Category Archives: Finance

Minimizing debt into 2018

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It’s coming to the end of another year and time to write a brief wrap-up post.

I think I have achieved a lot this year:

  • I finally got my Mazda MX5 through another MOT after a lot of hard work and that’s still ongoing.
  • I’ve been able to maintain a loving relationship which I am proud of, and through that, also made some new friends.
  • I’ve progressed in my job although that’s been a struggle, having to be put through potential redundancy early in the year.
  • My freelance work is still progressing, I tend to allow work to flow in via word of mouth so not to stretch myself but do pursue some leads when I can (sneaky feelers!)

I am attempting to reduce the amount of debt in my name. A while after buying my house (Keep calm, just bought a house) I required some additional money to buy furniture and decorate, and to also pay off some credit cards (consolidating debt). I immediately closed a credit card account thereafter. Credit cards are bad ideas. I am now left with one credit card and have just reduced the credit card limit to £1500 after they had increased it to £2900! I don’t want that temptation. If I don’t have the money, I can’t pay for something. Simple as. My loan will be near enough paid up at the end of 2018, so I’ll be able to close that too.

Considering I am only 27 I think I have done quite well. I have big dreams and passions but sometimes I have to look back and see how far I have already come.

I wish everyone a good new year, and remember to set achievable targets that you can reach!

Saving Money – It’s not difficult, really!

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I’m not sure what it is – but people seem to laugh at you when you’re serious about saving money. You’re chatting to someone and, quite often, they will remark as to why you’re not out every weekend or not always willing to drive a million miles to see them.

I started saving money as soon as I got a job, I set up an e-ISA account which gives you better savings rates, and started putting in a lump each month shortly after pay day. This way I would see the money go before I had a chance to A) spend it and B) budget for the remaining month without this money in my main Current account.

I have three accounts with NatWest as it stands. Partially for convenience sake, and partially because so far I’ve not had any problems with them.

I have a Current account with Debit Card – my salary goes into this and this is used for every day spending.

I then have an e-Saving account which is a ‘virtual’ account. I also deposit money in here each month. This is used for cars, and ‘toys’. If I want to get something that’s a little more expensive I will save money in this account for that purpose.

Then, as mentioned above, I have the e-ISA.

Anything I don’t spend or have left over at the end of the month / at pay day I then deposit in my e-ISA. So far I’m 3/4 of the way down to putting a 10% deposit on a house to the value of £100,000. I’ve been saving since 2008. It’s not hard….

I could be getting a better interest rate, if I shopped around. To get started take a look here: http://bit.ly/startsavingnow. It’s important to find a bank or building society that will let you open the account with a minimum of £1.