step 1: cutting bills

livs

Hi, I'm looking to remortgage early next year and would like to cut my bills (step 1) and spending (step 2). Here's the part of SOA that includes regular expenses only (except groceries). These are for 1 adult and 1 school age child.

Just want to understand if I can cut more.. I did drop Sky TV recently, does anything else seem high?

Mortgage................................ 998
Service charge, buildings insurance, ground rent...... 70
Council tax............................. 102
Electricity............................. 24
Gas..................................... 36
Water rates............................. 17
Mobile phone............................ 43
TV Licence.............................. 12
Netflix.................................... 8
Internet & phone....................... 19
Travelcard................................. 110
Childcare............................. 300
Activities, school lunches, donation....155
Medical............ 20 *health&dental insurance are a work benefit; free prescriptions (medical exemption)
Contents insurance...................... 2 *reduced by Barclays blue rewards
Life assurance, accident & sickness insurance ....... 0 *this is a work benefit as well
Travel/mobile insurance & home emergency cover 12
Mortgage unemployment insurance................... 36
Total monthly expenses.................. 1965

bexster1975

Hi

Your mobile phone?
Gas and electric isn't low, but with a child you don't want them cold.
Childcare and activities but what can you do. I'm aware this is not as high as many pay.
Does your mortgage unemployment cover include paying it off if you passed away. I'm sorry to be morbid but life assurance covers if you die and can cover unemployment and critical/ terminal illness too if you choose.

I'm assuming you eat as a regular expense. Provably where largest saving will come from at a guess.

ETA: oh, you changed your life assurance whilst I was replying. Important to know it is covered. I'm assuming blue rewards is a packaged and paid for account? You need to check if you pay monthly that it us worth it.

Bexster

Fosterdog

livs wrote: »

Hi, I'm looking to remortgage early next year and would like to cut my bills (step 1) and spending (step 2). Here's the part of SOA that includes regular expenses only (except groceries). These are for 1 adult and 1 school age child.

Just want to understand if I can cut more.. I did drop Sky TV recently, does anything else seem high?

Mortgage................................ 998
Service charge...................... 70
Council tax............................. 102
Electricity............................. 24
Gas..................................... 36
Water rates............................. 17
Mobile phone............................ 43
TV Licence.............................. 12
Netflix.................................... 8
Internet & phone....................... 19
Travelcard................................. 110
Childcare............................. 300
Activities, school lunches, donation....155
Medical (prescriptions, dentist etc).... 20
Buildings insurance..................... 0
Contents insurance...................... 2
Life assurance ......................... 0
Accident & sickness insurance ......................... 0
Travel/mobile insurance & home emergency cover 13
Mortgage unemployment insurance................... 36
Total monthly expenses.................. 1965

The mobile phone is quite high, switch to a sim only deal as soon as you are out of contract or call your provider and see if you can lower your tariff.
Are the school lunches packed lunches or school meals? Would it be cheaper to change to the other? What are the donations?
Do you really spend £20 on medical things or just guessing? A prepaid certificate would work out cheaper if you need regular prescriptions.
Is your contents insurance really only £24 a year? What about buildings insurance?
Do you really need the travel/mobile/home emergency cover?

livs

Hi, yes life assurance is provided by my employer as a work benefit.

Blue rewards: I'm paying £3 fee + £7 contents insurance and I'm getting £8 reward back, so I only listed the difference.

Mobile phone: yes, that's a bit high. It includes £7.5 for an international calls package. I have family overseas and we talk a lot. I used to pay more than that when I used my mobile to call them randomly, so I decided to pay a plan. The rest of it I cannot change for now, I'm in a contract.

Fosterdog

Can't you drop the international calls and instead use one of the many free video calling apps that are around now? Just arrange a time to make the call for when you have access to wifi so you don't go over any data allowance you have.

Apple devices have FaceTime free, Facebook messenger now has free video calling and android and windows devices have even more options all free so there will be something suitable for whatever combination of devices you and your relatives use.

livs

Fosterdog wrote: »

The mobile phone is quite high, switch to a sim only deal as soon as you are out of contract or call your provider and see if you can lower your tariff.
Are the school lunches packed lunches or school meals? Would it be cheaper to change to the other? What are the donations?
Do you really spend £20 on medical things or just guessing? A prepaid certificate would work out cheaper if you need regular prescriptions.
Is your contents insurance really only £24 a year? What about buildings insurance?
Do you really need the travel/mobile/home emergency cover?

School lunches - school meals £2.25. We leave home 7:30 and return 6:30pm every day. I don't really have time/energy for packed lunches...

Donations: £10 for the school fund

Medical: I get free prescriptions as I have a medical exemption. The £20 is a guess based on 4 dentist visits yearly for both of us (work insurance covers 75% for me) . I guess I could try to use NHS dentists but I couldn't find a good one in my area and I have some dental issues...

Contents - I explained why it's so low

Building ins - included in service charge, I edited my message

Travel/mobile/home emergency: this is the Halifax Ultimate Reward fee of £12. Yes, I think I need these... I lost my mobile twice in the past 2-3 years, we do travel abroad, and also used the home emergency cover. I prefer the packaged account as the monthly fee doesn't fluctuate based on number of claims made, and it also offers £300 fee-free overdraft. Having said that, I could look at an account with lower fee if there is one..

livs

Fosterdog wrote: »

Can't you drop the international calls and instead use one of the many free video calling apps that are around now? Just arrange a time to make the call for when you have access to wifi so you don't go over any data allowance you have.

Apple devices have FaceTime free, Facebook messenger now has free video calling and android and windows devices have even more options all free so there will be something suitable for whatever combination of devices you and your relatives use.

I thought about it... but my parents don't have smartphones, they're old, have health issues, and I need to be able to call them anytime - when I'm on the go as well. We speak several times a week... I used to call them with Skype credit but ended up calling them when I wasn't at home and paid way too much.

livs

bexster1975 wrote: »

Hi

I'm assuming you eat as a regular expense. Provably where largest saving will come from at a guess.

Sadly, I believe you're right - that's step 2 of my efforts

All the above are bills-related (direct debits and standing orders) - they are more or less fixed. I use 2 bank accounts: Barclays, where I get my income paid. On the 25th of each month I calculate how much I need for bills plus some savings (not much), then I transfer the rest in my Halifax account for spending. Spending includes groceries, food, clothing, presents, eating out - pretty much everything else.