Hopefully some inspiration to saving!

I've been a MSE reader for years, using numerous advice services - best currency, credit card switching, etc, but I've always felt I haven't had the time (or actually the need) to sit down and go through my expenditures and see where I could save.

However, I have a 3-hour daily commute to work so I decided to use that time to give it a go - Martin's messages of taking a day off to save yourself £1,000 has always been tempting!

So, after spending just 3 hours I managed to save on the following;

Work Commute - was £2,222/year, now £1,573 (saving of £649).

Energy (Gas & Electric) - was £1,107, now £949 (saving of £158). I could have gone for a slightly lower tariff, but opted for a 2 winter price freeze.

Home Insurance - was £504, now £300 (saving of £204).

Joint Bank Account Fee - was £162, now £0 (saving of £162). We thought the benefits would work out in our favour, but after 18 months we've used zero of the benefits!

Personal Bank Account - gained £100 on-off payment and £60/year as I don't use my overdraft, so will be paid £5/month for this.

So, I have saved a total of £1,333 for the next 12 months of essential costs. :beer:

But I'm not finished yet! :D

Our Sky TV/Internet package has 2 more months to run and is £660. Having thought about our usage, we can ditch Sky Sports (I'm barely allowed to watch the footy!), so I'm hoping to get this down to £480.

We also have Income Protection Insurance & Critical Illness (the first 100% needed due to my partners occupation) and we believe the Critical Illness is in our interests with having 23 years remaining on our mortgage. This payment is £1,140 and I'll be looking to try and knock this down to £840.

Our Car Insurance is up for renewal next month too. This is currently £250, so I think I will be hard pressed to get this down - but I'll be giving it my best shot.

So, the aim is an annual saving of at least £1,812 in total! The aim will be to see where else we can I can trim without impacting on our lifestyle to reach £2,000! :money:

My partner enjoys a wee shop in Waitrose and M&S for our dinner, so I'll hold fire on suggesting a Food Shopping cull for now! :). Plus, she looks after her own financial affairs, but I'll offer to help if she wishes to save, save, save!

If anyone has any advice - especially with the Income Protection/Critical Illness cover - I would love to here it.

For anyone looking to start saving their cash, I hope this is an inspiration to you :)

Comments

  • A wee update to my saving;

    Had a good online chat with Sky and managed to get our Sky Broadband from £7.50/month to £0/month for 12 months (on a new 12 month contract) and a free router upgrade (should have been £79.50) with free delivery (should have been £6.75). So, we now effectively pay just £15.40/month (will go up to £16.40 in December with the new line rental increase) which is the line rental charge.

    Took the opportunity to cancel Sky Sports too as our half price deal expires in December. So, our current Sky package is Sky TV with Family package, Sky Talk, Sky Broadband, and line rental for £32/month. Though I'll be looking to re-negotiate the Family package charge when it goes back up to £33 in February 2015.

    Worth noting for anyone with Sky Talk's voice-mail facility and/or line rental through Sky, these will be incurring a £1 increase from December.

    I know there are cheaper Broadband packages out there, but as I'm happy with Sky, I thought I would stick with them if I could negotiate a good deal. The aim was to chop our TV/Broadband/Phone costs from £660/year to £480/year, so to get it down to £384 (even less if there is no negotiations for the Family package as that will just be cancelled if not!) is pleasing - even more so with a router upgrade thrown in.

    Car insurance to beat the imminent 10% increase is next on the list, along with Income Protection Insurance & Critical Illness - still happy to hear any thoughts on IPI & CI :)
  • Hi, I appreciate your ideas of saving. I think, this is very important for our future. My way of practicing this is by just spending my money for important things and I make it sure that a part of it goes to my bank for unexpected future expenses. I will also put my other income to investments whenever it is possible.
  • Definitely some inspiration to saving! Congratulations, I'm going home tonight to reorganise my life!
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