Frozen by debit orders to go through

cbrunsdonza said:
Its rather ironic that I'm replacing one debt with another but the difference is I have more control, smaller repayments and no revolving credit to access. I cannot explain the feeling of relief I have and cannot wait for that last payment in 4yrs time either.
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probably because its one payment, you have a timeline of when its done, and you can see the light at the end of the tunnel.
Its a good feeling
 
Icarium said:
My ex maxed out my cc and I maxed out my overdraft a few months ago. Only just managed to clear the CC last month, and if it wasn't Christmass I'd clear the overdraft this month. And then it's the long hard slog to dent the bond :(
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so your ex has your CC, sweet
 
They were talking about similar topic on after 8 debate (SAFM) ... "I want this and want it now" attitude is what we need to overcome. Then savings... some people never see a need to save as they believe you might leave that money behind.
 
JungleBoy said:
Doesn't it make more financial sense to pay off credit card debts before saving ?
Essentially you could take your savings and pay off all your short term debts and then you can start saving...
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I am sure it does.

Maybe with me it is a psychological thing to have a contingency fund.

Also, let's say I did not save and a crisis came ... and I had to max out my credit card to pay for the emergency related expense, it would be very expensive - at the interest rate they charge.

Anyway, I am in the process of paying of all the card and have made stunning progress. Not long and it will all be paid off, so basically I am running parallel processes - saving and reducting cc debt.
 
blunomore said:
I am sure it does.

Maybe with me it is a psychological thing to have a contingency fund.

Also, let's say I did not save and a crisis came ... and I had to max out my credit card to pay for the emergency related expense, it would be very expensive - at the interest rate they charge.

Anyway, I am in the process of paying of all the card and have made stunning progress. Not long and it will all be paid off, so basically I am running parallel processes - saving and reducting cc debt.
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(I'm reading this wonderful book on a guy that got out of debt one dollar at a time and it is really helping me with my motivation)

I'm doing the same even though its only R250 a month into my savings but what a difference it makes. One thing I've learnt from my wife who has near zero debt, is to always have cash at hand to catch those best bargins. Last week she bought some chairs for outside she has always wanted, as she had cash she got them for R2K - the normal retail is R6K and on credit would have been at least R12K.

I had some cash (savings) to catch some Christmas bargins at Game last week - saved 50% on presents for my wife and daughter. My sons present similar deal.

But one important thing is that we have given up a lot but not everything. We still eat out (actually once a week) but its at the Spur during special nights. Bill for family is an average of R150 with tip & wine.
 
cbrunsdonza said:
(I'm reading this wonderful book on a guy that got out of debt one dollar at a time and it is really helping me with my motivation)

I'm doing the same even though its only R250 a month into my savings but what a difference it makes. One thing I've learnt from my wife who has near zero debt, is to always have cash at hand to catch those best bargins. Last week she bought some chairs for outside she has always wanted, as she had cash she got them for R2K - the normal retail is R6K and on credit would have been at least R12K.

I had some cash (savings) to catch some Christmas bargins at Game last week - saved 50% on presents for my wife and daughter. My sons present similar deal.

But one important thing is that we have given up a lot but not everything. We still eat out (actually once a week) but its at the Spur during special nights. Bill for family is an average of R150 with tip & wine.
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what exactly are you eating there? what specials do they have?
Dinner with my girlfriend at spur is never less than R250, ever
 
cbrunsdonza said:
(I'm reading this wonderful book on a guy that got out of debt one dollar at a time and it is really helping me with my motivation)

I'm doing the same even though its only R250 a month into my savings but what a difference it makes.
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It does make a difference - psychologically as well - and it is a very pleasant to see your money grow in that savings account! Whenever I have a few extra hundred rand, I also put it in my dedicated savings account.
 
blunomore said:
It does make a difference - psychologically as well - and it is a very pleasant to see your money grow in that savings account! Whenever I have a few extra hundred rand, I also put it in my dedicated savings account.
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Thinking of adding R500 p/m into my bond instead of 32 day notice, might have a better effect
 
sonxEr77 said:
Thinking of adding R500 p/m into my bond instead of 32 day notice, might have a better effect
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Am also doing that already, but quite a large additional amount every month. Unblievable what a difference it has made to the balance - the interest is fast reducing.
 
sonxEr77 said:
Thinking of adding R500 p/m into my bond instead of 32 day notice, might have a better effect
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I am putting everything into the bond, have one of those flexi/access bonds, so should i need the money, i can draw it out.
Seems like the best idea
 
Flexi Bond is a good idea I also notice that a lot of u guys buy stuff on HP cars, houses etc. do u normally check if your company has a group scheme with the banks whih gives u preferential interest rates on bond, cars it might not sound like much but u actually do save quite a lot.............bank charges also makes u spend a lot so instead of using a cheque or savings account rather use a credit card reduce the limit to about R500 to 2k and put it on full payment or pay ur salary directly into the CC...........sometimes these saving vehicles of banks normally just make u spend more on fees so have a look at the fees and just save in your bond..........if u dont have a bond why not just a buy a small investment property and give it to agents to lease out fo u........
 
tau1z said:
what exactly are you eating there? what specials do they have?
Dinner with my girlfriend at spur is never less than R250, ever
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Monday Burger Special Night - R43 for two burgers without sauce. I just grab the HP from the Salad Valley as HP is Monkey Gland sauce.

Wednesday night, rugrats eat free!!!

No corkage on wine. Massive saving. I buy a R25-R30 bottle of red from LCD (they are on our way to the Spur). Have a Spur family card so little Geek gets a free cooldrink.

We often order starters for main as we find the size difference small: nachos; calamari. We then just add salad valley to the meal as we love our local Spurs salad valley (Strand Spur).
 
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