40 and Foolish!

NewLeaf_2

pjcox2005 wrote: »

In fact, looking at it again why aren't you cashing in your shares and bonds (well at least some) to clear debts. I'd be very surprised in the current market if they were making a return of 21%.

They arent making a return of 21% that is true.

NewLeaf_2

If_My_Pennies_Were_Pounds wrote: »

I'm assuming you haven't actually had a pay with your partner's increase yet then?

that is true as well this month will be the first

If_My_Pennies_Were_Pounds

Ok like I have said, I am no expert!

But here are a few things that I have noticed:

• Your house insurance looks high, £60 for each? Can you combine these? Look on comparison sites and in particular for any cash back offers.
• You are currently paying £102 a month for tv, phone and broadband, have you looked at combining these?
• I would stop the holiday fund for now - you can be putting that £190 a month to debts instead
• Do you need an emergency fund right now - you can be putting that £170 to debts instead
• I don't know what jadwiga is???
• Final point, if you don't want to use your cash savings, consider your first targets as the boiler, kitchen and mbna, pay off that £4300 and you will have £163 extra a month to throw at other debts

Like I said, I'm definately no expert but I hope it helps!

NewLeaf_2

IfMyPennies: this helps alot!

ok to your points:

If_My_Pennies_Were_Pounds wrote: »

Ok like I have said, I am no expert!

But here are a few things that I have noticed:

• Your house insurance looks high, £60 for each? Can you combine these? Look on comparison sites and in particular for any cash back offers.

-we have our house we live in plus another place in London which we let out. (that is where the extra income comes from. I added the 2 insurances together) do you think this is a lot still? can I combine the 2 do you think?

• You are currently paying £102 a month for tv, phone and broadband, have you looked at combining these?

-No but I will. Good idea.

• I would stop the holiday fund for now - you can be putting that £190 a month to debts instead

I am not British, my OH is, that is the £ I save to go visit my family (elderly parents) 2x a year in their long haul country. However I now have some points I can use so I can reduce that to £45/mnth

• Do you need an emergency fund right now - you can be putting that £170 to debts instead

I think that is a good idea too!

• I don't know what jadwiga is???

Ok so this is the weird one. Both my OH & I work abroad 2 weeks per month (sometimes more). Also big salaries have long hours so when we are in town we work about 12-14 per day so we have a live in housekeeper who looks after our 4 dogs. We know that it is extravagant but finding someone we trust with our house and stuff and these 4 dogs is hard. Know it is completely OTT. Need to think on this one

• Final point, if you don't want to use your cash savings, consider your first targets as the boiler, kitchen and mbna, pay off that £4300 and you will have £163 extra a month to throw at other debts

I will use a combo of savings and surplus to pay the boiler, kitchen and mbna in the first week of October.


Like I said, I'm definately no expert but I hope it helps!

To be honest I am so glad that I posted. Was nervous to post because of the big salaries, but thank you for being so supportive with all these great ideas, it is most appreciated.

If_My_Pennies_Were_Pounds

Glad I could be of some help, sometimes just a fresh perspective on things can make all the difference

BEAT_THE_DEBT

It does not make any difference how big the salaries mse is for everyone! Can i stick my neck out though and ask what you both do he he he!x

Lily1

Excellent council tax for such a high valued house.

NewLeaf_2

Lily good catch that was supposed to have a "1" in front of it!

Lily1

That's better was feeling very envious!

NewLeaf_2

dont be envious, a bill no matter how small is a bill! xx