Financial advise please
- Thread starter chris_h
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If you have money pay it off, don't be in the position I'm in now where I'm struggling to pay my mortgage, my credit cards and bills all because I lost my job 2 months ago.
You have savings of 40K and you are asking this question? I don't even understand why you are asking it.
You have savings of 40K and you are asking this question? I don't even understand why you are asking it.
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Everything on red black.
Plenty of good financial tips in here: https://forums.overclockers.co.uk/showthread.php?t=18725639
Pay off your credit card and stop wasting money.
That's the best and most simple financial advice you'll ever receive.
Any debt to me I feel as pressurising, if it's so important to those who think I have more money then sense or whatever, I inherited my monies I would like to see it go to the right place...
There is some solid advice here thank you, I don't understand the venom aimed in my directing but could ask you to stop?
Anyway, when I get chance I will clear the card.
There is some solid advice here thank you, I don't understand the venom aimed in my directing but could ask you to stop?
Anyway, when I get chance I will clear the card.
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You could have cleared the card in less time than it took to type the OP.
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You're upsetting people because you have some money and they have nothing. 50% of them will end up dying with nothing or battling chronic debt and stupidity their whole lives hence the anger/venom/pettiness.
Don't let it concern you.
Pay off your credit card and stop paying the damn banks interest on dead money. Ideally, get rid of your credit card if you can't manage it correctly.
I have a business credit card and personal credit card, both used for day to day expenses, both paid in full by the end of the day/week to save myself even a penny interest. I do it purely for the rewards and have quite a few air miles piled up thanks to that.
If you managed to save all that money then I'm sure you'll arrive at the correct conclusion.
Good luck.
I think I see where this is coming from. The £40k inherited money is special, almost a talisman, and you don't see it as available for day-to-day use.
If so, my advice is to lock that £40k figure firmly in your head as inviolable short of the kind of use that's "legit", like a deposit on a house. However, in the short term, lend yourself the £1500 and clear the card. But treat it as if you'd borrowed it from the worst type of loan shark, and if you don't refill to £40k in the period you promised yourself, a couple of large thugs are going to break your legs.
Forget holidays. Right now, you can't afford it without breaking into money you don't want to touch. So, put everything non-essential on hold, give up eating out, etc until the £40k is repaid, then sit down either with a sheet of paper or excel, and do an annual budget. You know your monthly income, you know regular outgoings, like rent/mortgage, gas, water, council tax, etc, so put them in.
Then, list expected annual events like car insurance, etc, and add a monthly provision to cover that. Add in a provision for everything irregular, or annual.
Then, add a modest contingency provision, and budget monthly for that.
Once done, you'll have a far better idea of what's available for indulgences, like holidays, etc.
Of course, this is all just my priorities but my opinion is to keep credit card balances as low as possible and paid off monthly. If they get out of zero balance, and then you hit a disaster, like your employer goes bust, or health problems cost you your job, or any number of other negative scenarios, then credit cards can be a real pain, very quickly. I've seen all sorts of messes, up to an including suicide, because people thought they could cope with outstanding card balances and then life dumped on them from a great height and card balances went from manageable to a massive millstone very quickly.
It's not that at all. It's just flat out retarded to get worked up over such a debt when you have 25x that amount sat in your bank available. It did not need a topic and is almost veiled bragging.
I don't see "worked up". I see someone apparently a bit conflicted how to best tackle the situation, and wanting advice, but he started out as saying he's not short of money. He quite clearly has several available options and just wants opinions on the best approach. Yet a number of posts do seem very antagonistic just because he does have a bit of money put aside without considering the emotional loading coming from how you get an inheritance.
One issue here could be that the £1,500.00 could be on a 0% deal on which he has already paid front loaded "intrest" in the form of the balance transfer fee at probably around 4%. This seems to be a concept some people struggle with. If you have already paid this "intrest" then you might as well make the most of the remaining term to pay it off?
There are some brilliant credit card deals about at the minute but it's how you manage the subsequent repayments that matters. The 32 month 1.69% money transfer card from virgin money been a prime example.
There are some brilliant credit card deals about at the minute but it's how you manage the subsequent repayments that matters. The 32 month 1.69% money transfer card from virgin money been a prime example.