New recruit: First steps (advice appreciated)

BaconandEggs

First payment from Q-co. Not a huge amount - but always nice to get money for doing nothing.

Aims for this month: Get amazon store items "online", as should have time to post things now.

There is also an outside chance we'll be able to hit our OP target of 6k. If so, we'll increase this target and aim to reach it by Christmas.

Car tax and parking due this month. Plus, I'm looking at getting some new brake pads and something done on the house (some electrical work and possible some repointing).

BaconandEggs

I've known for some time that we're paying alot for life/mortgage/income based insurances. Our life cover is decreasing term. Since we've been overpaying the mortgage, I've asked them to recalculate the monthly insurance paid to reflect the current balance. Will be interesting to see what this comes out as.

I've also just noticed that our water bill appear to have gone up by £20 per month since last year. We don't have a meter - so this seems strange. I'll give them a ring on Monday to look in to this. I don't have a great deal of respect for our water company - mainly due to a problem we had over the Christmas period a few years ago. It's a shame that people don't have choice when it comes to water supply.

BaconandEggs

The reason the water bill appeared to be high is because we are paying by direct debit over 8 months. So instead of a £200+/year rise it's actually only a £10 rise. Phew.

Got a meeting with an IFA to give us an alternative quote for life cover.

Mortgage_Reduction_Novice

Great progress on the water bill and life assurance front.

BaconandEggs

Thank you MRN.

I've just been having a look at our gas and electric bills.

Electric use is up a little bit compared to last year. I think this is mainly due to just being in more than last year.

Gas usage is down - probably because our washing machine is no longer connected up using the hot water supply

We're fixed on a fairly decent plan which comes to £65 a month on the most recent calculation for both gas and electric - which seems to cover the annual usage fairly well. This is fixed for about 9 month more.

I looked at EDF most recent fix. It will save us around £6/month. In addition they will let us know if something cheaper is offered by them. They also have an 0800 contact number. I switched to them last night. Will see how it goes.

BaconandEggs

Life insurance progress:

1) On the current policy, we have made a saving of £10/month just by informing the company of our new mortgage balance. In other words, as a direct consequence of overpaying! This can be put towards further overpayments.

2) We are in the process of receiving a quote from a different company. Will see if this comes out any cheaper.

I am trying to weigh up whether or not to pay the remaining allowed amount of overpayment for the mortgage for this year or to wait for the end of the year.

The advantage of doing it now would be a slight interest saving plus it would mean I won't forget to do it around Christmas time when things will be busier and we will have the little one to look after.

The disadvantage is there is the possibility in paying slightly too much and incurring a penalty - e.g. if the monthly amount paid isn't reduced correctly between now and the end of the year. It might also mean cancelling a couple of standing orders and setting them up again in the new year.

Not sure what to do.

BaconandEggs

Just had a small payrise. V grateful for this as every little will help.

Mortgage_Reduction_Novice

BaconandEggs wrote: »

Just had a small payrise. V grateful for this as every little will help.

Hurray :T

I'm waiting to hear if I'll get mine... is there a nail bitting smiley?

BaconandEggs

:-)
fingers crossed for you MRN!

BaconandEggs

Just sold 5 things on Amazon since restarting our store. Nothing more than a few quid - but it always feels like a double win as it frees up some space too.