New recruit: First steps (advice appreciated)

BaconandEggs

Had some time off this morning to investigate some things a little further.

Update:

BUILDINGS AND CONTENTS.

Looked at my B and C cover. In doing so, noticed a direct debit that has been coming out for our old contents policy, which should have been cancelled. Got this refunded - working out to be just over £13. Was on the phone for ages (although I used my free mobile minutes and avoided the 0845 number by using say no to 0870) and got given £10 for the inconvenience.

£23 saved.

I asked for a quote for combined B and C.

Our current insurance is through our bank, which worked out cheaper than most of the other quote we got esp. compared to our broker.

However, the bank cannot give a quote for combined cover over the phone, so I will get a quote in branch later today.

BREAKDOWN COVER.

Currently with RAC. Took cover out online Nov 2010 costing £85 including homestart and transportation anywhere in UK.
We are not (yet) married and therefore I am not covered on the other cover. However, when Nov comes, I will cancel this cover. I have already asked them not to automatically renew it. I've had a chance to look into AutoAid and AutoNational. AutoAid do provide cover whereby you don't need to pay first and claim later, but this is £66 compared to £38. I'm not sure what the comparative price from AutoNational is - but will find out when the time comes.



Looked into this.

lincoln-potter

Hello B&E welcome to the forum, you have had plenty of great help so far so don't think I can add anything at the moment

BaconandEggs

Had some work done in the kitchen and just saved myself £45 by
a) getting a second quote
b) doing some of the work myself.

BaconandEggs

lincoln-potter wrote: »

Hello B&E welcome to the forum, you have had plenty of great help so far so don't think I can add anything at the moment

Thank you!

BaconandEggs

Just thinking about the update I just posted.

Made me think about money saving.

The first thing that sprung to mind is that money saving (as well as money earning) takes TIME and EFFORT.
But it is worth it. Not only in the money saved, but I actually ENJOY it.

This got me on to thinking about why I am more motivated and therefore, why I was less motivated in terms of money saving (I'm really talking about spending less on things) in the past. I think I was more interested in earning the money and thought that if I worked hard and earned the money, the rest would take care of itself. That's not really true. Earning money is hard, but it's very very easy to spend alot. Without realising it.

The task of saving for the future has to be fought on two fronts. Maximising income and reducing outgoings.

I think I've come a long way in realising this and a number of other things MS related (and life related really).
- I understand compound interest and am REALLY motivated to get that mortgage reduced.
- I understand that you need to keep on top of outgoing to make sure you've really got the best deals possible.
- It's made me realise that I don't actually need that much in life to get by (I realise this is relative and may seem very out of order if we consider others in the world who deal with hardships everyday, but I am comparing it to how I was, or to others I know who cannot live without the latest hi tech fashions etc.).
- I am no longer completely work minded, in that at I can see a future, where hopefully I will not have to put as much time effort or worry into work. Where I will have the option to work part time or in a different field if I wanted to, earning less money - because hopefully I would not have to depend on my income as much. (Not that I don't enjoy my job - but the grass always looks greener doesn't it?)

It was the update, where I talked about breakdown cover that sparked this chain of thought.
Me even 3 years ago: using a premium current acount from my bank to get breakdown cover - costing about £19per month? Not really shopping around for things.
Now: potentially paying £38 for the year - for both of us eventually, posting on MSE, wanting to overpay my mortgage, using say no to 0870, shopping round for things like a demon.

It might not seem like much of a transition but mentally it does to me.

It's partly having a bit more time to spend trying to save money but also the motivation.

I feel like I'm working towards something now. Sounds cheesy but working to live rather than living to work. Having a goal helps.

BaconandEggs

My goal(s).

To be mortgage free by the time I am 40. That is 10 years away.
Is it possible?

I would need to make extra monthly payments of £500 pounds.

That should be possible now - and we should be able to pay more.

However, as I mentioned earlier, there are plans to start a family. I wonder how much we will be able to over pay then?

Do people think we will be able to overpay once my partner stops working?

Although I've said this is my goal - it is everything that it will allow us to do if we achieve it that is the real goal:
spending more time with the family, doing the things we want to do rather than the things we have to do.

I'm G'd up and ready to go. Glad for all the advice so far, and looking forward to bringing down our mortgage together with other like minded people here. I'm still reading all of the other diaries on this baord for inspiration.

misscousinitt

Hello and welcome.

Seems that you are getting everything in hand really quickly. I've only just started overpaying, but the feeling is amazing and the support on here is great!

I would say try to split your surplus between saving and overpaying (and having fun) until you get the savings to a level you are comfortable with. Then I would overpay as much as you can before there are any additions to your family. You can review your situation then.

Good luck with your journey. Will be watching with interest.

BaconandEggs

misscousinitt wrote: »

Hello and welcome.

Seems that you are getting everything in hand really quickly. I've only just started overpaying, but the feeling is amazing and the support on here is great!

I would say try to split your surplus between saving and overpaying (and having fun) until you get the savings to a level you are comfortable with. Then I would overpay as much as you can before there are any additions to your family. You can review your situation then.

Good luck with your journey. Will be watching with interest.

Thank you!

They sound like wise words.

I wouldn't say we've got things in hand that quickly - we've been reading these boards for a while now and have been trying to put some sensible measures in effect - which allowed us to save our deposit. It's putting it into effect for the next leg now.

lincoln-potter

Hi again B&E,

40 appears to be an age most would like to be MF by.

Could you still OP with kids and with your OH not in work? Yes I would say so, you would still have a healthy profit each month plus babies don't really cost much (except nappies and the initial one off costs, clothes buy in budles from ebay and prams etc get 2nd hand and you will save a fortune).

I am the sole provider in my household with 3 LO's and you have to identify as many small areas for improvement as you can, and as a whole it can make a big difference.

How many of your bulbs are energy saving?
Does your electric supply offer free or subsidised energy monitors?
House insulation?
Water provider, saving packs?
Do you buy items with a cashback credit card?
Is MrsB&E as fully on board with the project?

BaconandEggs

It appears that we've been sent a wireless router from our broadband provider by accident. It will give the same speed but looks nicer. Looking at how much we might get for the old one on ebay.