up-and-decides-its-aspiring-to-be-a-wannabe-wise-owl#latest

You're doing amazingly well with your PADs @jwil.  Only halfway through December and you've Pad'd nearly £50!

Thank you for that   I'm pleased with the pad total, it shows what I can do if I make an effort with surveys!

Sun_Addict said:

All caught up now 🙂 Fantastic news about your job, I’m so pleased for you. What a relief it must be. PADs looking awesome as always. 

Thankyou   It is a relief, but I won't trust it until they properly finalise the structures in the new year.  I'm hopeful now though.