I would be getting a 0% credit card and transferring the balances to that to reduce the credit card interest payments to nothing and then pay a fixed amount each month to make sure the debt was repaid within the 0% period.
These videos are really making me feel guilty for only paying the minimum on my car loan. 2024 might be the year I tighten things up and smash out my debt!
💚 I’ve officially changed my ‘misc’ envelope to ‘guilt free spending.’ Probably the same BUT like you said, it takes away that nebulous category to something I can put a name on. It now includes coffees at work or a lunch here and there for the week. ‘Miscellaneous’ can quickly spiral and be gone in a blink.
@@e.victoria5151 dunno about better Buuuutttt absolutely screams ‘GUILT FREE’ to meee. And its just knowing that its there JUST INCASE, and that it can’t be mad at me if i spend it, cos its HAPPY cash.. soooo. 😬
💚 Great video Ira! New to the channel but I've been binging your videos like crazy as I'm trying to get my own debt in order as well and have made decent progress (currently on a ten month plan with an end goal of being completely credit card free, everything on 0% interest). It's really refreshing to come across someone who doesn't judge others for their current position in life. You realise that people still need something to enjoy in life in order to stay motivated. I've really enjoyed watching your videos and seeing all of the insights in the comment sections; a lot of you don't know it, but you've really helped my determination. Thank you. For anyone in the comments who might need this information: Aqua are a credit card company and they are absolutely deadly on interest rates, so was very relieved to see the plan took the interest rates into account and focused on removing those high-rate debts from the equation first (store cards are equally bad as a rule). Aqua's cards are specifically targeted towards people with a poor credit history who are looking to credit-build. However, unless you are paying your statement in full, you are effectively punished tenfold by a brutal interest rate like this. If you are fortunate enough to be in a position where you can avoid this company, I would encourage you to do so. Please protect yourselves here if you can. I agree that in principle, credit-building is a solid idea. Once the debt is paid off per the debt plan Ira suggested, I would strongly advise to get a different card with a better percentage once the credit score has adequately improved, and use it to credit build and pay off reliably each month on small spends (nothing that you wouldn't usually buy with your regular budget, this is not extra money). This will strengthen your reliability in the eyes of lenders over time, and when that mortgage application comes around, it may protect you from being asked for a higher deposit.
💚 22:26. I really like the way you show the break down of how to pay off the cc so the highest interest is gone first, and then avalanche to the next card. And especially when you showed how much was going to interest and how much to principal. Really shows the predatory nature of many creditors. To the parents in this Budget Bestie, I would say give some of the child credit ££ to the boys for pocket money, but the rest I would be putting away for future needs... uniforms, fees, a lump sum when they leave uni, etc. If they don't need it now to buy food and necessities, I would definitely be saving 85% of it for later, with interest earning accounts in each of the boys names on with the parents.
Another enjoyable Budget Bestie! This screams "frazzled parents" to me. When takeaways start growing it is usually the quick solution to tired parents who do not have the time or mental capacity to fix meals (Been there bestie!). So I would add to your suggestions a really serious meal plan/meal prep step. If they take Saturday or Sunday to meal prep then they may be better situated when the tired and frustrating days happen and keep themselves from grabbing takeaways for survival. Like your debt plan too. I know we all are schooled to start with smallest and go gangbusters on it but those interest rates are a killer. The only other thing I would add to these parents is -- it does get better and you will be so glad you planned one day a week and enjoy some debt breathing room!💚
Aww, thank you for not judging them. I could have sent this in myself. You're right, I'm a parent that has become reliant on takeaways because I am just too tired. Frazzled, overwhelmed etc and I'm glad that this one was sent in as i need to start trying to hold myself accountable aswell. It'd easily done, especially when you're down.
This was a great video. I hope they will be able to get disciplined and stick to the plan. I'll be hard at first because it's a new way of doing things, but they can do it. 💚
Is it delivery pass or clubcard plus? We pay for club card plus's for £8 and get two shops with 10% off. We switched to fortnightly shopping and save about £35 a month on it (£27 if you take the subscription off)
Setting aside $159 per month for kids is a bit too much. Someone did say that probably child benefit but I don’t think the parent should just take and give 100% of the money to the kids? Sure they may need some shirt/school supplies but shouldn’t the parent put some of the money towards back to school/college fund? I wouldn’t want to be stuck with nothing for them when they want to go to university
Great video with great budgeting ideas. Those first three interest rates are insane, so I agree that paying them off first is the best idea. The savings for Birthdays and Christmas can go into sinking funds, but it might not make a difference, as long as they save the money.💚💚
I would be getting a 0% credit card and transferring the balances to that to reduce the credit card interest payments to nothing and then pay a fixed amount each month to make sure the debt was repaid within the 0% period.
These videos are really making me feel guilty for only paying the minimum on my car loan. 2024 might be the year I tighten things up and smash out my debt!
I’ve not long discovered this series abs I love it. Would be fantastic to get follow ups on the people to see how they are getting on.
💚 I’ve officially changed my ‘misc’ envelope to ‘guilt free spending.’ Probably the same BUT like you said, it takes away that nebulous category to something I can put a name on. It now includes coffees at work or a lunch here and there for the week. ‘Miscellaneous’ can quickly spiral and be gone in a blink.
guilt free spending!! i like it!! i might donthe same but label it HAPPY CASH. 😂😂😂😍🥰💖
HAPPY CASH is even better 😁
@@e.victoria5151 dunno about better Buuuutttt absolutely screams ‘GUILT FREE’ to meee. And its just knowing that its there JUST INCASE, and that it can’t be mad at me if i spend it, cos its HAPPY cash.. soooo. 😬
💚 Great video Ira! New to the channel but I've been binging your videos like crazy as I'm trying to get my own debt in order as well and have made decent progress (currently on a ten month plan with an end goal of being completely credit card free, everything on 0% interest). It's really refreshing to come across someone who doesn't judge others for their current position in life. You realise that people still need something to enjoy in life in order to stay motivated. I've really enjoyed watching your videos and seeing all of the insights in the comment sections; a lot of you don't know it, but you've really helped my determination. Thank you.
For anyone in the comments who might need this information:
Aqua are a credit card company and they are absolutely deadly on interest rates, so was very relieved to see the plan took the interest rates into account and focused on removing those high-rate debts from the equation first (store cards are equally bad as a rule). Aqua's cards are specifically targeted towards people with a poor credit history who are looking to credit-build. However, unless you are paying your statement in full, you are effectively punished tenfold by a brutal interest rate like this. If you are fortunate enough to be in a position where you can avoid this company, I would encourage you to do so. Please protect yourselves here if you can.
I agree that in principle, credit-building is a solid idea. Once the debt is paid off per the debt plan Ira suggested, I would strongly advise to get a different card with a better percentage once the credit score has adequately improved, and use it to credit build and pay off reliably each month on small spends (nothing that you wouldn't usually buy with your regular budget, this is not extra money). This will strengthen your reliability in the eyes of lenders over time, and when that mortgage application comes around, it may protect you from being asked for a higher deposit.
💚 22:26. I really like the way you show the break down of how to pay off the cc so the highest interest is gone first, and then avalanche to the next card. And especially when you showed how much was going to interest and how much to principal. Really shows the predatory nature of many creditors. To the parents in this Budget Bestie, I would say give some of the child credit ££ to the boys for pocket money, but the rest I would be putting away for future needs... uniforms, fees, a lump sum when they leave uni, etc. If they don't need it now to buy food and necessities, I would definitely be saving 85% of it for later, with interest earning accounts in each of the boys names on with the parents.
Another enjoyable Budget Bestie! This screams "frazzled parents" to me. When takeaways start growing it is usually the quick solution to tired parents who do not have the time or mental capacity to fix meals (Been there bestie!). So I would add to your suggestions a really serious meal plan/meal prep step. If they take Saturday or Sunday to meal prep then they may be better situated when the tired and frustrating days happen and keep themselves from grabbing takeaways for survival. Like your debt plan too. I know we all are schooled to start with smallest and go gangbusters on it but those interest rates are a killer. The only other thing I would add to these parents is -- it does get better and you will be so glad you planned one day a week and enjoy some debt breathing room!💚
Aww, thank you for not judging them. I could have sent this in myself. You're right, I'm a parent that has become reliant on takeaways because I am just too tired. Frazzled, overwhelmed etc and I'm glad that this one was sent in as i need to start trying to hold myself accountable aswell. It'd easily done, especially when you're down.
Great budget breakdown 😊
9:13 ugh.. the amount of times I’ve had to empty my envelopes or cash out an account 😞 Hoping to not do that again!! 💚💚
this is my WORST TRAIT. ugh is right!
£159 is child benefit for two children- I am guessing she keeps that seperate as the boys' money.
And that makes sense!
Love watching these 💚
Another great one as always Ira 👏 love these 💚 xx
💚💚 Very interesting! I love these types of videos.
This was a great video. I hope they will be able to get disciplined and stick to the plan. I'll be hard at first because it's a new way of doing things, but they can do it. 💚
Is it delivery pass or clubcard plus? We pay for club card plus's for £8 and get two shops with 10% off. We switched to fortnightly shopping and save about £35 a month on it (£27 if you take the subscription off)
Green 💚
I always love these video💚💚💚
Setting aside $159 per month for kids is a bit too much. Someone did say that probably child benefit but I don’t think the parent should just take and give 100% of the money to the kids? Sure they may need some shirt/school supplies but shouldn’t the parent put some of the money towards back to school/college fund? I wouldn’t want to be stuck with nothing for them when they want to go to university
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❤ good afternoon ❤
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That shirt 😍💀
Great video with great budgeting ideas. Those first three interest rates are insane, so I agree that paying them off first is the best idea.
The savings for Birthdays and Christmas can go into sinking funds, but it might not make a difference, as long as they save the money.💚💚
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