The march to financial freedom

Ali-OK

millionaire_in_training wrote: »

Ali that's great news on car insurance. Just shows it's worth spending the time looking. Well done xx

Thanks MIT. It certainly was worth looking separately, especially as multi-car is marketed as being the way to insure household cars together and that's what I've been doing. Bought and paid for the new policies now and it's another job out of the way.

They do want proof of no claims from my old insurer which is a bit of a pain, the last few years it's been checked electronically between the insurers. A small bit of hassle though for a large saving.

Lovely sunny start to the day here - looks like I can get out and wash the runaround. That'll make it rain! :rotfl:

Ali-OK

Just phoned current insurers on the free-phone number (and not the expensive 0844 one), they applied some more discount and came up with a total renewal price of £428.80. Funny that!

So that is roughly £50 below last year, but still £95.96 more expensive than what I've gone with. She's emailing the NCB proofs, so should have those today and told them that I won't be renewing with them.

Apparently, the 17.6% increase is down in part to changes in the cover - ones that I wouldn't take advantage of anyway, such as courtesy car (I'd use my other car) and child car seat replacement (bit tricky to get a 5'7 13 year old into one of those, wouldn't you say? :rotfl:)

One time-consuming job ticked off to my To Do list for another year. :T

Ali-OK

I'm going to apologise to myself for so many posts today :rotfl:

Great news - post lady has just brought me 2 cheques

I completely forgot about one (annual dividend) and it's for £150.25 and the other is the Inbox Pounds cheque for £20.24 :j:j

DS wants to buy something from the internet, so we're heading to the bank shortly anyway - he'll transfer the money to my current account and I'll pay for it on my card, so I'll pop these cheques in at the same time.

Have done the gas and elec readings - we've used 7 less units. The LEDs are starting to hopefully make a difference. Part of it will also be the heating being on less - we used 5 less units on that last week too. All good news today so far

Ali-OK

I'm having a dilemma to deal with at the moment regarding the runaround car which is used for my business. It's 2 year plan finishes in April and there's the option to change it.

However, I could move the car to the business and have a company car, rather than how I do things at the moment. It'd be tax efficient to do that with a new one that is band A (zero) road tax and doubles the fuel efficiency. It'd lower the running costs generally and personal fuel spend by 50%. Accountant says do it.

Monthly payment would be slightly smaller at £140 vs £144 - though of course the last one of £144 was to be this month. That would move to coming out the business, so my nett pay myself amount would be affected. The business doesn't have any debt. I need to increase the business prices...accountant keeps going on at me about that - so it might be possible not to drop income.

I'd get most of the £125 road tax back (less one month), insurance would cost £20 a year more. With the service plan, the last 12 months payments would be put into a new 3 year pot and plan (as I wouldn't have the second service done on the current one) and it'd push back having an MOT for another 3 years.

Hmm...I don't know what to do. The dealer is offering an attractive deal. My personal debt would drop by £5800 - but the business would ultimately have it.

The only other pro is, I'd always planned to let DS have whatever runaround I'd got when he passes his driving test. This model would be better for insurance purposes and has a programmable system aimed at teenagers - limits top speed, limits music volume, etc.

Even writing this, I still don't know what to do. What would you do?

mooomin

Sounds like moving it to the business will make you, personally, better off.

I would say do it, especially if it helps when your son passes his test...

ragstoricheswannabe

I second what moomin said!

Ali-OK

Thanks ladies - you're right, I will be quite alot better off on a personal level. That makes sense. It's only 3.5 years until DS is 17 :eek: .

And I could be free of personal debt possibly by the end of this year or early next. :j That's very appealing

millionaire_in_training

I would move it as well. I don't evne count my car loan as a debt as I see it as being on a par with my mortgage. It's essential and I will always have a relatively new car. My life would be a nightmare without a car.

I did chuckle at visual of your DS trying to get into a booster seat :rotfl:

beanielou

Sounds like a good plan

Ali-OK

Thanks MIT and Beanie. I'm going to get the ball rolling tomorrow.

This afternoon, I started the elec and gas switching process for my Mum - saving her @ £335 a year. Need to do the same with the phone line and calls too once the energy is sorted.

I think my 6 monthly water bill/statement is due this month - we are on the So-Lo rate (no standing charge, but more expensive per unit) as it works out cheaper overall as we use below 75 cubic metres. Surprised there is no online management like all the other utilities, though the bill does show up through my bank account.

Financials then:
- bank account checked - mortgage capital payment of £713 going out tomorrow :j
- freepostcodelottery checked
- Nectar card value - £40.61
- Inbox Pounds - up to £15.00
- Qmee - another 10p earnt

I started to change the outside light bulbs, but managed to shear a couple of the screws taking the casing off. Went to a DIY place but they didn't have any direct replacements. I need to try and get the bit left behind out as well. Managed to complete one successfully. Added a can of WD40 to the shopping list too!

There's likely to be quite a few changes to the budget this month - should be all downwards, though the gas move is a little bit unknown as it could see DDs going to old and new supplier. So my thinking is to pay a little over the minimum on my CC early this month and see how the rest of it pans out. I can then get straight towards the end and pay more off then.

Work looks busy for March and I've done month end accounts this weekend, just need to print, double check expenses sheet against receipts and file. Have started on the new 14/15 tax year spreadsheet set ups - which will now get slightly more formulated and complicated no doubt with the car change over! Will be meeting the Accountant later this month, so that will get sorted then.

Had better sort DS's stuff for tomorrow, gosh this weekend has gone quick.