Looking to have a full financial overhaul in November, advice ?

Zonzolo

Hi, I am looking to have a full overhaul of my finances in November, as I've let it get quite out of order, that im unsure what's going out, and I feel I'm paying for stuff I'll never use, and in bad deals with credit card's. Any advice would be great!

Some basic info first:

• I'm 19 living at home with parents rent free.
• My incomings after tax is roughly £1100.
• My credit rating, in November should be good.

Outgoing each month:

• Barclay's Premier Life: £25
• Car insurance: £260
• Petrol: £60
• Gym: £18
• Unused 3 Mobile Contract: £15
• Capital One progress: £40
• Some strange direct debit-like thing, that doesnt show up on my d/d list, but still comes off: £15
• Other expenses depend on what I'm doing.

Since I'm 19 and only been driving for 8 months, my insurance is very expensive, and I can't go under anyone else's policy, but in September it should go down to £130. Petrol expenses I can do nothing about. I use my Gym pass all the time.

The big things for me are the Unused mobile contract which I don't know what to do with, or how to get rid off. It runs till March next year ! Bank account fee. Also the strange direct debit, that doesnt show on my d/d list but still comes off each month, havn't a clue what it is or how to stop it.

I should have a good credit rating in November, so I'm open to credit card advice, hopefully something with a cashback or rewards scheme.

Open to bank account options too, I think £25 a month is too much to pay for a 19 year old, don't know why I opened it, but I will need something with Car Breakdown Cover & mobile insurance.

Also how can I make the most of my money ? I currently just have a current account with roughly £9000 in it, which is just sitting there doing nothing, but I don't know much about Bonds or ISA's.

I will also inherit my Grandparents house when they pass, and I intent to sell, but I don't know what to do with the money, to make the most of it. House is valued at roughly £94K.

Thanks. Any advice would be good.

MoneySaverLog

Mobile insurance may already be covered on household insurance. Cheaper to join AA / RAC direct if you need it. Stop paying £25 a month to the bank for this.

"Some strange direct debit-like thing, that doesnt show up on my d/d list, but still comes off: £15" - Find out what this, call the bank, and get it cancelled

Unused Mobile contract, get rid at the end of your contract - go SIM only it's cheaper unless you really need a new phone.

Open up a good cash ISA, get rates from this site and stick £5,640 of your £9,000 into this. Then look at Regular Savers that pay up to 8% to put the rest in over time.

Also if you don't have a pension, I'd get one now the sooner you start the sooner you can retire.

R_P_W

Get breakdown cover from AA through a cashback website - i got the full service including homestart etc for £50 a year.

Mobile phone insurance isn't worth it in my opinion as it only pays out in very specific circumstances.

Dont pay 25 quid a month for a bank account! I am with Santander (I hear all kinds of stories on here but never had a problem yet myself). for 2 quid a month you get cashback on a lot of your bills/fuel spend.

Why are you wating until November to review your finances? Why not do it now? Can that 15 quid a month now and that will be another 45 quid you save. change banks now and its another 75 on top.

Its a good think that you have built up 9k in savings, if I was you put your 5640 in the best paying ISA you can find now, then in April next year open up another one and put the rest in.

madgagoo

Have a look at https://www.ynab.com software to help you budget as well. Can't recommend it enough.

PDF

Well done, seems you are doing well so far what with the 9k savings. Hang about on these forums and you'll get great advice and tips.

samwsmith1

madgagoo wrote: »

Have a look at https://www.ynab.com software to help you budget as well. Can't recommend it enough.

I'd second that, I purchased it a couple of months ago and found it excellent .

If you wait till near the end of the trial they may send you an offer to get money off, at least they did with me.