Debt/Credit: how are you doing?

Pakka said:
For me the problem is getting through the month without having to use the CC.

Each month we have to clear the previous month's CC and then we don't have enough money for the next month so we have to use the CC again.

A vicious cycle. Luckily we're not going backwards, but we are also not going forwards. The jump from indebting ourselves every month to using the previous month's salary is very difficult.

And we don't buy luxuries. Luckily a big chunk of our salaries goes into our mortgage. The rest goes into plugging the previous month's holes.

I started using http://www.youneedabudget.com/ and once we budgeted for everything there is very few Rondts left :wtf:
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This isn't really a problem - If you're clearing your card each month you shouldn't be paying interest.
 
Pakka said:
For me the problem is getting through the month without having to use the CC.

Each month we have to clear the previous month's CC and then we don't have enough money for the next month so we have to use the CC again.

A vicious cycle. Luckily we're not going backwards, but we are also not going forwards. The jump from indebting ourselves every month to using the previous month's salary is very difficult.

And we don't buy luxuries. Luckily a big chunk of our salaries goes into our mortgage. The rest goes into plugging the previous month's holes.

I started using http://www.youneedabudget.com/ and once we budgeted for everything there is very few Rondts left :wtf:
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The old saying: Budget and stick to it.
 
It's not a problem I suppose, but I want to live this month on last month's salary and have a bit left for emergencies (or use the CC then).

Luckily we don't have any other dept, just the home loan.

I'd like to have a few extra rands per month to do things like fix my car up (alarm needs fixing, and a bit op panel beating), have some money for Christmas etc. At this stage we can't even afford putting R200 away each month for things like this.
 
I.am.Sam said:
i suggest a home :)
plus im sure your rent is crazy that side of the world so buy now :D
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We currently pay R4600 for a 3 bedroom, 2 1/2 bathroom duplex in a nice complex in Strand. It's going to be a bit of a wallop to start paying 8-9000 for a house. But I'm working towards it.
 
I owe R1000 on CC (but will pay off end of the month). Then it just house debt...

Car has been payed off.

Edit: Ok I owe my parents R40k (paying that R1k p/m. When I get my next bonus that is sorted). But I can pay them off , got more than R200k extra in the house bond...
 
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YingYang said:
Since when do you know anything about finances? :p

Good point though.

In that case I'm fscked :)

Paying for my wife's car and paying for my car...which was written off and the insurance never paid. That's R2780 per month down the drain. Only have about a year left though.

I also have a biggish personal loan and smallish credit card and overdraft which I'm looking to kill next year.
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oh ya dammit ...lucky my car and the wifes cars are free ...but we getting somewhere slowly

Sinbad said:
Neither a house nor a car is a debt. A home loan and a car loan both are, though
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i never ever think of a homeloan as debt

where as a car ...you dont need it ..you know what i mean :p
 
cerebus said:
We currently pay R4600 for a 3 bedroom, 2 1/2 bathroom duplex in a nice complex in Strand. It's going to be a bit of a wallop to start paying 8-9000 for a house. But I'm working towards it.
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thought you in SW side ...but that is cheap and generally the prices of flats are cheap as well inside of strand...but yeah will be hard getting a house for that price
 
Toitjie said:
Actually doing really good.

  • Bought a house about a year ago (and paying in as much extra as we can)
  • Bought a motorcycle 4 months ago (nearly paid off)
  • Credit card - R0

That's about it,
and if anyone was wondering, I am 24.
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Wait till you have children (two of them).Then the poppo hits the fan... R1200 for day care, R800 pm for school, Medical, Doctors fees, food, clothes ...
 
I was good until a bought a new Flat, as I relocated a while back.

Now I am trying to hold on to both old and new flat. So for the next few years will be sailing close to the wind.

Current OD which is 127% of my Salary has 10% left ( needed this for deposit and Transfer duty )
Next year I will be in +- 1000 surplus after monthly expenses.

Just have to hang in there for a year or 2 while inflation works its magic and our 1 vehicle and 1st Flat is paid off all within 3 yrs from next year.

Fun tough times ahead.
 
cerebus said:
We currently pay R4600 for a 3 bedroom, 2 1/2 bathroom duplex in a nice complex in Strand. It's going to be a bit of a wallop to start paying 8-9000 for a house. But I'm working towards it.
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Then you're going to have to work on lifestyle changes perhaps? Knowing your paying off your own bond is a great feeling!
 
No debt at all, I pay my credit card off monthly and only use it to qualify for the FNB smart device R50 discount.

Both cars are fully paid up. No house yet, though I have a 15% deposit + 10% for any extra fees and looking to buy within the next two months, just haven't found the perfect place yet.

My studies for next year are also fully paid for upfront.
 
YingYang said:
Then you're going to have to work on lifestyle changes perhaps? Knowing your paying off your own bond is a great feeling!
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Our lifestyle is fine, we live quite carefully, hence the fact that we've got zero debt. We're a 1 income family and I don't earn a huge salary and support 5 people off it. It's just where we are in our finances right now. I've got no complaints about it. I've more than doubled my salary over the past 2 years and I intend to keep growing and as that happens we'll be able to accommodate a mortgage.

Wait till you have children (two of them).Then the poppo hits the fan... R1200 for day care, R800 pm for school, Medical, Doctors fees, food, clothes ...
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I haven't found kids to be nearly as expensive as they say.
 
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There is no mention of people keeping money aside for a raining day. This comes in very handy when the poo hits the fan.
 
Necuno said:
So a few months back I paid my overdraft back in full, closed it and then having that amount available in my cheque each month. Now today I've paid back most of my credit card leaving about 3k still outstanding. I still have my car loan, personal loan and a small amount on my woolworths which is up next to clear out. At least then its just the personal and car loan still hanging over my head until I buy a house ;)

So... How are you doing with your credit / debt ?
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What was the personal loan for if I may ask.

I was debt free.... then I bought the GF a ring..... also I will needing to replace the back tires on my car and take it in for a service :( Other than that I have no debt.
 
Have about a R 30 000 debt being paid off. Hopefully it will be done in 8 months. Luckily the debt is shared between myself and a friend.

Don't use CC. I stay far away from such dept. Paying off a car. Hopefully that will be done in 2 years from now.

Everything else strictly cash. If I don't have enough I just wait it out. But I make sure the rest of my salary lasts a whole month. And I always take out a small amount for savings that I never touch. Emergencies only.
 
TelkomUseless said:
Wait till you have children (two of them).Then the poppo hits the fan... R1200 for day care, R800 pm for school, Medical, Doctors fees, food, clothes ...
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So true. Kids are expensive. There's always something e.g. teenagers eat a huge amount of food
 
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