Info about my situation and any advice would be great

sroper45

Hello People,
Im must say I really have enjoyed reading through these forums in the past couple of days and seeing what people have gone through and people at different ends some full of debt and some with loads of savings. Its really interesting to read anyway on to my story. and the help i do need :P

I am an apprentice working at a printers at the moment earning 590 pounds a month. I have got my self a second job working behind a bar which should net me about 1-200 pound a month extra on top of my wage. I'm wanting to start saving so I can afford a car and to afford to go somewhere in the uk later on this year.

My current Debt is
Capital one progress card £192
KANDCO £182

I plan to pay these off in the next two months so I will be debt free.

I have
Life insurance @ 9.46 with zurich
Critical illness cover @6.50 with scottish provident
Income protection @6/50 with first assist
Health cash plan @30 pounds with simply health
Health insurance@14/75 with simply health

Some would say Im a rather organised young person ? but worried about think about every eventuality at such a young age which I should be ?

Im wanting to try to organise my money to make sure I get the best out of it maybe could people advise on my insurance make sure its the best I can have. I was looking for maybe a spreadsheet where i can put all my things into ?

Im wanting to save though and have 120 pounds in the halifax everyday saving account paying 2.00% im happy enough with

Plus I have a stocks and shares isa with virgin money.

Any help would be greatly appreciated where you could point me in a direction so I can help plan for a better future for my self as I dont want to rely on credit cards and would like to have savings in the bank like many of you have. Plus the wage should be going up in july which is good news



Cheers for any advice help you can give
best wishes !

guitarman001

Apply to Letts up in Scotland - mate of mine works there as a printer and is on £33k or so (works less than me, too lol). Top tip for the day!

xylophone

http://www.money.co.uk/savings-accounts.htm

gkerr4

firstly - well done for planning and considering at your young age - I know I didn't think as detailed as you when I was an apprentice, although I was a fairly keen saver then too.

second - and this is just my opinion - take it or leave it, you are paying a lot in monthly insurance! - critical illness and income protection? - you are young person and you seem to have a smart head on your shoulders (thinking about your future and clealy financially minded) - do you really need either of those policies? - and (again, not being funny) but the rate it costs to currently insure a £590 monthly seems a lot, do you have any regular outgoings? mortgage / rent etc?

What is a health cash plan? and why is it £30 a month?

personally, id cancel all of those insurance policies and there's a further £70 a month you can save!

TheSenSibleOne

gkerr4 wrote: »

firstly - well done for planning and considering at your young age - I know I didn't think as detailed as you when I was an apprentice, although I was a fairly keen saver then too.

second - and this is just my opinion - take it or leave it, you are paying a lot in monthly insurance! - critical illness and income protection? - you are young person and you seem to have a smart head on your shoulders (thinking about your future and clealy financially minded) - do you really need either of those policies? - and (again, not being funny) but the rate it costs to currently insure a £590 monthly seems a lot, do you have any regular outgoings? mortgage / rent etc?

What is a health cash plan? and why is it £30 a month?

personally, id cancel all of those insurance policies and there's a further £70 a month you can save!

agreed, thats what I'd do but obviously depends on personal circumstances

McKneff

gkerr4 wrote: »

firstly - well done for planning and considering at your young age - I know I didn't think as detailed as you when I was an apprentice, although I was a fairly keen saver then too.

second - and this is just my opinion - take it or leave it, you are paying a lot in monthly insurance! - critical illness and income protection? - you are young person and you seem to have a smart head on your shoulders (thinking about your future and clealy financially minded) - do you really need either of those policies? - and (again, not being funny) but the rate it costs to currently insure a £590 monthly seems a lot, do you have any regular outgoings? mortgage / rent etc?

What is a health cash plan? and why is it £30 a month?

personally, id cancel all of those insurance policies and there's a further £70 a month you can save!

You are being far too cautious, you need none of these, when you have a wife, a house and a mortgage is the time for insurance.

guitarman001

Agreed, the only insurance I've got is car insurance!

grey_gym_sock

life insurance is the clearest issue: if you don't have dependents, you don't need it.

critical illness and income protection are of dubious value when you currently have a low income.

i don't know exactly what the health insurance items are for, so can't really comment.

you're definitely right to pay debt off ASAP (unless you have a 0% introductory rate, in which case be ready pay it off as soon as that ends).

after that, i'd concentrate on building up a decent amount in savings accounts, so you can deal with larger or unexpected expenses.

stocks & shares ISAs (or anything else involving shares) should come a bit later, because it doesn't make much sense if you might need to take your money out in the short term.