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Regular Checks to Maximise your Overpaying Potential
Welshlassie
Posts: 1,731 Forumite
In the "MFW What small thing have you done/will you do today" thread it was suggested by molit that we have a thread which we can all contribute towards for things to check on a regular (monthly/quarterly/annually) basis to ensure we are getting the best deals for things, finding all opportunities for extra cash and any other regular things we could be doing to maximise our potential for finding and making Over Payments.
Once a month I will then bump it up to remind those who are subscribed (with email notification) to it to complete the checks listed, it will be bumped at the beginning of every month. (1st/2nd)
I've had a bit of a brainstorm and come up with the following initially, please feel free to post additional checks we can include and I will update the post accordingly. Some are obvious things we probably already do, some are quick wins, some require a bit more work, all should help use ensure we maximise our OP potential and we don't use money already earmarked for something else.
Monthly
Once a month I will then bump it up to remind those who are subscribed (with email notification) to it to complete the checks listed, it will be bumped at the beginning of every month. (1st/2nd)
I've had a bit of a brainstorm and come up with the following initially, please feel free to post additional checks we can include and I will update the post accordingly. Some are obvious things we probably already do, some are quick wins, some require a bit more work, all should help use ensure we maximise our OP potential and we don't use money already earmarked for something else.
Monthly
- Check bank statements to ensure DD/SO have been collected
- Check offers on Quidco and other cashback sites
- Check current account at periodically throughout the month and transfer any "spare" money into mortgage
- Enusre all your Direct Debits are still current and needed
- Check fuel prices in local area to ensure filling up at cheapest place - Petrol Prices
- Check tyre pressures are correct and tyre wear is ok. - Keep an eye out for good deals on decent tyres when you know they're getting worn - saving 25% and getting them fitted a few weeks early will save you more on the life of your tyres. Consider energysaver tyres to save fuel long term.
- Check Fixture Ferret for non-perishable special offers
- Read gas and electric meters and submit to utility company - This will give you improved kWh consumption (for comparison purposes) and also mean your DD should be very close to your usage
- Update your finanial monitoring tools, (spreadhseets, MS Money etc)
- Review "alternative" shopping items for suitability
- Identify any large purchases and schedule the purchases of them to maximise interest-free period (on CC) and any off-set benefits
- Read a few of Martins articles - they are always there and periodically updated, we see them so often we forget they are there.
- Filling up the car - Every time we 'fill up' the car these days we only half fill it, from MArtin's article on cutting fuel bills, if 110lbs can add 2% to your fuel bill, then carrying an extra 25KGs (25 litres of petrol) will have about 1% effect, roughly speaking
- Do a monthly shop and stock up on cheap rice, pasta, bargain crisps etc,diluting juice etc. so they are always in the cupboard and you don't end up spending twice as much on them at the local shops when you run out.
- Birthdays - work out if you have any birthdays etc. coming up and find bargains online for them instead of going into town and paying full price at the last minute. (consider getting cheap gifts for a gift draw).
- Count up your mortgage pig and put it somewhere that they can earn interest instead of deflating in a piggy bank at home.
- Check down back of sofa etc for spare change that can be banked.
- Check current account/savings account rates to ensure best deals
- Check credit cards rates and cash back rates for best deals
- Check gas/electricity suppliers for best deals, use quidco if transferring
- Check Phone/Broadband/mobile suppliers for best deals
- Declutter house and garden and sell unwanted items on Ebay/Amazon/Car boot/Green Metropolis etc using profit for OP
- Dust the ligthbulbs - they give out a lot more light with no dirt on them
- Review any life/sickness etc cover linked to the mortgage to see if you can reduce your cover and save monthly premiums (especially if your are OP's significant sums)
- Check mortgage rate
- Check insurances are best deal, and if changing use cashback maximiser
- Update budget
- Check salary sacrific options at work (childcare voucher etc)
- Check P60 to ensure not overpaid tax in prior year This link will help
- Check new tax coding notice to prevent tax overpayment in following year
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Comments
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WelshLassie
To kick off discussion how about:
Monthly- Read gas and electric meters to get accurate readings and submit online. This will give you improved kWh consumption (for comparison purposes) and also mean your DD should be very close to your usage.
- Schedule any planned major purchase so it gets billed the day after your credit card bill is generated. You'll maximise the "free" period until you pay it in full that way (use for offset or short term saving etc)
- Maintain your various spreadsheets, or software monitoring your expenditure and investments
- Review your "alternative" shopping items and whether they are acceptable or not
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WelshLassie
To kick off discussion how about:
Monthly- Read gas and electric meters to get accurate readings and submit online. This will give you improved kWh consumption (for comparison purposes) and also mean your DD should be very close to your usage.
- Schedule any planned major purchase so it gets billed the day after your credit card bill is generated. You'll maximise the "free" period until you pay it in full that way (use for offset or short term saving etc)
- Maintain your various spreadsheets, or software monitoring your expenditure and investments
- Review your "alternative" shopping items and whether they are acceptable or not
I have added your additional monthly ones.
When this was originally discussed we decided to leave it at monthly as the most frequent so not to get used to seeing it on the first page and it loose its impact.
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Welshlassie wrote: »Monthly
- Check tyre pressures are correct
After reading this last night looked at mine this morning and thought they looked a bit flat. Went to work via Tesco Garage but the free air machine was broken but then started panicking they really needed doing! Raced on to next garage and ended up paying 40p to refill them.
Hate to say they did need doing should be 33psi and were 30,29,28 & 26 :eek:
So my fuel economy should leap up and earn me back the 40p!Looking for the perfect home and saving to make becoming a MFW easier
MFiT3 48103/50000 Saved So Far :j0 -
Checks for Feburary!!0
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Checks for March0
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Check current account at month end and transfer any "spare" money into mortgage
This should be done the day you get paid not the last day of the month.
(daily if you budget properly and have knowingly underspent somewhere)0 -
Monthly - Check your tyre wear at the same time as tyre pressure. Running on bald tyres will cost you points on your license and money, aswell as being a safety hazard which is costly to your no-claims bonus. Keep an eye out for good deals on decent tyres when you know they're getting worn - saving 25% and getting them fitted a few weeks early will save you more on the life of your tyres. Consider energysaver tyres to save fuel long term.
Monthly - read a few of Martin's articles - they are always there, but it's easy to no read them because you see them so often you forget they are there.
Two weekly - Every time we 'fill up' the car these days we only half fill it, from MArtin's article on cutting fuel bills, if 110lbs can add 2% to your fuel bill, then carrying an extra 25KGs (25 litres of petrol) will have about 1% effect, roughly speaking.
Monthly - do a monthly shop and stick up on cheap rice, pasta, bargain crisps etc,diluting juice etc. so they are always in the cupboard and you don't end up spending twice as much on them at the local shops when you run out.
Monthly - work out if you have any birthdays etc. coming up and find bargains online for them instead of going into town and paying full price at the last minute.
Monthly,or at least once in every while - dust the ligthbulbs - they give out a lot more light with no dirt on them.
Monthly - count up the pounds in your mortgage pig and put them somewhere that they can earn interest instead of deflating in a piggy bank at home.Member of the first Mortgage Free in 3 challenge, no.19
Balance 19th April '07 = minus £27,640
Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.0 -
Bump for April
I have included the additional items mentioned last month, feel free to suggest more.
Apologies for the dealy, have had horrendous probelms trying to get anything posted the last week or so, hopefully now all resolved0 -
Bump for May already - where's the year going??0
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Here's the bump for June0
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