These posts were originally posted on the MoneySavingForums (a UK money management site), I am moving my journals across to WordPress to have them in chronological order. I’m not sure how much of other people’s words I’m allowed to copy across from one site to another, so in some sections I may summarise conversations.
So an update on the holiday thing
I’ve told my holiday-brother that I can do £100 by February, and beyond that it would depend on how long I had to save up. Some holidays let you make the full deposit later. Mum was talking about annoucing the holiday in Feb ’20 but them actually going on the holiday in Feb ’21 because Mum’s a teacher so she can only go on holiday in specific times of the year. I did mention £200 as a possible maximum to Mum but I regret saying that so I’m trying not to say that again and avoid committing to it. Unbeknowst to them, I’m actually going to try save up £150 by February. I think it’ll help in the long run. I’ve told them £500 is way out.
In order to do this, I’ve dropped the amount I’m paying into my Emergency fund temporarily. I am bitter about this.
In regards to laptop-brother – I haven’t talked to him again since abut the laptop, but he said I could pay £50 per month for ten months. I’m still going to ask for laptop money from everyone else at Christmas, and I’ll either pay off a chunk at once and reduce the number of payments, or I’ll let it sit in my account and let it go out automatically. I don’t know yet.
I can’t wait for January though. My debt snowball will kick in then. I’ll be paying off the Argos card in a bit (just double checking the direct debit was cancelled in time). I’ll have paid off the red card too so I’ll only have one debt – the black card.
I have roughly £910 on the black card today. The 0% period ends in April ’21, but it ends before the April paycheck so we’ll call March ’21. Between January ’20 and March ’21 I’ll get 15 paychecks. I could £61 a month and still pay it off before the 0% period ends, especially as I’m no longer planning to put a £1000 of laptop on it. (On the flip side, I am picking up an additional monthly payment for a bit)
This month’s credit card payments is £114.32. Next month I wont have an Argos card so it’ll be £99.34. That difference in credit card payments will make a difference to my monthly budget. Now, in an ideal world I am paying extra onto my card, more than £61pm so I can pay it off faster. On the other hand, if it’s not earning interest, I could be putting more money into savings. There’s also other things that will give me wriggle room in my budget, like I’ll have more time to save up for next year’s YNAB subscription once I’ve paid off this year.
I’m doing the dreaded forecasting here. But I feel like things will be getting better in January.