Looking forward to be debt free - one day 🤞

SuperSavingD

Brie said:

in_need_of_direction said:

Could you do it with minimum loan repayments and clear the credit card? £27k plus one less debt

CC is likely to have the highest interest so the quicker that's cleared the more will be saved.  

Was listening to one of the Martin Lewis broadcasts yesterday and he said something I've always believed.  There's no point in having an emergency fund if you owe on something with a high interest like a credit card.  Use the fund to clear the card and then you will have the card available if you have an emergency.  

Hi thanks for the advice.  There is currently no interest on the credit card and £800 is locked in the saver till end of next month, I can close it but would love lose the interest and it’s 7 percent.  Just trying hard to not increase the cc with the festive season fast approaching.

SuperSavingD

in_need_of_direction said:

Could you do it with minimum loan repayments and clear the credit card? £27k plus one less debt

Unfortunately the payments are fixed amounts but luckily there is no interest at present on the cc.

SuperSavingD

Scott_Weiland79 said:

Good luck on your journey 

"You"ve got this"

Your choice obviously but i would upload the SOA here if it were me. Let us have a look at it and see if we can make any suggestions. Little tweaks can make that debt vanish sooner

Whats the apr on the cc and monthly repayment ish?

Thank you for the advice.  Trying hard, really want the debt gone.

Will try and type up the SOA this week.  

0% at the minute which is lucky, think minimum payment is £34, clearing approx £700 per month but then having to use again for food shopping and unexpected costs when I don’t have enough in the pots.  There are some things I could cut down on, need to start sticking to the shopping lists and not getting carried away at the bakery items in Lidl, which will also help my diet.

Scott_Weiland79

So baby steps 

Once you have done the Soa look through it fully and be realistic with yourself and see where you could make cuts, and what can you do too boost your income

You will be surprised just a few examples below

eg 

your mobile phone could you potentially switch to sim only 

do you pay car insurance could you at renewal save abit, and via top cashback get some money back in the process

Could you go through yours and your partners wardrobe and sell some bits on Vinted/Ebay

Do you have loads of books or old phones sitting in a draw? Music Magpie/Webuybooks 

Could you switch life insurance or pet insurance policy to something cheaper and in the process earn cashback via top cashback

are you buying petrol or diesel at the cheapest place?

Next you go away for a few days and book train tickets or hotels could you use topcashback and get money back.

If you have amazon prime/disney/netflix/now tv/and paramount do you need all 5 lol some people pay for all 5 you will be surprised i have seen it.

Brie

Adding to Scott's list - do you have a TV licence?  Do you need one?  Many people don't anymore if they have netflix which is cheaper.