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

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#526 seemingly

Posted 19 September 2019 - 09:39 PM

View PostLily-bee, on 31 July 2019 - 01:47 PM, said:

decreased my CC limit to $5k... don't want to be in debt with CC again!
Is it possible for you to discontinue your credit card? Is there a reason why you use one? I'm not judging at all, just curious, but if you've had issues with credit cards before, perhaps it's time to ditch them?

#527 mumto4boys

Posted 11 October 2019 - 01:31 AM

I don't come to EB very often these days, but just dropped in to say that I hope you're all going well.

Lees, you probably don't remember me, but I see how old your kids are now and I'm astounded. They were littlies in your sig when I was first on EB. What amazing parents you have. Clearing that debt must feel great.

How are you going Silverstreak? You haven't posed in a while by the look of things. You were getting so close when you last posted, I hope it's still going well. I think what you have achieved is incredible. For anyone needing inspiration to clear their debt, they should read this full thread and see how far you've come. I fully expect to pop in one day and see that not only is your credit card debt cleared, but that you're working on saving a home deposit too.

Well done to everyone still plugging away. I look back now and shudder at the thought of what I spent on interest charges in the past. I still have my credit card because I regularly put large amounts on it, but I pay it off within the 55 days now. The banks getting no extra from me.

#528 Silverstreak

Posted 11 October 2019 - 06:37 AM

Thanks so much Mumto4boys! Yep, haven't posted in a while, as there's no good news to report lol!

This has been an expensive year. Business expenses, car expenses, I needed a new CPAP machine and we decided to put $500 into our superannuation, to get the $500 matching govt contribution.

So we now have two CCs and the total is $12,300 again. Sigh.

However, DH managed to get a deal where the $9,600 is on the Citibank card at 6.9 % interest and it's on a fixed payment, so we'll have it paid off within a year. No penalty for paying it off earlier either. So that card's now tucked away.

The remaining $2,700 is on the ANZ (formerly Aussie) at 12.49 %.

I need to get my tax sorted soon, so we can get back my tax return and some supps, that should clear a bit. DH and I have just been flat out, but things are quietening down and we can sort that out.

We'll be paying $850 pm on the Citibank, so those numbers should drop and fingers x for no more big expenses. We managed to score another year on our lease with cheap rent, so that's a plus (and our sixth year here, woohoo!)

Anyway, onwards and downwards and I'll post in here more often!

#529 Lees75

Posted 11 October 2019 - 07:32 AM

View Postmumto4boys, on 11 October 2019 - 01:31 AM, said:

Lees, you probably don't remember me, but I see how old your kids are now and I'm astounded. They were littlies in your sig when I was first on EB. What amazing parents you have. Clearing that debt must feel great.
Hi! You just reminded me- I need to update my signature as DD turned 13 last week and DS is turning 16 next week!

I’m still plugging away at my personal credit card and it is down to around $3200. I don’t think I will quite reach my end of year target to have it paid off, but I can see the end in sight!

#530 Silverstreak

Posted 11 October 2019 - 08:19 AM

All the best Lees and I remember your sig as well, it was very cute! My little feets is now seven and will start Grade 2 next year omg!

#531 FeralZombieMum

Posted 13 October 2019 - 08:43 PM

View PostSilverstreak, on 11 October 2019 - 08:19 AM, said:

All the best Lees and I remember your sig as well, it was very cute! My little feets is now seven and will start Grade 2 next year omg!

:omg: The time has flown!

#532 Silverstreak

Posted 14 October 2019 - 06:33 PM

I know FZM, it's ridiculous! I started posting here in 2013, but lurked for years before that.

Paid a little off the CCs today, new total $12,000. Up to date with bills and rent, so will pay some more off next pay.

#533 Silverstreak

Posted 23 October 2019 - 06:32 PM

Well, I had to buy some more glasses finally, after four years, but we did manage to pay off some more debt this pay.

New total $11,700, $9,300 at 6.9 %.

#534 mumto4boys

Posted 24 October 2019 - 12:50 AM

Silver - You might not have been carving up that debt as quickly as you wanted to, but it's still on a downward trend and that's great.

As for those little feet, I remember them too! I can't believe that those feet will be headed to Year 2 soon.

Wow Lees! They really have grown up. My youngest is now in his 20s so I shouldn't be surprised that all the babies here have grown up too.

I think the next challenge of the year is managing Christmas without having any blowouts, although we still have two birthdays before then too. After that it's the back to school costs for many people (not me any more).

Silver, you mentioned your super. This really is such an important topic. I'm still a little way from retiring, maybe 9 or 10 years, but its a time when you start to take more notice of these things. I've been paying in to super since just after my 21st birthday. Just the minimum for most of that time, but now that I'm paying more attention, I think my super is looking pretty reasonable.

That said, around 10 years ago, when it was much lower on my radar, someone much cleverer that I work with sort of 'harassed' a few of us 'younger' colleagues into following one of her tips. 10 years down the track I can see that it's made a big difference to my balance, and like many of these things, the earlier you make these changes, the better.

So, totally unqualified financial advice ahead: Take the time and see if you are able to salary sacrifice your super. If you can, then do it! It's one of those things that you put off and just need to find time for. Nothing changes, apart from the fact that you pay slightly less tax on your super. This has two benefits.

1 - If all you do is salary sacrifice your super, you pay slightly less tax and you end up with a little more pay in your hand each pay cycle.

2 - If you're clever, you salary sacrifice your super and have a little more money in the hand. Wait a couple of full pay cycles and assess how much extra you get in the hand. THEN, call payroll or HR or whoever it is in your workplace again and take this extra money and put it in to your super each pay cycle as a voluntary contribution. You end up with the same pay in your hand that you originally had, you pay a little less tax, and more goes into your super each week. Obviously, the younger you are when you make this change, the better.

In my own case, when I first did this, around 10 years ago, salary sacrificing my super meant that I had around $46 dollars a fortnight more in the hand. I then took $40 a fortnight of that and put it back into super as a voluntary contribution. I was $6 a pay better off in the hand. A tiny amount I know, but I liked the feeling of me getting a tiny bonus.  :-)

That $40 per pay cycle over 20 years (by the time I retire) will make a difference. That's an extra $20800 into my super, even without any interest.

I've tried to be  a little cleverer each year now and when we get even a small pay rise, I take a little of the pay rise and salary sacrifice that too. I end up a little better off and so does my super.

So, salary sacrifice your super as soon as possible. Take some of that tax you're then not paying and put it into super as a voluntary contribution. You'll end up a lot better off one day. Then, if your not stretched, every time you get a pay rise, ask for a little more of your pay to go in as a voluntary contribution. So, $20 pay rise, ask for an extra $5 a week to go into your super. More if you can afford it. Skip this step though if you're at a stage where you really need that pay rise to make life a bit more comfortable now.

If that sounds bossy, it's because it is. :-)  I'm so glad that someone at work talked me into this advice. I now pass it on to all of the younger people that I work with. Hopefully when they retire with a nice super payout, they'll remember me and come and visit me in the nursing home and bring wine. I tell them all this too. :-)

Hopefully you can look into it. If you're not on salary or self employed, you can still salary sacrifice your super. Talk to your accountant about this. It should work the same way, it just lowers your tax and leaves a little more in the hand. Turning part of that difference into a small voluntary contribution can make a big difference over 20-30 years.

Sorry for the mega post  :-)

#535 Silverstreak

Posted 26 October 2019 - 06:30 AM

What a great post mumto4boys, I must look into this!

#536 SplashingRainbows

Posted 26 October 2019 - 08:05 AM

Umm if you salary sacrifice $100 into super, your pay goes down by $100, and you save some tax. If you’re on the 39% bracket (37% plus 2% Medicare levy) you will save $39 tax.

So you will be worse off each pay by $61. $100 less $39.


I would urge anyone considering changing their superannuation arrangements to seek qualified financial advice, especially if they have credit card debt.

Edited by SplashingRainbows, 26 October 2019 - 08:05 AM.

#537 ~LemonMyrtle~

Posted 09 December 2019 - 03:44 PM

Any updates? It’s a hard time of year. But I was reminded of this thread by another thread.

No debt for us, but savings took a huge whack recently due to some major plumbing, and then some landscaping due to front garden being dug up.
Have to decide now whether to just write it off, or tighten our belts and pay ourselves back for that one. I’ll reassess after Christmas. No Christmas holidays for us, so that will help.

#538 ~LemonMyrtle~

Posted 09 December 2019 - 03:46 PM

View PostSplashingRainbows, on 26 October 2019 - 08:05 AM, said:

Umm if you salary sacrifice $100 into super, your pay goes down by $100, and you save some tax. If you’re on the 39% bracket (37% plus 2% Medicare levy) you will save $39 tax.

So you will be worse off each pay by $61. $100 less $39.


I would urge anyone considering changing their superannuation arrangements to seek qualified financial advice, especially if they have credit card debt.

My theory has always been that the best thing you can do for yourself, and your retirement, is to retire debt free. The pension isn’t much, but if you own your home, and have no debts, it’s manageable. Add in a little super and that helps too. My first priority will be to pay off the house though, and to make sure all other loans and debt are paid off. Then we will put more in super.

#539 Silverstreak

Posted 10 December 2019 - 04:03 PM

Hi LemonMyrtle!

No news from me, except that most of our debt is now on a fixed payment at 6.9%, which is great. Here's hoping next year is a frugal year, this one has been a shocker with expenses!

Wishing everyone a very happy and debt free Christmas and New Year!

#540 Silverstreak

Posted 31 December 2019 - 04:27 PM

So Christmas is done and dusted, which actually wasn't very expensive this year, just presents for kids in the family. We had to pay off a large electricity bill, plus roadside assist and a water bill, plus pay our monthly Citibank payment and rent early, so that we weren't caught short later in the month.

So the new totals are:

ANZ         $4,400.
Citibank   $7,800 at 6.9 %, fixed payments.

New total $12,200.

It's actually not as bad as it looks, because we now have $1,000 in a savings account, :happy: so our current position is $11,200 really.

I know, I know, I shouldn't have savings whilst I have debt, but I'm tired of not having progress on the savings front. I'm super proud of that $1,000, let me tell you! DH knows about it and I've shown him how to access it, if necessary, but for now it's hidden from view, so we're not tempted to spend it.

By the end of Feb we'll hopefully be under $11,000, we'll see how we go! We also have to do our taxes and get back a tax return plus supps, which will go on the cards.

We're still paying cheap rent until May at least and still managing with just one car, so not doing too badly. Always room for improvement though. We've been cooking a lot, as I'm on holidays, so we're stocking the freezer with meals and avoiding buying too much expensive takeaway.

Onwards and downwards and all the best to everyone during the silly season! :xmas_biggrin:

#541 kass87

Posted 01 January 2020 - 08:29 AM

We paid our credit card back to a zero balance lady night. Only used it twice over Christmas when we misplaced our key cards.

#542 Silverstreak

Posted 01 January 2020 - 08:51 AM

Well done kass87!

#543 Silverstreak

Posted 23 January 2020 - 09:21 AM

Finally a positive update, DH has just received a very nice business order, which will keep him busy and pay off a good chunk of debt, very happy with that.

We're currently sitting at $12,500. It has been an expensive time for the car, we've had bills for two licence renewals, car insurance, emergency roadside assistance, plus a new radiator, which DH bought on sale online and then radiator installation on top of that.

However, our Citibank fixed payment is at $7,000, so it is getting paid down each month. And our savings account is at $1300, I'm adding a little to it each month.

With this new order, our debt should reduce by $5000, at the very least, so it will be down to $7,500 by mid year, worst case scenario. Don't think we'll be debt free by the end of the year, but we'll give it a red hot go.

Onwards and downwards!

#544 mumto4boys

Posted 23 March 2020 - 12:22 AM


How is everyone going? Especially with employment being very precarious right now?

My credit card is low, but DH on the other hand :no2:

#545 Silverstreak

Posted 23 March 2020 - 05:25 AM

Nice to see you again mumto4boys!

Well, we had some business expenses and DH had some dental work, so we're currently up to $15,500 again. And actually, DH is going to our main supplier to buy what he can, just in case they close tomorrow!

Not too bad on the whole though, DH has another job to start, which will pay well. Our bills are up to date and we have some emergency savings as well.

So DH's job will carry him over until mid year and I'm on holidays until June, but as for what happens after then, I have no idea! I'm public service, so hoping my work will continue.

Wishing everybody well in these tumultuous times, particularly those of us with credit cards that need paying down!

#546 SummerStar

Posted 23 March 2020 - 06:49 AM

I am going to find it much easier to get on top of mine if we have to stay home etc. I am not ordering anything online besides groceries due to not knowing when things will cease operating and therefore won't ship. So my card is priority. After this week there will be only $3k to go. That should be knocked over in a month.

This will be the first time in a long time I've been debt free to an extent. I do have a personal loan that has 3 years remaining but that it on a schedule so I am leaving that as is because the payment is manageable and with no other debts I will be able to have some savings again.

#547 Silverstreak

Posted 04 April 2020 - 08:33 AM

Great update SummerStar!

So I paid some money off the credit cards, thanks in part to the stimulus. New total $14,300.

Next week is a non rent week, so I'm planning to pay off $1300 and get the total down to $13,000, with $5,400 at 6.9 %.

Some good news, I've still been making small payments to our savings account, new total is $1850. Counterproductive, I know, when we have debt, but I enjoy seeing the progress.

We've submitted our tax docs to our accountant, hopefully we'll get a return in the next couple of months.

Have a rental inspection due (just us taking photos) and need to submit more docs for NRAS, so here's hoping our lease is renewed for a seventh year.

DH is busy for now, not sure how things will go mid year. I'll have a better idea about work by then as well, just have to wait and see.

As I posted in another thread, our expenses are down $500 a month due to everything that's going on. Would give anything to have things back to normal though! This kind of enforced savings suck!

So that's all the news for now. Hope everybody is going well despite everything. Onwards and downwards!

#548 mumto4boys

Posted 06 April 2020 - 12:24 AM

It's such an odd time. Things are so bad for the world, health wise. Many are suffering job wise. Yet I was reading a thread on a different site with people adding up just how much they were saving right now.

Without the ability to head to the pub after work, grab a coffee mid morning, go to dinner and the movies, kids' activities cancelled etc. Many were saving hundred and hundred per month and realising just how quickly some of those smaller spends were adding up each week.

I'm glad you seem okay work wise Silver. We are too, although the kids have lost their part time jobs.

We are managing to get a few jobs done around the house so that's been good for us.

#549 Silverstreak

Posted 06 April 2020 - 09:05 AM

Sorry to hear about your kids' jobs, mumto4boys, but glad to hear you're going okay regardless.

Yeah, I was quite surprised at how much money we're currently saving, due to lack of incidentals, plus cheaper petrol (not that we're going anywhere though!)

Hoping to pay some more money onto the cards next pay and get them down to $13K.

#550 Silverstreak

Posted 08 April 2020 - 08:15 PM

Paid some more money off the cards, new total $13K. :8 Haven't heard back from the accountant yet, hopefully soon.

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