New year personal finance review

downsizer3

On your current income all is fine - and as you know, you'll pay off the debt eventually.
I looked at life from a different angle when I split from my partner as my income then became all the more important - the angle of trying to get myself into a postion where, if something went badly wrong ( job loss / illness) I could keep life on an even keel. I hit the debts hard and ditched about the amount you have in one year - and thats on one income. Big relief.
So once the debt is gone ( and the quicker you do that the better IMO) look to get a savings pot to give you some bunce.
You've got a great income between you - once you've assessed where the money is going ( a couple of months of a spending diary makes really nteresting reading!) you'll easily be able to tighten your belts and still be comfortable.
Good luck!

dano17439

YORKSHIRELASS wrote: »

Hi

So I am guessing you dont really keep any records of your incomings and outgoings? Do you actually have £338 a month left? I am guessing you both work hard for those salaries but you do you actually know exactly where that hard earned money goes?.

No as said normally skint at the end of the month! Yes we do work hard - including travel time its a 7.30am - 6.30pm day

YORKSHIRELASS wrote: »

For me the first thing to do would be to set up some spreadsheets recording income and outgoings on a daily basis and then maybe go on to set up some budgets.

I have a spreadsheet for monthly regular payments and DD's which made my SOA quite easy.

YORKSHIRELASS wrote: »

We have some friends who are high earners and for example they buy the most expensive pasta in the supermarket - just because they can afford it. OK they might only save a few pence buying the cheaper stuff but I can guarantee it doesnt taste any different - and why not spend that extra money on something else? Its all about getting your priorities right, I know that if I had your income I would want to be sure I was getting the most out of that money.

This is not me, i know what you mean though but have no problem in buying cheaper brands or going to Poundland etc to buy shower gel/dishwasher tablets etc etc which are alot cheaper than Tesco's and Sainsburys

steaveson

I know penny stocks are the best option to get the whole profit rather than other options.

the_cat

dano17439 wrote: »

Car insurance is correct - £650 for me (group 20 car) and £600 for my wife as she only passed her test 2 years back. We need 2 cars as we both travel to and from work at different times

Travel is the cheapest way - we both drive a 15 mile round trip to take the tube even though there is a mainline station just 10 mins walk from our house. We save around £16 per day jointly doing this

I doubt very much if it is worth running a second car just for that. It saves you £8 'a day' for the second car on travel. Working days, or over 365 days a year? What is the total amount saved?

Does that factor in the extra cost of petrol, car parking etc in getting to tube station? Does it factor in the running costs of the car, its MOT, insurance, tax and other expenses? The interest you are paying on the debt which you could pay off if you only had one car - is that included in the net value of the difference between the 2 travel options? How about the deptreciation and eventual replacement of the car?
Unless the answer to all the above questions is 'yes' and it is the NET difference even taking the above into account, then it may be worth keeping.........but if not, then its time to redo the sums and see what the figures really are.