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Silverstreak

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

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fleeting

Ok you've convinced me to have another go. But I'll wait until holidays so I can really look at it. Currently we have my fortnightly pay, hubby's fortnightly and some maintenance for my eldest. Then I'll have to change it all around again in September as hubby is moving to monthly and I'll have Child care rebate coming in, would that be easy to do?

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Overtherainbow

You don't have to change anything. Type in your pay as it comes in. Work out which expences are highest priority until you're paid again and put the money into those categories. Do the same with each pay.

 

I have my categories set with amount and due date, eg 15 - $50 mobile phone. It helps me plan out my figures. Once you get started you can see your average expenditure in a category for previous 3 months which helps you plan.

 

Sorry for taking thread off track. We've been trying to kick our cc butt for 12 years. YNAB has let us abolish it and move forwards.

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*cough*

I'm very pleased to say that my credit card was paid off this week.

 

I have recently combined all my bank accounts to one bank, credit card, offset, savings, mortgage x 2 (one house, split loan).

 

It's given me a perfect view of every cent I have. Very empowering. In the process I realised that I was significantly ahead in my mortgage. So I paid out $2k on my credit card and $8k on my car loan. Now that I can snow ball, my car will be paid out by June this year and I will be officially debt free other than my mortgage. Its a wonderful feeling.

 

I opened a new credit card for bill direct debits and pre-pay the money allocated from each pay onto that and as I can see through the banking app what I have spent, I find I am much more careful. Previously I was on old style monthly statements by post and it was incredibly easy to over spend.

 

Love this thread!

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fleeting

Thanks Overtherainbow you have inspired me.

 

*cough* that is awesome. Well done! Once I've paid off the small loan I have I'll be closing that banks accounts and opening up another one with my main bank as a bills account.

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Silverstreak

Well done Cough, that is fantastic!

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*cough*

Well done Cough, that is fantastic!

 

Thanks hun, you should be congratulated for inspiring us.

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fleeting

Well the app still works for my YNAB account. I just need to sit down on my pc. I'm feeling determined.

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Silverstreak

Blush, thanks Cough!

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fleeting

Credit card still going slowly down not up, but I am becoming worried I will need to use it soon to get by until July. On the up I'm good at creating cheap meals for the six of us and hopefully my careful budgeting continues when we have more money coming in again.

 

Oh and I get a pay increase from Friday so my next pay will be half old pay have new and then more money the next pay!

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asiam

I've gone backwards and to be honest, I doubt there will be much change for me until July. Just trying to get through the next couple of months, really.

 

Congrats on the pay rise, fleeting. :)

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fleeting

How annoying for you asiam, but I feel you. Hurry up July!

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Silverstreak

Hang in there Asiam! We've gone backwards too and it sucks!

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fleeting

Yay! Payrise will half come through this pay. First week is old rate and second week new rate. My pay slip says about $45 extra this pay and a little more next pay. Doesn't mean too much just yet as we're so stretched but it will so help us!

 

Hope every one else is well.

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lennie

Ok, I have lurked in this topic for a while but need to take action. Can someone tell me simply whether it's worth transferring to a %0 interest card? I have a debt of around $10k, I pay into it regularly but never seem to get ahead due to interest.

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fleeting

It has worked wonders for me as I had a higher interest rate before. (Minimum payments are now over $100 less, though I still pay more) I have about 5 months left of mine. The downside is that every credit card you take out does go on your record. So I won't be transferring again any time soon.

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Silverstreak

.

Edited by Silverstreak
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fleeting

Good Luck SS!!

 

I'm looking at our finances and in order to pay the rego I think I will have to put it on the credit card. :( Victoria sucks in that we can't pay ours off and it's quite expensive. Hubbys was due last month and mine this week.

 

It seems we have this short period of having less coming in but so many extra expenses. We've had 3 birthday parties a weekend the last few weeks, school and kinder photos plus rego etc etc. My birthday is next week too and then my daughters 2 weeks later. Doesnt end.

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Silverstreak

Thanks so much Fleeting!

 

Yep, I'm in Vic too and rego is a killer!

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2_little_boys

We are in a holding pattern.

 

Personal loan only has $7k on it now.

 

CC not so great.

 

Then hubby gets made redundant :( his industry is bad at the moment so want to hold on to as much money as I can.

 

We have loan/CC insurance on most if not all of it so will apply for that.

 

Just not sure if they will make us wait until redundancy pay out is used up or if they will approve and start paying straight away. :(

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Silverstreak

.

Edited by Silverstreak

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fleeting

Oh no! Such an awful feeling. I hope it all gets sorted soon.

 

Still got my fingers crossed for you SS

 

So shattered I have to use my cc to pay my rego. Will leave it to the last minute and hopefully we can then get away with not using it until July. Once we pass July I will start lowering my limits again but need that buffer until then. Our loan has less than 4k now so once I pay off that I'll be splitting what I was paying to credit cards and extra on the mortgage just so we have a 'savings' buffer.

 

I've become obsessed with budgets and organising money!

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Rilee's~Mama

I thought I was doing sooo well, had got one cc down to about $300 (from $3.5k), then had to put $800 of emergency car repairs onto it 2 weekends ago (the bloody thing broke down on the way to camping of all things!). Soo cranky, but trying not to let it get me down.

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Silverstreak

Oh no, I'm sorry Rilee's Mama, car trouble sucks! Hopefully you can pay the card down again soon.

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fleeting

How frustrating for you! Good work for getting it down though. I hear you $750 car expense going on mine tomorrow.

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Overtherainbow

Celebration point. Credit card is still being paid off in full each month plus we've just paid off a bad loan (useless debt) that we never should have had to have if we'd managed our finances better before.

 

Not paying interest on cc debt each month has made a huge difference and knowing we're controlling our money, it's no longer controlling us.

 

It's a battle to beat it but it's worth it. Keep working on that debt, small gains add up.

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