Jump to content

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


  • Please log in to reply
538 replies to this topic

#501 Lees75

Posted 10 April 2019 - 11:00 PM

Doing well, Silverstreak!

I'm ultra happy tonight - just paid off the last $900 of my ATO debt. So I have managed to pay off just under $3k.

I may have another small ATO debt soon from my next quarterly payment, but I will never let it get so out of control again.

And now I can start plugging away at the CC debt. First the personal one, then the work one. I have paid off $100 this month so far, so it is down to $9800.

#502 Silverstreak

Posted 11 April 2019 - 07:38 AM

Congratulations Lees75, well done!

As for us, rent fortnight is next pay, so we'll be in a holding pattern until more money comes in. Can't wait for the new financial year, hoping to pay off a chunk by then.

#503 Silverstreak

Posted 22 April 2019 - 08:12 AM

Not really much of an update, but DH finally sold a piece of machinery that we no longer need for $200. After we'd agreed to sell it, somebody else wanted to buy it for $250! Oh well! At least it's out of the garage now.

We have rent to pay this week, plus a business expense that we've been putting off, but we can't put it off any longer, so that will be $1000.

DH is working on some orders, so by the time everything is finished and paid for we should be down to approximately $5,500 or less. So after the supps come in, in the new financial year, we should be debt free, fingers crossed!

Still waiting to hear if that customer has obtained funding for their large order, we'd really like that to go ahead! But even if it doesn't, we should still be debt free by July.

When that happens, I want to build up an emergency fund to $1000 and also open a Ubank account, so that I can put money in it and then just forget about it. I also need some more work shoes and my sneakers are looking ratty.

Onwards and downwards and I hope everyone else is going well!

#504 Ocean waves

Posted 23 April 2019 - 08:40 AM

I love seeing how much you have made off! Well done! Years ago I got rid of my credit card because every month I had to find a few hundred to pay off purchases that I probably shouldn’t have made in the first place. I got a debit card from a new bank and put $2000 in the account as an emergency fund, which was my biggest hurdle in letting go of my credit card. I’ve used and replaced the money plenty of times but in about 6 years I’ve only had one real emergency. I also deposit our spending money when we go on holidays into the account and find that’s a helpful way to make sure my expenses account doesn’t get dipped into when on holidays.

What will be your next savings goal?

Good luck to you!

#505 Silverstreak

Posted 23 April 2019 - 10:05 AM

Thanks so much Ocean Waves! That's a great idea re depositing spending money on holidays, I need to be that organised!

My next goal will be to build up $1000 in an emergency fund.

I'm also eligible for the low income earner scheme where you deposit up to $500 into your super and the govt matches you dollar for dollar, so I'm hoping to take advantage of that by the end of this financial year and to make a deposit every year.

Ideally, I'd also like to divide all our major bills by 12 and make deposits every fortnight or month so that we don't get stuck again. So: gas, electricity, water, car insurance and registration. Our phone and internet are paid monthly, so that's sorted already. Lots to think about!

#506 Silverstreak

Posted 08 May 2019 - 07:42 PM

Finally an update, paid some money off the card today, new total $5400!

#507 fleeting

Posted 19 May 2019 - 04:37 PM

Thinking of doing a sell up to make some money. I have a lit of unneeded things.

#508 IamOzgirl

Posted 21 May 2019 - 06:49 PM

Silverstreak - do you work? Why dont you ask your employer to automatically salary sacrifice your super each pay? if you get paid weekly it just under $10 a week. Then you dont even have to think about it.

Or does it have to be a lump sum to get the govt rebate?

#509 Silverstreak

Posted 21 May 2019 - 06:53 PM

Ooh good question IamOzgirl, I have no idea! Yep, I work two days a week. I'll have to do some research, I think!

All the best with your decision, fleeting, whatever you decide!

No update from me yet, waiting for pay day tomorrow!

#510 IamOzgirl

Posted 21 May 2019 - 07:55 PM

Barefoot says there is a form that you ask your super company form that you give to your employer. Page 166 of the book (you have it?)

#511 Silverstreak

Posted 21 May 2019 - 08:00 PM

Ooh thanks for that, no I don't have the book, but I can ask my super fund and speak to my accountant too. Cheers!

#512 IamOzgirl

Posted 21 May 2019 - 09:01 PM

PM - i will send it

#513 Silverstreak

Posted 22 May 2019 - 09:57 PM

Ooh thank you!

#514 Silverstreak

Posted 23 May 2019 - 04:18 PM

Paid off a bit more today, new total $5,100.

#515 Silverstreak

Posted 30 May 2019 - 03:01 PM

No real news re CC but a couple of good updates: our card has switched over to ANZ and the new interest rate, which has now dropped down to 12.49 %. And the real estate want our financial details for another NRAS lease, so when that goes through we should have another year of cheap rent.

Still need to pay that business expense, which will be done in the next week or two. This should mostly be offset by a couple of orders. Hanging out for the end of financial year, when we can clear some more debt.

Onwards and downwards and I hope everyone is doing well leading up to tax time!

#516 Cimbom

Posted 30 May 2019 - 03:37 PM

Great work Silverstreak!

#517 Silverstreak

Posted 30 May 2019 - 04:55 PM

Thanks Cimbom! I've been following everyone's progress in the savings thread, nice work!

#518 Lees75

Posted 11 June 2019 - 12:02 AM

I have an amazing update. I actually feel a little guilty! My parents are going overseas for a few months and just dumped $25K in my account!  I tried to refuse it, but they said they want to help my brother get a new car and have to do for me what they do for him.  They said they would feel better going away knowing I had a decent amount of emergency money! They also wanted to help out because I have been off sick for nearly 2 weeks and am self employed, with a 2 week holiday planned in July that they want me to be able to go away and just enjoy without worrying about money.

So tonight has been planning:

- $5k for the holiday (already paid for a lot of it, but also need to cover my wage for the 2 weeks)
- $11K on business CC, which will pay it off.
- Emergency fund - $3500
- The rest on to my personal credit card.

I think that will leave me with just over $4,600 on my personal credit card, which I will aim to have paid off by the end of the year.

It just seems like a dream come true that can't possibly be true! But it is! I feel like the luckiest person alive!

#519 JBH

Posted 11 June 2019 - 08:52 AM

 Lees75, on 11 June 2019 - 12:02 AM, said:

I have an amazing update. I actually feel a little guilty! My parents are going overseas for a few months and just dumped $25K in my account!  I tried to refuse it, but they said they want to help my brother get a new car and have to do for me what they do for him.  They said they would feel better going away knowing I had a decent amount of emergency money! They also wanted to help out because I have been off sick for nearly 2 weeks and am self employed, with a 2 week holiday planned in July that they want me to be able to go away and just enjoy without worrying about money.

So tonight has been planning:

- $5k for the holiday (already paid for a lot of it, but also need to cover my wage for the 2 weeks)
- $11K on business CC, which will pay it off.
- Emergency fund - $3500
- The rest on to my personal credit card.

I think that will leave me with just over $4,600 on my personal credit card, which I will aim to have paid off by the end of the year.

It just seems like a dream come true that can't possibly be true! But it is! I feel like the luckiest person alive!

Lees, i’m Not an accountant, but is the interest on the work cc tax deductible? I’m not sure that it is, but if so it might make more sense to pay off the personal one first.

#520 Silverstreak

Posted 11 June 2019 - 12:35 PM

Congratulations Lees75, that's sensational news!

#521 Lees75

Posted 11 June 2019 - 01:26 PM

 JBH, on 11 June 2019 - 08:52 AM, said:

Lees, i’m Not an accountant, but is the interest on the work cc tax deductible? I’m not sure that it is, but if so it might make more sense to pay off the personal one first.
I did think about that, but I haven't been claiming the interest, because currently, the card is a shambles of work and personal expenses. But, with a fresh start, I will be able to claim any interest expenses from now - not that I am planning on having any.

Also, the interest rate is a LOT higher on the work card than the personal card.

#522 IamOzgirl

Posted 11 June 2019 - 02:17 PM

 Lees75, on 11 June 2019 - 01:26 PM, said:

I did think about that, but I haven't been claiming the interest, because currently, the card is a shambles of work and personal expenses. But, with a fresh start, I will be able to claim any interest expenses from now - not that I am planning on having any.

Also, the interest rate is a LOT higher on the work card than the personal card.

Then this sounds like a great plan! I was also going to question the emergency amount. However as your parents gifted the money for an emergency I think setting it aside as actually emergency money (great Mojo balance starter, if you are a barefoot investor person) then you should do this.

#523 SplashingRainbows

Posted 11 June 2019 - 03:56 PM

I’m so thrilled for you Lees. That is wonderful news.

Now that you’re off to a clean slate (that must feel so so good!), can I share something with you that I do for my health clients? We work out a ‘wage’ after tax that builds in 4 weeks annual leave and two weeks sick leave from Billings so there is a lower amount you pay yourself in good months but money building up for the non working times so you can keep transferring that regular amount to your personal spending account. It relies on one bank account being the ‘business’ account and kept separate from your other banking but once it’s going it helps keep enough aside for the inevitable non working times.

It’s not foolproof but it holds its own most of the time.
Insurance can be used to cover major inability to work.

PM me if you want more info or your accountant should be able to do it if they haven’t already.

#524 Lily-bee

Posted 31 July 2019 - 01:47 PM

Thanks to a generous tax return we are now officially down to $999. I feel like I can almost breathe again! Have also decreased my CC limit to $5k.

What do people generally do when faced with a big bill? Pay on credit card, pay in instalments or start savings account for this reason?

I am wondering what to do with our council rates which is $1900. I think paying it off would be ideal rather than instalments but don't want to be in debt with CC again!

#525 IamOzgirl

Posted 17 September 2019 - 10:18 PM

Okay I now have a $5k cc debt (total worth it though!)

But I need to pay it down quick! And get back to saving.




8 user(s) are reading this topic

0 members, 8 guests, 0 anonymous users

 
 
Advertisement
 

Top 5 Viewed Articles

 
Advertisement
 
 
 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.