Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • moments_of_sanity
    • By moments_of_sanity 4th Jul 11, 10:31 PM
    • 1,608Posts
    • 9,132Thanks
    moments_of_sanity
    Does Little & Often Really Work?
    • #1
    • 4th Jul 11, 10:31 PM
    Does Little & Often Really Work? 4th Jul 11 at 10:31 PM
    We have a large amount of debt on CC's and are now starting to try and repay it - I paid the minimum payment at the end of last week and had 10 spare today so I paid 5.00 each on the two largest credit cards (so 5 each).

    Does it make a huge difference in the long run, it certainly doesn't feel like it's making any difference as I made the payment tonight!?

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Wendy; 12-07-2011 at 7:26 PM.
Page 1
    • rdchick
    • By rdchick 4th Jul 11, 10:55 PM
    • 1,643 Posts
    • 4,732 Thanks
    rdchick
    • #2
    • 4th Jul 11, 10:55 PM
    • #2
    • 4th Jul 11, 10:55 PM
    What I'm doing is rounding down my bank balance to the nearest 5 and have done it for the past week without feeling much different but have nearly saved 40... When it gets to 500 I will lower my overdraft so I am not paying ridiculous fees!

    People have made about 300 just by saving the change from their purses so I think it's definitely worth it and you don't even realise it's going down xxx
    Life is too short not to love what you do.
    • haras_nosirrah
    • By haras_nosirrah 5th Jul 11, 5:49 AM
    • 1,598 Posts
    • 2,848 Thanks
    haras_nosirrah
    • #3
    • 5th Jul 11, 5:49 AM
    • #3
    • 5th Jul 11, 5:49 AM
    It worked for me

    3 years ago I had 3k on a credit card. I repaid it within 2 years by using little and often. I worked out that by buying lunch at work I was spending around 5 a day - every day I took my own lunch in I paid 5 off my credit card. Same If I cycled to work instead of getting the bus - would pay the bus fare off my credit card. By doing that I was paying nearly 170 a month extra off the card and it made a huge difference to me.

    I still do this but now I am debt free I put 5 a day into my savings account instead. Put 9 into my savings account yesterday as didn't buy lunch at work and also worked out to my zumba wii game rather than going to the class so that was another 4 for the pot. Online banking makes it so easy to do and I am always looking for ways to save money so it goes into my savings pot. Has become quite addictive.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mrsb83
    • #4
    • 5th Jul 11, 8:46 AM
    • #4
    • 5th Jul 11, 8:46 AM
    Definitely yes - check out the success we have on the Payment a Day thread!
    Total Debt Sept 2010 - 24,132.38 / Current - 0.00/ 100% paid

    DFD - Aug 2014 24th Aug 2012

    10 a day // Jun - 64/300 / Jul - 133/310 / Aug - 281/310
    • foxgloves
    • By foxgloves 5th Jul 11, 2:21 PM
    • 4,399 Posts
    • 23,478 Thanks
    foxgloves
    • #5
    • 5th Jul 11, 2:21 PM
    • #5
    • 5th Jul 11, 2:21 PM
    When we were paying off debt, I squirrelled away every little saving we'd made over that month and at the end of the month, went and paid it in. It doesn't sound like much at the time but it does all add up. Even things like my tube of 20p pieces.....as soon as I knew it had got to the level where there'd be 20, it got bagged up & off it went to be paid in. If any money came our way we weren't expecting like a small cheque, that would go into the debt repayments too. Even things like if we had some vouchers for shopping, we'd use those & the equivalent money would be earmarked to go into the debts. Every single one of your regular household bills that you can reduce by shopping around or cut out because you can live without them will free up extra money to chuck at your debts. It will reduce very slowly indeed if you only pay the minimum repayments. Anything extra is going to work in your favour. We became debt free (apart from mortgage) in May and we're glad we kept chipping away at it.....psychologically, it's a boost as well.
    • beemuzed
    • By beemuzed 5th Jul 11, 3:15 PM
    • 2,188 Posts
    • 20,281 Thanks
    beemuzed
    • #6
    • 5th Jul 11, 3:15 PM
    • #6
    • 5th Jul 11, 3:15 PM
    Definitely would agree - every little extra really does help.
    Resolution:
    Think twice before spending anything!
    • gargrave50
    • By gargrave50 5th Jul 11, 3:23 PM
    • 3,002 Posts
    • 6,680 Thanks
    gargrave50
    • #7
    • 5th Jul 11, 3:23 PM
    • #7
    • 5th Jul 11, 3:23 PM
    What else would you have done with the 10? Spent it?!

    That 10 is 10 you owe less today than you did yesterday . Doing this on a regular basis will reap real rewards.........try it! WARNING: Addictive!
    LBM 30/6/9 Unsecured debts 25,323.48 0 Debt free
    Left for life Down Under 4th August 2012 - living frugally and have learned my lessons
    • Gra76
    • By Gra76 5th Jul 11, 4:50 PM
    • 768 Posts
    • 1,518 Thanks
    Gra76
    • #8
    • 5th Jul 11, 4:50 PM
    • #8
    • 5th Jul 11, 4:50 PM
    Every little certainly helps. My 6yr old son is the first one to pester me for 'pennies' when I get in the door. I give him anything I have in my pocket that is a 1p, 2p, 5p, or a 10p.

    He asks me fairly regularly. I don't really miss it but I recently counted his 'savings' he's made from my shrapnel and it's nearly 100 so far this year...I want it back now!
  • GeorgeUK
    • #9
    • 5th Jul 11, 5:02 PM
    • #9
    • 5th Jul 11, 5:02 PM
    It definately makes a difference, even overpaying by small amounts although it's usually best to overpay the card with the highest balance. Have a look at the snowball calculator to see how much of a difference a small overpayment could make.

    http://www.makesenseofcards.com/snowcalc.html

    You are not just reducing the balance by the amount you overpay, but are also getting rid of all the interest that this amount would be liable for until you clear the card.
    After falling off the gambling wagon (twice): 33,600 (24,000+ 9,600) - Original CC Debt: 7,885.91

    Dad Gift 6k Savings & Inv Tst: 2,500
    Loan 10k: 0 Dad 5.5k: 2,270 LTSB: 0 RBS: 0 Virgin 0 Egg 0

    Total Owed: 2,270 (+6k) 11/08/2011
    • moments_of_sanity
    • By moments_of_sanity 6th Jul 11, 8:14 PM
    • 1,608 Posts
    • 9,132 Thanks
    moments_of_sanity
    Thank you all so much for your posts - I will certainly be putting as much as I can towards paying the cards of and will enjoy seeing the amount of interest coming down each month!
  • tigermoon
    Absolutely, I love rounding down the figure in my bank account to an even number by paying a wee bit off a card or my overdraft. It really all does help lower the total in the long run. And it's strangely addictive! You should give PAD a go for a while and see the difference it makes! xx
    Debts at Highest 18600
    Overdraft 550/900
    Egg Loan currently 6253
    Credit cards - GONE AGAIN as of 26/07/11
    THIS TIME IT'S FOR REAL!
    Aiming for DFD 26/01/2012
    • RobertoMoir
    • By RobertoMoir 7th Jul 11, 7:58 AM
    • 3,374 Posts
    • 4,103 Thanks
    RobertoMoir
    We have a large amount of debt on CC's and are now starting to try and repay it - I paid the minimum payment at the end of last week and had 10 spare today so I paid 5.00 each on the two largest credit cards (so 5 each).

    Does it make a huge difference in the long run, it certainly doesn't feel like it's making any difference as I made the payment tonight!?
    Originally posted by moments_of_sanity
    It won't make much of a difference yet, because you've done the little but (from what I see) not yet done the often. If you can do both then you will see the debt come down faster than you think.

    Rather than spread your 'extra' payments around, it might be worth looking at the "snowball" method - concentrate on one debt that you can pay off the easiest with the 'little and often' method and put all your extra payments into that so its paid off as fast as possible, then concentrate all your 'extra' on the next debt to pay that off... each time you'll have more "extra" money to pay off the next debt because you'll have the money that was going on all the debts that are now paid off... does that make sense?
    If you don't stand for something, you'll fall for anything
  • DevonGirl
    Does anyone know if little payments are allowed on a DMP? I realise any extra monies are supposed to be spread across all debtors, but if I had small amounts, say 6 here, 2 there, could I pay these into some of my smaller accounts, and then go online once a month and change my totals on my CCCS DMP page? (I have to do this every month anyway as 2 of my creditors have not frozen interest, so my CCCS statements never match the amount I owe on the c/c statements). Any advice?
    Thanks
    DG
    LBM - March 2009, DMP Start - April 2009
    DMP Mutual Support Thread Member 297

    (Don't forget to click on 'Thanks'! Thanks!)
    • mooomin
    • By mooomin 12th Jul 11, 11:13 PM
    • 13,655 Posts
    • 134,514 Thanks
    mooomin
    Check out the Payment A Day thread which helped me to pay off over 9,000 of debt in 25 months

    It's proof that little and often does wonders
    Comping again


    Wins this year: - two night trip to Belgium, 100 Gett taxi credit, tickets to Newcastle game, FIFA 2016 for PS4, stitch markers, Cumberstitching book
  • GraciesGran
    I've always done it for both clearing debts (all gone) and saving. It seems so painless but when I look at the results I get a lovely warm/smug feeling. I have to admit to also being one of those people who pick up pennies they find laying in the street.
  • Amy0x
    We have a large amount of debt on CC's and are now starting to try and repay it - I paid the minimum payment at the end of last week and had 10 spare today so I paid 5.00 each on the two largest credit cards (so 5 each).

    Does it make a huge difference in the long run, it certainly doesn't feel like it's making any difference as I made the payment tonight!?

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Originally posted by moments_of_sanity
    Well say you owed 200 on a credit card. Payed 5 off... You now owe 195. It all adds to paying off so yes it would make a difference, however you will need to be careful as my o/h has a store card - minimum payment 6 a month, and certain charges added on is 3 which means he is only paying 3 a month off a 200 bill.... Which would take forever.

    If you mean you are going to pay 5 off extra whenever you have the money on top of your minimum payment and will be paying 5 frequently then the bill will be gone in no time!

    Good luck
    x
    Currently doing the 100 day challenge, and trying to read all the books i own before buying any more challenge.

    I've saved 175 so far this month just in selling old items on various websites & Saving coppers!!
    • moments_of_sanity
    • By moments_of_sanity 14th Jul 11, 9:43 PM
    • 1,608 Posts
    • 9,132 Thanks
    moments_of_sanity
    I looked at the snowball calculator yesterday and couldn't believe how little time it would take to pay off (gave us the advice to start with DH Egg card as that is the highest interest). Even overpaying by 40 per month and keeping the repayment at 205 per month without reducing it will clear the card in a few years!!

    Start as I mean to go on so I have paid 20 off each of our Egg cards as I am going to pay 40 off each per month - paid 25 this month so far and hopefully that will reduce the debt.

    Am a little bit peved though as I have cancelled the Egg DD's, that way Egg suspend the account and you can no longer use the card (removing temptation) and they have charged us 16 failed DD charge - they never collected the DD as we had cancelled it a week before it was due!! Hey ho, at least that will be the last charge they make the rest will be us making overpayments, so onwards and up!!

    Checked all my credit card balances tonight and we have cleared over 100 off them in just a month - not a lot I know when you consider how much we owe but really feel like we are getting on top of all of this now!

    We have also finally managed to rent out DH's shared inherited property for 1,000 per month - 10% agent fees and then the 900 split between DH and BIL so 450 a month from that and Nationwide have let us take the mortgage on interest only so another 299 saving there. We are going to Centreparcs for Xmas (was supposed to be last year but MIL terminally ill so moved to this year) and we have a balance of 823 to pay, we were umming and ahing about whether to go or not but really feel we need to do something nice for us this Christmas (MIL died in our house and DH doesn't want to be here for the first anniversary).

    By Xmas we should be able to see a huge dent in our debt!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

114Posts Today

1,472Users online

Martin's Twitter