Frugal Living Challenge 2011 - part 1

Green_Queen

Good morning everyone, it seems a bit sunny where I am today so I hope it's the same for all.

Super impressed by lilylass's post - loads of goals achieved in a really tough month.

Had vege spag bol last night and there was some left over so instead of 'just using it up', in essence eating it all I stuck it in the fridge and I am super glad I did because OH has thought of a way to make it into a lunch by adding tomato puree and cornflour and making it like that tinned spaghetti to have on toast.

enjoyfinancialchallenges

l.m.hart wrote: »

this is my first month of frugalism and although its not easy(dh fights it) im getting into the swing of it.Im
now for some advice please.
my contents insurance has just come out of bank, currently paying separate for buildings and contents( long story was moved out of property due to flooding so had 2 addresses to insure) currently payin just under £57 per month for both, contents insurance will let me cancel mid term no probs but buildings works out i would have to pay £120 to cancel.new quote is for £27 month for both and would get £50.50 back through cashback site.do i start new policy and cancel contents i have already and continue paying buildings until policy ends in the summer?

Wow! l.m.hart that certainly sounds a dilemma, what would worry me is canceling too soon before your insurance company has paid up for the flooding of your home. Perhaps thats why they want to charge you for canceling the policy, you don't mention if the policy has already paid out but.......well I don't have any advise really and perhaps I'm making wrong assumptions but I have a bad feeling about you canceling too early, sorry.
Tell me to shut up if you want.

Oh! and SandraScarlett I loved your wonderful inspirational post last night, almost should have had canons and bells with it (1812 perhaps? ). Thanks, we all need encouragement. XX E

SandraScarlett

23rdspiral wrote: »

i've been away for my 30th birthday, and had a fantastic time.. and very MSE too, well as MSE as I could be!!thanks Sandra, what a lovely post.

I also havent made all the savings i maybe should have... but i've spent a lot less in some areas, and a bit more (i think) than normal in others due to Spaving and petrol economy, and Most Importantly for me, thanks to being mindful and persevering with recording my spends, I NOW KNOW WHERE MY MONEY HAS GONE!! Blimey!!

What a super birthday, and what a lovely holiday. And knowing where your money has gone is a fantastic achievement - something our Chancellors never seem to know!:)

xx

rubytuesday

Glad you had a lovely birthday weekend 23rdspiral! Right I'm off! I knew I would get sucked in to the black hole!:rotfl:

never_too_old

enjoyfinancialchallenges wrote: »

Wow! l.m.hart that certainly sounds a dilemma, what would worry me is canceling too soon before your insurance company has paid up for the flooding of your home. Perhaps thats why they want to charge you for canceling the policy, you don't mention if the policy has already paid out but.......well I don't have any advise really and perhaps I'm making wrong assumptions but I have a bad feeling about you canceling too early, sorry.
Tell me to shut up if you want.

flooded in july 2007 , work not done correctly so we were moved out in dec09 till sept 10. insurance comp at that time 2007 foot the bill.so its a different company completely. for buildings they charge an admin fee plus a % of premiums that would have been paid.:D
and i wouldnt tell you to shut up, all advice is gratefully recieved.

never_too_old

:eek:gosh, figures given today say we could go back into recession and government have been urged to reverse the cuts.

enjoyfinancialchallenges

l.m.hart wrote: »

flooded in july 2007 , work not done correctly so we were moved out in dec09 till sept 10. insurance comp at that time 2007 foot the bill.so its a different company completely. for buildings they charge an admin fee plus a % of premiums that would have been paid.:D
and i wouldnt tell you to shut up, all advice is gratefully recieved.

Still dont know the answer but thinking at this minute. The new policy will surely be higher anyway because you have been flooded once so.....!!! :cool:

never_too_old

enjoyfinancialchallenges wrote: »

Still dont know the answer but thinking at this minute. The new policy will surely be higher anyway because you have been flooded once so.....!!! :cool:

i rang the company because it only asks for last 3 years and wanted to check as claim was made over 3 years ago but not signed off,he says date of claim.Also flood was caused by sheer flook, too much rain in short period (no rivers, streams or flood plane near) so have been quoted for a decent policy £ 27. i t has prob gone down slightly to last year because it is now over 3 years. so i could cancel contents, continue paying building and new policy and be better off by about £8 month ( and get cashback)
can you have two policies?.
thanks for your input, :j

enjoyfinancialchallenges

l.m.hart wrote: »

i rang the company because it only asks for last 3 years and wanted to check as claim was made over 3 years ago but not signed off,he says date of claim.Also flood was caused by sheer flook, too much rain in short period (no rivers, streams or flood plane near) so have been quoted for a decent policy £ 27. i t has prob gone down slightly to last year because it is now over 3 years. so i could cancel contents, continue paying building and new policy and be better off by about £8 month ( and get cashback)
can you have two policies?.
thanks for your input, :j

I think you will get much better advise from the folk who are experts on this one when they come home from work......BUT...I only know you can't claim on two insurances so...not much sense having two policies is it? You say you will be better off if you cancel contents and continue with bricks and mortar so that seems to make sense if you do what you say. The £120 cancellation fee would soon be made up, but .....I feel uneasy that you might take my comments as being in the know 'cause I don't. So please dont rush, just wait and get more input. Wish I could help more but I know how somtimes explaining the situation to others can help resolve it because the answer may become clearer to you. Good luck anyway. X

midwinter

l.m.hart wrote: »

this is my first month of frugalism and although its not easy(dh fights it) im getting into the swing of it.Im doing this so we can pay of debts , dh is s/e and wages fluctuate and are at least halved because of the recession.

but i know its only the 25th but all my dd are now out for the month and they are All paid,no bounced dd :j
i dont have an overdraft now,my last bank withdrew it last summer and when i opened new account i didnt want to get into that mess again.
noticed the biggest difference with my groceries,meal planning and not shopping daily.
im Pading not huge amounts but this gives me hope that we can be eventually debt free.
so moral of this essay is to pass my thanks to everyone, i wouldnt have done this if it was not for this site,

now for some advice please.
my contents insurance has just come out of bank, currently paying seperate for buildings and contents( long story was moved out of property due to flooding so had 2 addresses to insure) currently payin just under £57 per month for both, contents insurance will let me cancel mid term no probs but buildings works out i would have to pay £120 to cancel.new quote is for £27 month for both and would get £50.50 back through cashback site.do i start new policy and cancel contents i have already and continue paying buildings until policy ends in the summer?

It would take you 13 weeks to recoup the savings you make by cancelling the old (paying the penalties) and receiving cashback, and switching to the new price.

So if the existing policy has more than 14 weeks left to run, personally, I'd cancel and start afresh. But that's just my opinion!