new mfw

Mortgage_Reduction_Novice

Chin up, a few minor set backs in terms of MFW mission but overall you know you're armed with the knowledge about how to save on healthcare and car insurance. Same goes for OPs, you're well clued up and ready to action this on a good month. Knowledge is power.

Time consuming - yes! Can't believe the list I need to get through just to work out how much I can afford to OP and to make sure I've got the best account/deal for everything. Let alone when there's a timing issue that's holding me back. But, if I'm working on this list, I'm not spending!

Don't revert to take-aways! Bleugh nastyness.

Can the tax office 0845 number be found on local rate number lists?

The extra tax-free interest sounds good... do let us know!

chirpchirp

Thanks for reminding me. Update regarding the P60 was that the P60 amount differed from my March payslip as pension contributions aren't taxable :-) Hence the working tax people needed to pay me more - can't quite believe how much they have dripped into my account of late - better hadn't spend it in case they ask for it back!

The information regarding the other taxable saving plans is that you can save upto £25 a month in a "friendly" society. Any gains are tax free. However, this is not like a cash isa and is an investment policy. You have to keep the money tied up for 10 years :-(. I decided it's probably not for me at the moment. There are quite a few friendly societys about, just typing friendly society into google should bring up a few. When I looked the other night I found teachers assurance (well that's how I knew about it from something through my union) Shepherds society and some other old friendly society the name of which escapes me at the moment.

Thanks for the encouragement everyone - just had a boost (a chocolate one literally!) and whilst doing that got another boost when I saw my bank account with money from Tax credit people re my second underpayment for last year :rotfl:( second due to me telling them too little when I reported in before P60). Quickly moved that to my cash ISA before I could change my mind. Good news, as it means I'm starting to build an emergency fund. Official emergency fund is now 1 1/4 months of maitenence ( Ex about to be made redundant :-( so may need it) Unofficial emergency fund is two months worth. I like to keep a buffer in my current account - just in case .

SmlSave

Sounds liek you're doing well chirpchirp - well done

chirpchirp

I've updated my sig to show my savings!

Meanwhile, this week the working tax people gave me a lovely backpayment - transferred straight to cash ISA! I've also been to get decorating things so that I can paint the kids room over the holidays. Cost about £50 but I reckon I'm saving about £400 or more pounds by doing it myself - let's hope I can fill the holes in plaster board where the door handle has gone straight through!

wantabetterlife

Hi chirp chirp you are doing so well with the savings:j. bet you cant wait to come off the fixed rate in june. Happy days!!

WABL

shell1000

goodluck every little helps, believe me what seems like a mountain now, will look a lot better in ten years! thats what i keep telling myself

chirpchirp

I so hope you are right shell1000.

Kicking myself as I have just thrown £35 down the drain by parking outside school whilst I went to a meeting. I parked at 12 thinking nothing about the parking restrictions 2-3. Meeting ended at 4.30 and there I was with a lovely parking ticket. At least I've paid it now so I won't end up paying £70!

Mortgage_Reduction_Novice

Hey chirp,

Ouch on the parking ticket, nevermind accidents happen. Any you minimised impact by avoiding the £70 fee.

MRN

chirpchirp

Wow just been offered a full time job!

Lots of pluses to this - 2 extra days pay! However, I will lose entitlement to working tax credit etc. I 've tried to work out the differnce but can't resolve it. Tried the inland revenue site and the amount it calculates for what I should get now doesn't match their calculations which they have sent me. Pay rises don't tie in with the tax year either so difficult to work out.

However, I think I would enjoy not doing a job share and my pension contributiions would increase. Would also be more opportunity for promotion in later years so thinking of taking it even if it does mean I have less time at home ( which I fritter away). At least then I can have an excuse for my messy house!

StuartGMC

Chirpchirp
Well done on the job offer; I think that will be very good for you now if you don't have higher costs (children need increased costs in holidays?) especially with your Ex being made redundant.

It will also mean your pension will improve, which is a major plus (my OH has been part-time since 1998 and her employer's pension doesn't amount to much). It will also help once you change mortgage and remove your Ex if you have a history of higher salary etc.

Do you need to advise the lender once Ex is unemployed? Not sure what you've advised them so far, but if there is threat to the maintenance payment and hence mortgage earlier rather than later may be best. Is it a chance to extend the term to fit with your later plans to remove Ex which you can use this redundancy as the "reason"? Hopefully someone better placed than me can advise on that.

Overall, you're doing very well on all aspects and I hope you see these all as positive even if some can't be implemented quickly.