Countdown from £28k...

ryanm8655

My car insurance is due for renewal on the 19th August.

Looks as though it will go down a little bit based on 1 years no claims. 

Not sure whether I might get rid of my car in the new year, so wondering whether to bother paying for the whole year or just paying by direct debit? Paying in full saves about £110 over the year but what if I want to cancel the policy in January? I assume there will be an admin fee for cancelling?

Will have the cash spare to pay in full but just wondering if it’s still worthwhile if I don’t keep the car for the full 12 months...

If I move back to London I’ll likely go carless. If I stay down here then I’ll probably get a new car, since mine is old with niggles...

Thoughts?

Sarahwithlove

Admin fee is usually £25 it should say on policy info. It may be that the fee is less then what you will pay in interest which then be worth paying it in full. 

PurpleFairy26

I would be paying in full if I had the cash just in case you keep it and if you get rid the admin fee (whilst annoying) will be limited. £110 to pay by DD is a rip off. 

ryanm8655

Sorry, I made a mistake...it’s £62 cheaper by paying in full. I know it’s not very MSE but with such a limited saving I’m tempted to stick with monthly. If I got rid after 6 months there wouldn’t be much in it with the admin fee...

I should have close to the premium in my savings pot by the time of the renewal though...so wouldn’t significantly impact my debt clearance...

The cheapest quote so far is £590 for context.

Thanks,
Ryan

PurpleFairy26

That does make sense, just double check they still don’t charge you and admin fee for ending it too so you end up paying it anyway. 

ryanm8655

Another £550 off the debt tomorrow as my £500 Barclays DD and £50 Natwest one come out. Brings the debt down to £12.6k.

Not long until payday now.

Still no contract for the new job so may chase that up with HR.

Have a random day off tomorrow, I have quite a bit of leave to use so booking in random days around work demands. I should be paid for any holiday I can't take before early September, which'll likely be about 10 days. Can clear an extra chunk of debt if I am unable to use it...

Thanks,
Ryan

ryanm8655

Another quick check in...can feel myself falling off the wagon slightly.

Now that things are opening up there is more temptation to spend but I feel disappointed in myself for considering not paying off £2k per month.

This month will be fine but I feel like the £100 weekends are creeping back in. Things are becoming more stressful at home again and the escape is there (pub with mates).

lantanna

I feel the same as you I’ve had a flurry of spending.  Least we are aware of it and can try and keep it minimal

PurpleFairy26

Awareness is key and the fact you know you are spending it are a good start. Can you budget an amount for going out so it allows you to keep it under control whilst still paying off some good amounts?

ryanm8655

Thanks for the replies! Payday tomorrow and another month down...

The weekend didn't turn out to be an implosion - had a takeaway and a few drinks at a friend's house. I spent about £40 in all, towards food and drinks (though that included some groceries for the family. Were talks of the pub, which didn't materialise and I was fearful of a heavy weekend on the spending with lunch, dinner and drinks plus a breakfast the next day.

Considering another camping trip in August for an escape, even my room here is the kids playroom so I have no space of my own just to chill. Also have a stag do coming up in September, which is likely to be a camping trip for social distancing. Considering rejoining the gym now that they are open just for a bit more relief from stresses of family life. I have found myself up and down during lockdown as it has further reduced my freedom and independence, though there have been big financial gains with that...

Am meeting a London friend for lunch tomorrow, haven't seen them since before lockdown so that will be good.

Must stay focussed...