And Baby Makes Three....

FunLovinCriminal

Update SOA

So I've had a bit of a sleepless night, with the forthcoming drop in salary.
Wanted to post on here for peoples thoughts.


Combined Income (£2,000.00)
Savings £100.00
TV Licence £12.12
Council Tax £189.00
Mobile Phone Insurance £12.00
Mortgage £703.64
Combined Gas & Electric £92.00
Sky £90.00
H.S.A. £33.00
Gym £80.00
Mobile Phones £60.00
Weightwatchers £21.45
Home & Contents Insurance £17.83
Food £200.00
Diesel £300.00

That leaves us with just less that £100 in our account.
We have just signed up for sky movies for 1/2 price for 6 months - and took sky sports 5 - so i think that ties us in with sky sports and broadband/line rental for 12 months - I do not think I can negotiate with them any more, and OH loves the SKY only channels, so cannot really go to BT or Virgin.

My mobile contract runs out in August, OH in June 2016. I am planning to drop my phone down to a SIM Only deal as soon as I can.

I cannot see any more flexibility with anything we do - and this doesn't include any random treats that we would want - bearing in mind we have a 7 month old - that enjoys treats!

The salary change will me taking place in May - but I want to try and organise as much as I can now. OH is currently on SMP and goes back to work in March. We have a holiday booked in May.

Currently it looks like I will receive a lump sum £6k (two years difference in current salary to reduced rate) and will be on £180 per month less.

Any input would be gratefully received.

kansaskitty

Hi FLC,

So sorry to hear about the work news. What a horrible start to the new year! Try to remember all that you were looking forward to about the year.

I would suggest cutting the gym and weight watchers, I know you must have these for a reason e.g. finding it hard to keep on top of weight gain without these, but that would free up some serious funds every month. Is your home phone and internet through sky too? Couldn't see that on your SOA. Water? Car Insurance? AA/breakdown?

I also don't know what HSA is! We get our travel insurance, mobile phone insurance and breakdown cover with our bank account, ALL for £10 a month, is this something you could save on?

I'm sure others will be along with more helpful advice soon. Keep your chin up! Thinking of you. KK xx

FunLovinCriminal

Cheers Kansas
At least I still have a job!!
They will give us £6k lump sum - which I'm not sure what to do with.

HSA is now called Simply Health - gives is money back on healthcare & dental work.
We live in Scotland water is included in the council tax.
The car insurance/breakdown we pay off in full in the month it expires. I suppose we should have an account for that but we do not.

Thanks again
FLC

FunLovinCriminal

Hi all
So, I've been absent recently. Here us an update.
I'm getting a lump sum after tax of £5k, this we be stored as savings and to pay some mortgage off.
Today mortgage is £101,200 and I'm using £1000 savings to pay off, frustrated that I'm sloppily close to being under £100k.
Here's today's question.
Can I make OP on my mortgage via my credit card, and get clipboard points? Sounds great, is there a catch??

turtlemoose

FLC sorry to hear about the job, but I suppose the bright side is at least they paid you 2 year's worth of the difference and you're still employed - better than redundancy right?! and in theory, you've got 2 years to find a higher paid job and you'd be no worse off at all, if you wanted to.

Ooh tantalisingly close to that sub 100k! I hit it not long ago and it feels gooooooood!

The CC question is an interesting one. I guess it might depend on your CC provider? They might consider it a cash advance and therefore charge silly fees. Does your mortgage company accept CC as a method of payment?

FunLovinCriminal

Cheers Turtlemoose

Yeah, that's my thoughts exactly.

Not tried with mortgage company, it occurred to me while I was typing my post. cc provider is Tesco, and you get 1 point for every pound spent on it.

Does anyone know? Or should I just check with provider?

FunLovinCriminal

So, I finally had two mins to phone mortgage provider, and OP £1000.
This leaves me £100,271 left to pay and 15 years 11 months - but we are not going to wait that long are we?
Everybody: Noooo.
Next payment due on 5th of April that will take me to sub £100k hopefully.
Slightly frustrated I couldn't manage £300 more as an OP, but car is in for some work, and money would be too tight,
FLC

FunLovinCriminal

Does any one have a simple overpayment broadsheet then can provide a link too? I find the locks one very confusing, or a decent application for the iPhone, so I can see how far away I am, especially now I am going sum. £100k shortly.

bexster1975

Hello FLC!

Of course it is possible! I am the same age as you, but without a little FLC and have paid off £82000 in ten years! ( well,truthfully I have offset the last £20000, but who's counting!). If circumstances see the timescale slip slightly, who cares?! Every overpayment moves you closer to freedom, be that at 50 or 55. There are thousands of people trying to pay mortgages in retirement! Well done to you - keep your chin up.

Bexster

bexster1975

Hello

I went back and read about your job change ( sorry, had been skim reading). I'm sorry to hear of your drop in wages. It sounds obvious but is looking for another job an option? In terms of saving is your buildings and contents insurance the very best rate? Also look at cash back sites when it's due for renewal as that may help, even if premium isn't cheaper. I confess I would lose the health insurance. I think you said you had sizeable savings and honestly from the ones I have looked in to they rarely cover you for what you need, when you need it and always seem to have a ridiculously small annual limit ( I have no idea if it's true for you, I have looked into it several times and always come to the same conclusion). I agree re: mobile phones. Shame you have just altered sky.
Your energy use looks quite high, if you are not in a contract it might be worth seeing if this is the best tariff. I wouldn't have mobile insurance, but again depends who you are!

I hope that's not all really obvious stuff you have done. I think in the short term if you cannot do more you should scale back overpaying and enjoy time with the little one. They are not little for long and you have to remember what is most important. Things will swing back up for you again, then you can get back to ferocious overpaying.

Bexster