Not in control

2456

Comments

  • drownindebt
    drownindebt Posts: 37
    First Anniversary Combo Breaker First Post
    Forumite
    quintwins wrote: »
    I'm watching in the night garden for about the 5th time today.

    Might hide the Amazon Fire stick and see what they do after that :D

    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
  • quintwins
    quintwins Posts: 5,179
    First Post First Anniversary Combo Breaker
    Forumite
    Might hide the Amazon Fire stick and see what they do after that :D

    Don't do it :rotfl::rotfl: it's not worth the therapy bills...for yourself!
    DEC GC £463.67/£450
    EF- £110/COLOR]/£1000
  • drownindebt
    drownindebt Posts: 37
    First Anniversary Combo Breaker First Post
    Forumite
    I've been thinking about priorities for after next months hols.

    - Raise emergency fund of £1000 (sounds really hard!)
    - The balance transfer needs to go away - it's got the shortest 0%.
    - Then the purchase credit card
    - Then the sofas and wardrobe (yep, that's hidden away in there)
    - Then the loan - which I do need to find an up to date balance on.
    - Then debt free (bar the mortgage - do people include that?)

    Then any money can go towards purchases and holidays.

    Is that right? :D

    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
  • quintwins
    quintwins Posts: 5,179
    First Post First Anniversary Combo Breaker
    Forumite
    I've been thinking about priorities for after next months hols.

    - Raise emergency fund of £1000 (sounds really hard!)
    - The balance transfer needs to go away - it's got the shortest 0%.
    - Then the purchase credit card
    - Then the sofas and wardrobe (yep, that's hidden away in there)
    - Then the loan - which I do need to find an up to date balance on.
    - Then debt free (bar the mortgage - do people include that?)

    Then any money can go towards purchases and holidays.

    Is that right? :D

    I don't count my mortgage. That seems like a good plan of attack. I look forward to seeing how you get on.
    DEC GC £463.67/£450
    EF- £110/COLOR]/£1000
  • Fireflyaway
    Fireflyaway Posts: 2,766
    First Anniversary First Post
    Forumite
    Stop saving and use that money to get rid of debts. Also £100 for lunches - is that you or the kids? I think you could cut that down if its yours. Cuppa soups, home made sandwiches, noodles, rice etc and you could spend £40 instead.
    Also not a judgement ( ive done the same before) you have a few items on credit. Wardrobe / sofa and a loan. People with spare money are usually the ones who get into good habits. If in future you don't buy stuff until you have saved in advance, then a lot of these items wouldn't be there. I also decided to pay for as much upfront as poss so the monthly outgoings are as low as poss. Pay for car tax in one hit, TV licence in one hit etc if you can. Means month to month you have more breathing room and can cope if an emergency arises. Your income isn't bad and once all the bits and bobs are cleared it will feel even better. I also had an overpayment of tax credits. Instead of paying it back, we just didn't receive any tax credits until the amount had been paid back.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Ambassador
    Re your questions

    Ideally you would have an emergency fund but after that all spare money should go to debt rather than savings.

    Yes, you should be paying more than minimums especially if you are paying interest on those debts or you will never pay them off.

    Overpayment of tax credits is normally clawed back from current payments unless they have stopped altogether.

    If the sofas and wardrobes are on interest free I would prioritise the purchase card and balance transfer and personal loan first as presumably you are paying interest on them (once the deals expire).

    The mortgage is not normally included so you are debt free once the unsecured debt is gone.

    You do seem to be paying a lot towards the family pot though. Does your wife work and is that £20k loan just your debt or joint debt? What are the tax savings for? Are you self employed?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • drownindebt
    drownindebt Posts: 37
    First Anniversary Combo Breaker First Post
    Forumite
    we just didn't receive any tax credits until the amount had been paid back.

    That's interesting. We don't get tax credits anymore, but I'll be pleased when that one has gone.

    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
  • drownindebt
    drownindebt Posts: 37
    First Anniversary Combo Breaker First Post
    Forumite
    Re your questions
    I would prioritise the purchase card and balance transfer and personal loan first as presumably you are paying interest on them (once the deals expire).

    The mortgage is not normally included so you are debt free once the unsecured debt is gone.

    You do seem to be paying a lot towards the family pot though. Does your wife work and is that £20k loan just your debt or joint debt? What are the tax savings for? Are you self employed?

    The personal loan is the biggest and with interest - however, I feel that if the smaller credit cards went, I could just focus on that one. Money-wise, yes, hit the most interest heavy one first.

    Family pot needs dissecting. Once I'm in good order with everything else, I'll investigate that further. Tax savings are for my final tax bill as self-employed (I'm now an employee). Wife does work.

    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
  • drownindebt
    drownindebt Posts: 37
    First Anniversary Combo Breaker First Post
    Forumite
    Doing well:

    - Put the MacBook on Gumtree
    - Requested envelopes for an old iPhone and iPad
    - If I sell all three, I can pocket over £600!

    Also improved my budget a little. Reduced my lunch spend and increased fuel.

    Going to adjust direct debits to credit cards now to above the minimums.

    And brought in lunch leftovers!

    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
  • quintwins
    quintwins Posts: 5,179
    First Post First Anniversary Combo Breaker
    Forumite
    Doing well:

    - Put the MacBook on Gumtree
    - Requested envelopes for an old iPhone and iPad
    - If I sell all three, I can pocket over £600!

    Also improved my budget a little. Reduced my lunch spend and increased fuel.

    Going to adjust direct debits to credit cards now to above the minimums.

    And brought in lunch leftovers!

    Great start. Def keep saving for that tax bill but all other savings can go towards debt.
    DEC GC £463.67/£450
    EF- £110/COLOR]/£1000
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards