2026 - The year I sort my finances and declutter my life!

bigbeff

I hope you are are all well - I finally feel like I am on the mend. Today my only spend was petrol.. unfortunately I can't avoid that one if I want to go to work. 

Today was my first day in my new role, and I have a lot to think about and take in while trying to carry on teaching until we back fill the roles. I am tired now.... I hope it is worth the effort for a change in jobs.... I think kt will be. It is just hard going from where you are comfortable and know what is going on to where you aren't! And while feeling unwell. I will be fine!! 

Another payment on CC, i will update totals at the end of each week I think.

Off to read for 20 mins before bed. Night night!

bigbeff

Ok.... thoughts please... my overdraft has a high interest rate (39.9% i think) and obviously needs gone. My CC1 has rate 24.9% on what is left in it... now my options. 

1) CC is offering a 0% balance transfer for about £30... would definitely save me interest and would wipe out my overdraft. Do this straight away and risk CC interest for a few months depending on which bit gets reduced first?
2) I can pay what is currently on the CC off by next month. Should i pay this off and then look at balance transfer? I don't know what order they would reduce the amount on CC? Do they take money off interest free bit first? If so, i think I would be better off waiting a month? 
3) Suck it all up and just keep going - downside of this would be interest being paid for next 4/5 months maybe. I think i could pay back both of these hopefully by May. 

Thoughts on a postcard!

MissMoneyMishap

bigbeff said:

Ok.... thoughts please... my overdraft has a high interest rate (39.9% i think) and obviously needs gone. My CC1 has rate 24.9% on what is left in it... now my options. 

1) CC is offering a 0% balance transfer for about £30... would definitely save me interest and would wipe out my overdraft. Do this straight away and risk CC interest for a few months depending on which bit gets reduced first?
2) I can pay what is currently on the CC off by next month. Should i pay this off and then look at balance transfer? I don't know what order they would reduce the amount on CC? Do they take money off interest free bit first? If so, i think I would be better off waiting a month? 
3) Suck it all up and just keep going - downside of this would be interest being paid for next 4/5 months maybe. I think i could pay back both of these hopefully by May. 

Thoughts on a postcard!

Personally, I have always found the OD the most difficult debt to climb out of, because it's there with the usable money - I don't know, but I had cleared my OD years ago and have suddenly found that I'm stuck in it again, almost from nowhere!

In this example, I would be tempted, but to avoid just piling it on elsewhere, can you increase your payment on the card at least by the amount you would have been paying in interest maybe to make sure you don't end up with just more available credit that you'd get stuck into! (this is me!!)

Also ask yourself, are you in the OD because you're spending more than you are earning right now?? (also me!)

bigbeff

MissMoneyMishap said:

bigbeff said:

Ok.... thoughts please... my overdraft has a high interest rate (39.9% i think) and obviously needs gone. My CC1 has rate 24.9% on what is left in it... now my options. 

1) CC is offering a 0% balance transfer for about £30... would definitely save me interest and would wipe out my overdraft. Do this straight away and risk CC interest for a few months depending on which bit gets reduced first?
2) I can pay what is currently on the CC off by next month. Should i pay this off and then look at balance transfer? I don't know what order they would reduce the amount on CC? Do they take money off interest free bit first? If so, i think I would be better off waiting a month? 
3) Suck it all up and just keep going - downside of this would be interest being paid for next 4/5 months maybe. I think i could pay back both of these hopefully by May. 

Thoughts on a postcard!

Personally, I have always found the OD the most difficult debt to climb out of, because it's there with the usable money - I don't know, but I had cleared my OD years ago and have suddenly found that I'm stuck in it again, almost from nowhere!

In this example, I would be tempted, but to avoid just piling it on elsewhere, can you increase your payment on the card at least by the amount you would have been paying in interest maybe to make sure you don't end up with just more available credit that you'd get stuck into! (this is me!!)

Also ask yourself, are you in the OD because you're spending more than you are earning right now?? (also me!)

You are right in many ways - i have been really good this year (the whole 6 days so far!) And haven't been spending much. If I were to do the balance transfer, i would reduce my overdraft allowance to prevent myself going back to it - I have been using a cash budget to avoid using the OD still but you are right, it does seem harder to pay off because account is being used. 

MissMoneyMishap

bigbeff said:

MissMoneyMishap said:

bigbeff said:

Ok.... thoughts please... my overdraft has a high interest rate (39.9% i think) and obviously needs gone. My CC1 has rate 24.9% on what is left in it... now my options. 

1) CC is offering a 0% balance transfer for about £30... would definitely save me interest and would wipe out my overdraft. Do this straight away and risk CC interest for a few months depending on which bit gets reduced first?
2) I can pay what is currently on the CC off by next month. Should i pay this off and then look at balance transfer? I don't know what order they would reduce the amount on CC? Do they take money off interest free bit first? If so, i think I would be better off waiting a month? 
3) Suck it all up and just keep going - downside of this would be interest being paid for next 4/5 months maybe. I think i could pay back both of these hopefully by May. 

Thoughts on a postcard!

Personally, I have always found the OD the most difficult debt to climb out of, because it's there with the usable money - I don't know, but I had cleared my OD years ago and have suddenly found that I'm stuck in it again, almost from nowhere!

In this example, I would be tempted, but to avoid just piling it on elsewhere, can you increase your payment on the card at least by the amount you would have been paying in interest maybe to make sure you don't end up with just more available credit that you'd get stuck into! (this is me!!)

Also ask yourself, are you in the OD because you're spending more than you are earning right now?? (also me!)

You are right in many ways - i have been really good this year (the whole 6 days so far!) And haven't been spending much. If I were to do the balance transfer, i would reduce my overdraft allowance to prevent myself going back to it - I have been using a cash budget to avoid using the OD still but you are right, it does seem harder to pay off because account is being used. 

The important part is you've got yourself started, so try hard to keep up the effort and continue checking in. You'll be fine.

vampirotoothus

bigbeff said:

Ok.... thoughts please... my overdraft has a high interest rate (39.9% i think) and obviously needs gone. My CC1 has rate 24.9% on what is left in it... now my options. 

1) CC is offering a 0% balance transfer for about £30... would definitely save me interest and would wipe out my overdraft. Do this straight away and risk CC interest for a few months depending on which bit gets reduced first?
2) I can pay what is currently on the CC off by next month. Should i pay this off and then look at balance transfer? I don't know what order they would reduce the amount on CC? Do they take money off interest free bit first? If so, i think I would be better off waiting a month? 
3) Suck it all up and just keep going - downside of this would be interest being paid for next 4/5 months maybe. I think i could pay back both of these hopefully by May. 

Thoughts on a postcard!

Hi what should happen is that the CC company should apply any payments made to the debt with the highest APR. Good luck V x

ThriftyPrincess40

Loving your diary and now following 💕

honeybee1234

I'm liking your New Year energy, and wanted to say keep it up! Well done on the new ion, that will definitely help progress. 

bigbeff

Hi all, its been a long day. Other half had a bit of a freak about money... his, not mine. And he is in quite a good place, only debt is his OD. So we are going to sit down at the weekend to try and work out where it all goes. 

I am currently feeling much more in control of mine and because I am conscious that i want this debt gone, i haven't spent much other than food and petrol this month... normally I buy a snack when i fill up petrol, buy chips at work instead of packed lunch, but I am proud of week 1 of my spending! 

Long day tomorrow, so I am off to sleep. Night

bigbeff

Such a long day, but tomorrow is Friday, and i have survived the first week in my new role, while keeping up my old role, while ill! A successful week I think that deserves a treat this weekend. Feeling much better today, finally fought off this cold! 

Moneywise, nothing much to report today, still staying strong in my non-spending, today I have barely had time to think about it. Time for 15mins reading before bed. Night all.