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Unsure whether to consolidate - please advise

edited 30 November -1 at 12:00AM in Loans
251 replies 104.4K views
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Replies

  • Just read your entire thread and wanted to say well done. You've dug yourself out of a debt hole and can now cope with the ups and downs (financially) of every day life.

    The trick now is to never again pay interest on anything. Feel free to use a credit card (there can be some nice perks if you pick the right card) but always pay it off in full every month.

    Keep going and I'm looking forward to your next update.
    JB
    If at first you don't succeed, keep on trying
  • DCFC79DCFC79 Forumite
    39.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Alex^ wrote: »
    i notice u have some savings, try to put them into ur debt it works out better in long run


    Which post are you referring to Alex ?
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    Good morning everyone! I hope we are well.
    This has NOT been a good month for money for various reasons! We have moved into a new flat and all the costs which come with this. As I am the main breadwinner, I have pretty much paid for it all. 5 weeks deposit, advance rent as well as all the furnishings/professional removers etc.
    But I am still meticulously noting down all the costs and paying the CCs off in full. It wouldn't look so bad if I decided to maybe spread the debt on the CCs but I have taught myself that I would rather take some short term pain for long term gain.
    I could touch my savings if I wanted to but I would rather not. It is nice to know they are there though.
    I'm back at work this month though. Have no prior engagements for this month so I am hoping that I can recoup some of the damages (not the right word really) and claw some income back.
    I am going to be paying an extra £250pm in rent in this new place so have slightly less income to play with.
    I will keep you all updated as many of you have been on this journey with me (can you believe it started 3 years ago!) and again, I only have to look at post 1 to see how far I have come and look at the bigger picture.
    I will continue updating my signature with the plain facts of the amount in my savings and the amount in my bank account. This is another reason I like to pay the CCs off in full each month as I know I do not have any debt hanging over each month.
    Thanks for reading and I am always open to your thoughts, comments, opinions etc.
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    Hi everyone,
    Just updating you all (if anyone still reads!), I am pulling the rains in this month (half way through) to try and recoup some money from the previous 2/3 months. I didn't actually dip into any savings (just the money in my current account) for all this furniture for the new flat. It will be tricky as I pay £250pm extra now for the rent but, well, we shall see. My OH actually owes £1100 from the move which I have to account for. I still have to tell myself that I'm completely debt free with approx 11k in savings. Hey, that's great I have to tell myself. I transferred my HSBC regular saver because it matured and have now opening a Coventry Building Society saver which I can transfer £500 in per month (whereas the regular saver was just £250pm).
    Anyway, just letting you know what's going on. I still add into my spreadsheet what I pay each day! I know you don't want me slipping into bad habits again (but I really want a Nintendo Switch..)
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭
    I'm still following and so pleased with how things are going for you.

    You have come such a long way since you first started this - I'm still amazed and proud of it all ;)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • BrassicWomanBrassicWoman Forumite
    2.9K posts
    Seventh Anniversary 1,000 Posts Name Dropper Mortgage-free Glee!
    ✭✭✭✭
    my second hand switch works just as well as a new one... :)
    GC August 20 £149.88/£150 Sept 20 £overspent by £40/ £150 Oct £146.25/£150
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    Dobbibill wrote: »
    I'm still following and so pleased with how things are going for you.

    You have come such a long way since you first started this - I'm still amazed and proud of it all ;)

    Aw thanks Dobbibill - I saw two people hit thanks and I thought one of them would be you! :)
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • VerbatimVerbatim Forumite
    4.8K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Still following here too! Good stuff ZG&B.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • lindezlindez Forumite
    603 posts
    500 Posts Second Anniversary
    ✭✭
    I am still following to you have done amazing.
    MFWB#2
    MFTT5 #28
    Save 12k 2020 #111
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    Hi there!
    I'm just confused as normal so I'm copying and pasting my signature from last month here, before I update. I'm trying a different tactic this month on how to control my finances, plus a regular saver matured which is playing with my brain... ;)
    End of September 2019
    Savings account 1 - £8616.05
    Savings account 2 - £3000.00
    Current account - £1263.29
    Total - £12879.34
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
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