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Am I paying too much?

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Hi all

Just trying to scrutinise finances:

3 bed semi, early 30's.

Energy £852 per year
B&C Insurance- £250 per year
Life Insurance - £387 per year
Car Insurance - £200 per year
Shopping - £280-£320 per month

Anything look excessively high?

Thanks !

Comments

  • DrWatson1
    DrWatson1 Posts: 130 Forumite
    Seventh Anniversary 100 Posts
    Number/age of people living at the property?
  • Thanks for reply

    Family of 4 - 2 adults (30's) 2 children under 5
  • determined_new_ms
    determined_new_ms Posts: 7,867 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 October 2016 at 9:04AM
    I think it depends on your income and how comfortable you are. You could bring your grocery bill down but if you don't need to and eat well/healthily do you need to? there are 2 adults & one 3 1/2 yo in our household and I spend £180 pm on groceries

    your energy looks good. But are there any things you could look to do to reduce it? I've been doing this for a couple of months - just looking for small ways to reduce usage and yesterday I got an email from my supplier saying they are reducing our monthly dd from £88pm to £66.
    DF as at 30/12/16
    Wombling 2025: £87.12
    NSD March: YTD: 35
    Grocery spend challenge March £253.38/£285 £20/£70 Eating out
    GC annual £449.80/£4500
    Eating out budget: £55/£420
    Extra cash earned 2025: £195
  • I'm the sole earner at the moment while wife looks after DD.

    Grocery - I think we can be more savvy, too often we just buy the ingredients without pinpointing individual meals.

    Energy - we have a lot of spotlights so gradually replacing the halogens for LED. Hopefully this pays off.
  • Peter333
    Peter333 Posts: 2,035 Forumite
    dobbadobbs wrote: »
    Hi all

    Just trying to scrutinise finances:

    3 bed semi, early 30's.

    Energy £852 per year
    B&C Insurance- £250 per year
    Life Insurance - £387 per year
    Car Insurance - £200 per year
    Shopping - £280-£320 per month

    Anything look excessively high?

    Thanks !

    You're not going into much detail to be frank, as we don't know what kind of area you live in, what part of the country, or where it's situated, (like is it in a cul de sac or on an A road?) So it's hard to say if the B & C insurance is OK or not, OR the car insurance. Is it the house that is 'early 30s,' or you???

    And is your car parked on the drive, on the road, in a garage? How many miles a year do you drive? Do you use it for personal use only, and just to get to and from work? Having said that, £200 a year sounds OK to me.

    £300 a month for just grocery? Or is that including takeaways, clothes, pub nights out, booze, cinema, kids school meals? Either way, if it's only grocery, (and toiletries, and things like detergents and washing up liquid, etc,) then £300 a month is good.

    Less than £75 a week for a family of 4 is fine. You can improve it if you want, but it's up to you. I am sure you will get some people saying they spend £15 a week on a family of 4, but then, some spend £120. There is no right or wrong.

    I know someone who crows that they spend only £30 a week on food for her and her husband and 2 kids, but spends £15 a week on a gym, and £30 a week on smokes, whilst he won't buy a pair of shoes or an outfit, unless it's a top name brand.

    Your energy bill sounds OK for a 3 bed semi for a family of four. £70 a month for gas and electric is not bad for such a property/family. Again, you can crop it if you leave the heating off more, and don't leave things switched on (obviously,) but IME, switching suppliers (as some people suggest,) is futile, as they are pretty much all the same.
    You didn't, did you? :rotfl::rotfl:
  • -taff
    -taff Posts: 15,345 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I just got B&C from Privilege for £124. Go to a comparison website, or two, then go to quidco and see if they are offering any money back deals with your preferred insurer.
    I have B&C with accidental cover, but no legal stuff because I get that from the union.
    Non me fac calcitrare tuum culi
  • datlex
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I would review your life insurance check what it covers. Are you paying just to cover you or to cover both yourself and your wife?
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Hi all

    Appreciate the advice!

    Few things to consider - life insurance policy is a joint policy so need to look at that with aviva. Will have a look at privilege (cheers taff)

    Peter333 - some great points, some of which I haven't considered but also reassurance that I'm there or thereabouts with the costs.

    Thanks all
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