Decision Decisions ?????????

little_miss_troubled

Hello

I've recieved a bonus of approx £1000.00. Temptation is kicking in to update my wardrope and treat myself to a Nintendo DS.:doh: Plus I'm due to sit my test for my driving which will cost around £100 plus any additional lessons I take leading up to it- which is £20 ago. :undecided

I have no idea what I should do with this extra cash - they other part of me is thinking to put it all to my Visa card but then I mite regret using it all

Any words of advice?????

HAPPY VALENTINES DAY TO ALL :smileyhea

hypno06

I would:

Take out 10% (ie £100) to spend on something indulgent, so if you want that DS you can go and get it.

Then keep the rest for your driving - if you need extra lessons you can have them comfortably without worrying about the cost -takes a bit of pressure off you.

Then when you have passed your test with flying colours, have a small reward out of the money before paying the rest off the credit card!

rentok36

Pay off your Mastercard 2008 target balance and treat yourself with the remainder?

I know you shouldn't but i incentivise myself to keep saving my money but allow myself a treat twice a year.

Just my opinion.

StressedSteph

OOOh thats a really hard one :mad: . I guess it depends how hard you are finding it to pay off your debts?? You haven't much on the credit card (Compared to me ), but then if you find it hard to make more than the minimum payments, then I think you should grit your teeth and pay it off.

I guess you could come to a compromise in your head and split it down the middle £500 for treats and £500 off the card :cool: .

Depends whether you are wearing your MSE hat today or your old "Go Crazy" hat

little_miss_troubled

Thank you all- this one is tough



Well Im not gonny make any rash decisions. I was thinking once I pass my test, I could award my self with a DS - I get additional income every week of £20 which covers my lesson so I could always use that to save up for DS.

I really cant afford to pay off any extra to my C/C. My Halifax I pay minimum payment £30, and my Virgin Im trying to reduce by £75-£100 a month - dont really have much spare cash hence the reason why my wardrope is out of date

slash69

ooh toughie deffo pay off mastercard, what you never had before you wont miss but you,ll have the huge satisfaction and happiness of knowing it's gone and you have one less debt this year,plus there will still be a bit over to buy your ds plus try thru quidco and get money back.with the monthly payments you would have made on it you could still get a few outfits every month (primark /george at asda/matalan) to start updating your wardrobe could be a win win in your favour whatever you do have fun and enjoy

chevalier

Hi there
I would pay off the Mastercard and then shut the account so not to get tempted again.
chev

rayday2

I disagree if you pass your driving test could this lead to a better paid job or chances of travelling further, if it does I would go for the driving lessons it is something everyone could do with under the belt. You never know when job opps come knocking and if you have no licence you would be well peeved off!

Lizalu

I say pay off mastercard.

Leaving you with £200. Use the £100 you said you needed for driving, the other half on a treat / new clothes. That way you free up more money each month, no need to scrimp for driving and you've rewarded yourself. Winner all round.

And good luck with your driving!

earthmother

Would getting your wardobe up to date cost a lot? I mean will you do it the MSE/DFW way and get a few choice pieces, or will you go mad and replace the lot.

I'd be tempted to pick up a handful of 'classic' items if it's at a point where it's depressing you, but wouldn't be wanting to spend much on it (but that's me - happy in a a pair of jeans - never 'got' clothes, lol).


In reality though, I too would probably just to clear the Mastercard completely and get it out of the way - the lump sum you have left can go towards the driving, and the spare you would then free up each month could go towards overpayments on the other debts, clothes or the DS.

little_miss_troubled

Really good points everyone.

Updating my wardrop will not cost a lot - new jeans & a few tops will do.
DS can wait - not a priority - but could always buy it as a treat once I finished my lessons.(buy saving up for it by using money as I was using towards lessons)
Driving test is a lot of money - if I fail Im gonny have to re-sit which means more cash.

My Virgin c/c is on a 0% until Nov/Dec- I can pay this off this year without touching my bonus. With the halifax , Im only paying the minimum which will take me 4years to pay off (providing I pay the same amount every mnth- which is not guaranteed that I would do that)

So i think I will pay £700 to my Halifax credit card and keep £300 for myself to buy clothes and have funds a side for my additional lessons and my test. And if I pass first time - I can buy my DS

Task for tomorrow - pay cheque into bank