I feel a sense of achievement

Sncjw

Hi all

So my husband and I have been taxiing a 5k debt thay was for our bathroom renovations. 

We have finally paid it all off after a year. It might not seem like much but we were paying down other credit cards that carried a balance and the 0npercent deal was eneding sooner. 

It was also our first time using a money transfer. So inwas wary about it but I feel we have achieved something. 

Now we are able to use all our funds towards the last big credit card which had a 0 percent interest deal on. 

I feel a sense of achievement that I have managed the cards so thay we haven't paid any interest and we have only paid a small.fee for money or balance transfer. 

Our plan is to start putting money aside for potential big expenses and then also pay down the mortgage. 

dankemp

WELL DONE!  It is certainly a good feeling and it makes absolute sense to target higher interest debts first.

If your zero percent deal expired you may be able to transfer it to another 0% card now.

MEM62

Well done :-)

Sncjw said:

Our plan is to start putting money aside for potential big expenses and then also pay down the mortgage. 

Unless you are on a particularly high rate, giving priority to your pension over the mortgage normally gives a better long term outcome.

Smudgeismydog

Well done, as MEM62 suggests, your pensions shouldn’t be overlooked as these could provide you with a better outcome

Sncjw

dankemp said:

WELL DONE!  It is certainly a good feeling and it makes absolute sense to target higher interest debts first.

If your zero percent deal expired you may be able to transfer it to another 0% card now.

Sorry i meant has. It was early morning when I posted so I didn't see that. I have shifted this from hsbc which was doing my head in. 

Sncjw

MEM62 said:

Well done :-)

Sncjw said:

Our plan is to start putting money aside for potential big expenses and then also pay down the mortgage. 

Unless you are on a particularly high rate, giving priority to your pension over the mortgage normally gives a better long term outcome.

We are in our 30s and have plenty time before cashing in pension..also we have a workplace pension and very good one at that. 

MEM62

Sncjw said:

MEM62 said:

Well done :-)

Sncjw said:

Our plan is to start putting money aside for potential big expenses and then also pay down the mortgage. 

Unless you are on a particularly high rate, giving priority to your pension over the mortgage normally gives a better long term outcome.

We are in our 30s and have plenty time before cashing in pension..also we have a workplace pension and very good one at that. 

That's good but it is no reason to stop you making the financial decision that puts you in the better long term position.  Prioritising pensions means you are immediately ahead by either 25 or 40% depending on your tax band - you might even be able to retire early  :-).