{"id":5377,"date":"2022-09-27T14:43:37","date_gmt":"2022-09-27T13:43:37","guid":{"rendered":"https:\/\/www.andrewhope.co.uk\/Blog\/?p=5377"},"modified":"2026-07-21T21:17:15","modified_gmt":"2026-07-21T20:17:15","slug":"less-money-now-for-more-money-later","status":"publish","type":"post","link":"https:\/\/www.andrewhope.co.uk\/Blog\/less-money-now-for-more-money-later\/","title":{"rendered":"Less money now for more money later"},"content":{"rendered":"<p><strong>Disclaimer<\/strong>:<em> This page contains affiliate links. Predominantly as an an eBay Partner Affiliate, Google Adsense and Amazon Affililate and as a member of other affiliate networks. If you choose to make a purchase after clicking a link, I earn from qualifying purchases and may receive a commission at no additional cost to you.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>I haven&#8217;t really been doing much this year, just plodding on sorting my life out.<\/p>\n<p>I reached a big milestone (for me personally anyway), last month. I cleared off one of the debts on my credit card. Rather than let it run for another 3 or 4 months, I made a final payment of around \u00a3800 to clear it off completely.<\/p>\n<p>This saves me (around \u00a3150 per month), which puts me in a better position for dealing with emergencies, or just having some spare money.<\/p>\n<p>One of the decisions I made was that I wanted all debts to be gone by the time I was 40 years old (currently I&#8217;m 38). Discounting for a mortage as this is quite a big lifelong debt, I wanted to give myself a fresh start.<\/p>\n<p>I now have two remaining debts as such in my name. A credit card, and a loan.<\/p>\n<p>The loan is a fixed payment that runs for another 18 months. I contemplated overpaying this so that it comes off sooner, however the amount it saves me is negligible. Plus the loan company (AA Loans), messed up my loan agreement when I was clearing off my arrears previously (and still haven&#8217;t fixed it &#8211; so I keep receiving NOSIA documents every 6 months), so I&#8217;m not going to bother over paying this, because it will clear around the same time anyway, and isn&#8217;t worth the headache.<\/p>\n<p>Now, I only have 1 other debt which is my Credit Card. I currently have a large balance on this, so making a fixed payment. As I&#8217;m now saving extra money after clearing one credit card off, I&#8217;m now using half of this money (\u00a375) to over pay my credit card.<\/p>\n<p>This now reduces the overall payment term from 50 months, to 31 months for me on this card due to me paying an extra \u00a3900 per year towards this, whilst also saving me \u00a3900 per year in my bank. I don&#8217;t lose miss the money because it would have gone on debts anyway, so I&#8217;d rather use it for a good reason.<\/p>\n<p>&nbsp;<\/p>\n<p>[adrotate group=&#8221;14&#8243;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: This page contains affiliate links. 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