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December 9th, 2013 at 07:07 am

Last night hubby and I had a conversation about saving vs paying down debt. He said that because we only work part-time, it's only possible for us to either save or pay down debt - we can't do both. Ideally I'd like to increase my automatic savings deposit to £20, which isn't a lot but right now it's only at £10

I've been thinking a lot about next year. At some point, I will be on maternity leave again. The first time I was on maternity leave I used my credit card a lot whether it was for car repairs, petrol or shopping. I refuse to let it happen again. Hubby said he will do a lot of overtime while I'm off to make up for the money I will be losing (roughly £100 less than what I take home now) While I would like hubby to do some overtime, I know that if I can decrease my credit card and catalogue minimum payments life will be a bit easier. Right now, my catalogue payment is £127 and I pay £90 to both credit cards. I just realised that is £307. That's one of the reasons why I'm trying to pay off any BNPL items that I have on my catalogue so that they don't get added to my bill.

This post is all over the place. If you got this far, thanks for reading.

2 Responses to “Musings”

  1. PatientSaver Says:

    I've been in the same situation for a very long time....erratic work and unpredictable income changes, depending on how long a contract job lasts. I don't have any debt, but i also knew that with that kind of income i could only pay current bills and save little or nothing.

    If i had to choose between putting money into savings or debt, I would pay off my debt first, as the interest on things like credit card debt will quickly dwarf whatever you might put into savings.

  2. snafu Says:

    I hope you get maternity benefits while off work. I'd verify figures to help with a realistic plan. Will you have two in diapers? Will it bother you to use SG's layette for a baby boy? What supplies will you need for baby #2? Can family, friends, colleagues contribute/loan stuff? Are there any government programs to help with costs, coupons, discounts etc?

    I suggest you tally how much you've paid in interest, fees, service charges in 2013 for credit card, catalogue, BNPL debt. Personally, I'd continue to add even the tiniest sums to EF to stay in the important routine of savings. Have you begun to plan goals for 2014? What an exciting year.

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