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Silverstreak

Let's pay off those credit cards! Buckle your swashes!

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fleeting

I've been pouring over all the old money saving threads looking for inspiration. I also am trialing a debt countdown app I found to help keep me accountable.

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Silverstreak

Great stuff Fleeting!

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fleeting

Is it July yet? Feeling down that i can't pay down anything and barely coping money wise at the moment.

 

I still have managed to not put anything on the credit cards at the moment (except the day to day one I still have been using that Direct Debits come out of) BUT I haven't been reducing the limits like I was as I really think I'm going to need to have something available just in case, especially since our redraw on our loan has been used for regos etc. I still have DDs birthday too in June so I've put everything on Layby except for clothes. Luckily my hecs tax did stop so that's the extra money and I will get a little pay rise in about 2 pays that will help keep us afloat.

 

I keep dreaming about what I'll do come July, with hopefully a two decent tax returns and getting ccr back. I'll also use up most of the kids daycare holiday days next holidays and september holidays to reduce the fees then. Countdown is on till their last day and no more fees.

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Silverstreak

Hang in there!

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Meredith3

I'm joining this thread :)

 

We have 2 credit cards, one is finally down to $900 after being maxed out at $10k :omg: , the second one is hovering around $1500. We also have a $12k personal loan that has 2 more years to go on it. Once the cards are paid off we will be cutting one up and then lowering the limit to just $1000 on the other one, and making sure when used for emergencies it is paid off in the interest free period.

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Silverstreak

Welcome Meredith and well done on paying down your card, that is fantastic!

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fleeting

Well done!

 

I've decided I'm completely getting rid of mine@

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fleeting

Well done!

 

I've decided I'm completely getting rid of mine@

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asiam

Sort of slinking back in here! My credit card situation has gotten worse and I owe more than I did. My biggest problem is that my income is so inconsistent and difficult to budget for. However, am going to try to do the best I can with what I have. So I'm not entirely sure what the point of my post is, except I guess to say I'm here and really enjoy reading this thread. I like having a credit card, but I do hope not to carry a balance on it in the future.

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fleeting

Asiam I know the feeling of going backwards and sometimes it happens to.get by. I think I ended up with a bigger debt when I had twins (one was planned for, two were not lol) and it's only now that they are getting towards school that I'm feeling like we can get there (well.after the next few months)

Hang in there.

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Rilee's~Mama

I think I commented a while back, but nothing recently.

 

I transferred a 2.5k cc to an interest free one about 9 months ago. All good, it had about 14 months interest free period.

 

Then I had a number of unexpected expenses crop up, and suddenly my original cc had a balance owing of 3.5k

 

All of a sudden I had a cc debt of 6k and not sure how I was going to deal with it, there always seemed to be 'something' come up.

 

Maybe not the smartest of moves, but I discovered I was just over 3k ahead on my mortgage, so I've recently redrawn that and paid it off the original cc, which now has a balance of $500 owing, and the interest free one is at just under 2k.

 

I feel like a huge weight has been lifted. It seems so much more manageable. I'm not sure I'm going to be able to pay off the interest free one in time, but I'll get close. Just the thought of all the extra $$ once the cards are paid off is a glorious thought!!

 

In the next week or so I'll be having a closer look at my budget to see where I can save $$ to direct towards the cc. I suspect my grocery bill is the biggest offender ... I know I need to meal plan. I used to, and it was awesome, just not sure what happened to that.

 

Anyway, that's enough for now! Great work everyone. I'm looking forward to all your updates, and being able to add my own (I think this is a great way to keep track of it too).

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Silverstreak

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Edited by Silverstreak
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Silverstreak

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Edited by Silverstreak
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Overtherainbow

We've paid off the CC float and one personal loan too. Now snowballing onto the next personal loan.

 

We started using YNAB this year and it has seriously changed our financial situation. Learning to budget for what we earn rather than what's in our account has made a massive difference.

 

I saw others talk about it and thought it was a waste of money but it has saved us $300 per month in interest repayments and we've had three people use our code which reduces their cost plus YNAB gives us a bonus.

 

For those who are serious about changing their financial situation, seriously consider giving it a go. There is a free trial for first few months and if you do their free courses you have an opportunity to win your subscription.

 

We were in trouble at the start of the year maxing out our card each month, paying off enough on payday for us to use the card for the next month and paying interest for the privilege.

 

All the best swinging the cutlass. Watching the interest amount drop each month as you rein in your spending is really worthwhile.

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fleeting

Well done Overtherainbow. I paid off a cc and personal loan 10 years ago and it is such an awesome feeling. Can't wait for that time again!

 

Rilee's Mama it must feel so much better! Good luck at getting rid of it.

 

Still going along. Small amount over minimum going on card, nothing being added to them. Laughing how wetpac keep sending me letters to apply to receive limit increases when I keep decreasing them!

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asiam

I'm working on meal planning too, Rilee's Mama. Inconsistent income makes it tricky though. Best of luck, Silverstreak! Overtherainbow, thanks for the info about YNAB, I've downloaded the trial and it looks good, interesting to see if I stick with it and use it properly. It seems like it would handle inconsistent budget amounts better than others I've seen, and is much closer to the way I tend to budget at the moment.

 

My good news is 4 days work next week. It involves a lot of travel unfortunately, but should help financially.

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fleeting

I've been trying to meal plan. I'm not very good at it though! 2 pays until a small pay rise!

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Overtherainbow

Asian, they also have a free forum you can ask questions on. Do try the lessons while you're on the free trial; gives you a good chance of winning a free subscription. The mobile app is also free.

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fleeting

I must be the only person who tried ynab and totally disliked it.

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emma_jean

Can I ask why you disliked it, fleeting?

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fleeting

Just didn't work for me. We had lots of different pay cycles at the time and I didn't have the time to devote to it. I write everything down in my 'bill' diary and that works for me.

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asiam

Thanks for the feedback, fleeting. I'm actually doing a webinar at the moment and so far, I'm pretty impressed. It's a lot more flexible than other systems I've tried and I love the way that you only budget for what you actually have (my income is so irregular so I really need it to be this way).

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fleeting

Maybe I needed to dedicate more time to it. I just don't have time during term.

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asiam

Super excited! I actually won a license doing the webinars!! Have had about 2 hours sleep though but still :D

 

Really feeling optimistic (albeit a little cautious because I have a tendency to be very enthusiastic for a very little while!). So far, on budget - but haven't really allocated anything to debt repayment / savings...

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Overtherainbow

Maybe I needed to dedicate more time to it. I just don't have time during term.

 

I'm a teacher so I know how crazy term time gets. I sit down with the computer on DH's monthly pay day and my fortnightly payday. I can mess around on it while watching tv.

 

With the app our spending is uploaded straight away. I also have all regular payments set as scheduled payments so I don't have to think about loan repayments, etc

 

It's been the easiest budget for us to balance with the app.

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