20th December 2019

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.

In response to someone pointing out that I couldn’t put all of my money into the H2B ISA

Excellent point. Surprised I didn’t remember that, considering how many of the damn things I’ve opened at work the few months…

In response to someone pointing out that debt has a higher interest rate than savings, so I’m better off paying off the debt first, but once I’ve paid that off I can put the money towards savings

All my remaining debt is actually on 0% credit cards, so it wouldnt save me money in that regard, what it would do is immediately free up money in my budget that had been going to debt payoff. The only reason I’m undecided is for emotional/moral reasons. It feels like inheritance money should be used for something good and constructive and lasting, not to fix my mistakes. If I’d acquired the money through pure chance – premium bonds or scratch cards or lottery – then I’d feel better about using it for debt payoff.

Plan B: compromise
50/50 split between paying off debt and canal boat lessons
Paying off a chunk of debt and reducing the amount of payments I need to make by 2/3 will improve my quality of life
Canal boat lessons is fun but also learning a skill that (fingers crossed) I use for years to come

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