New recruit: First steps (advice appreciated)

unhappy_shopper

BaconandEggs wrote: »

Mrs BnE says we have got most of the baby stuff now apart from a changing bag (she's bidding for one on eB@y) and a play gym/mat (not a necessity, but would be nice to get).

If you register (registration is free) for Boots Parenting Club, you can get this free. Not of very high quality, but lasts for the first few months. HTH.

BaconandEggs

unhappy_shopper wrote: »

If you register (registration is free) for Boots Parenting Club, you can get this free. Not of very high quality, but lasts for the first few months. HTH.

Thanks. We have heard about this. I suspect Mrs BnE has her eye on a particular one. As long as it's not too much I'm fine with that. She's pretty good in not spending much at all on "woman stuff" (=clothes, make-up, jewellery etc.) and it can always be used again if we have another little one.

BaconandEggs

I've just noticed that you can get £125 for joining FD via MSE. I'm glad we waited to get Mrs BnE transferred over to them. Will mean transferring all DD's to them and £1500 in the first month. Will then open a savings acct in her name, which will avoid the need to transfer this in each month. Will keep her Halifax acct rolling over with a £1000/month transfer in and out for the £5/month. Additionally, should get the £50 referral fee for recommending FD.

Sounds complicated but = £480 in one year for doing little or nothing. V. happy with FD so far. I was fairly happy with previous bank to be fair, although FD seem a little quicker in sorting things out on the phone. I only joined Halifax for the bonus. I've had small amounts in ISA's with them in the past and obviously gone into branch with Mrs BnE and other family members. Can't say I'd ever want to use Halifax as my main bank. There always seems to be a long wait and the whole city seems to be in there. Having said that, I suppose it depends on the branch - spoken to plenty of people who are perfectly happy with them. Keeping this relevant to MF stuff, I think their mortgages give fairly up to date balances - which is a good thing. My current lender only updates the balance every couple of weeks I believe - would be nice to see the pounds come off straight away.

BaconandEggs

I thought I'd make a quick post here about something I thought about and experienced over the weekend.

There are 2 things really but they are related:

1) I came across the phrase "watching the pennies but losing the pounds".

2) I found myself getting a little worked up over the weekend (with myself) about going slightly over budget on something.

I've set myself targets for OP's and savings this year, which should hopefully be reached, but I sometimes feel it can be all too easy to put too much pressure on myself. Initially to reach those targets and even when reached - to push harder to get to the "next level". When this happens I find myself fretting or chasing things for an offer or a saving, which sometimes isn't worth the time or effort, or sometimes fuel spent (or sometimes is not really needed). One particular example springs to mind of trying to buy a printer - which took considerable effort and faffing - only so save a few pounds. The time could have been better spent doing some extra self-employed work, whereby I'd have earned much more than the few pounds saved.

I need to remember to enjoy things along the way as well. There is definitely a happy medium and balance to be had.

BaconandEggs

We listed loads of things on Amazon over the weekend.

Received payment for 1/2 FD referral fee via someone here.

£3 from the lottery.

Taking a few bits back to the shop which aren't (I made a hole in the wall for a vent, but didn't need all the bits and bobs - didn't open them so might as well return). Should be about £17.

BaconandEggs

Car insurance up for renewal.
Got a quote which is £193 cheaper (like-for-like)!
That means our combined car insurance come in £253 cheaper than budgeted for.

BaconandEggs

I've just seen this in the paper. Not sure how reliable it is but one thing that I've just done, which is definitely an eye opener is this:

1)Put it our current combined income and selected no children
2)Remove wife's income
3)Add 1 child under 14

Compare result after 1 and 3.

!!!!!

Having a child seriously affects this.

(Some of you may say this is pretty obvious - it very scary!)

BaconandEggs

Gone ahead with the car insurance quote today (approx figures):
Previously: £440
Renewal: £410
Phoned them to ask for reduction: £350
Shopped around: £250 - £40 cashback = £210 (if tracks).

=======> £230 cheaper!!!! :eek::eek:
By the way - I did shop around last year!

BaconandEggs

Have surprised myself at being able to do things round the house I would never have dreamt of doing in the past. Simple things for many I'm sure - but things I would have paid a fair amount to have done before. For example, we needed a new sink trap for the kitchen, which I sorted. I would have got someone to fit this before.

Hoping we get a bit more sunshine. The tomato plants and sweet peas are looking a bit sorry for themselves.

I've just had a look at my accounts and I think I may have (or I'm very close to) hitting a couple of targets. I'll need to sit down and have a closer look - so I'll go into more detail in the next few days. I do have mental targets that I'm aiming for - short medium and long term ones. I don't think I've listed them here - but it would be a good idea to as it may increase my motivation.

TARGETS:

This year:
Save £1150 for tax
Overpay £6000. If this is reached aim for maximum allowable overpayment of £9000.
Save £10k emergency fund.

By Sept 2013:
Saved £2k to visit family abroad.

By Sept 2014:
Have outstanding no more than £70k

By March 2016:
Have outstanding no more than £60k

Big one: 2020 MF?

These targets are based partly on what should be achievable, partly on what I dream to achieve and partly on %'s of initial mortgage amount and date of end of fixed rate period.

BaconandEggs

Pleased to say I had a look at accounts this morning and I've reached a couple of the targets for this year.

TARGETS:

This year:
Save £1150 for tax DONE!
Overpay £6000. £5250 so far.
Save £10k emergency fund. DONE!

Boom!

I'm going to aim to overpay the max allowable amount of £9k by the end of the year (which will take us to 60% LTV). At the end of this year I will set up a new diary here to reflect changes in our SOA and new targets (we've made further cut backs and wife is about to go on maternity leave).