Debt and Budget (Reset) plan

shell16

Morning All

Yesterday I looked over my DD's. I have 2 payments for what I thought were mortgage payment protection one for me, one for DH. These payments total £68.39 a month.  Wrong....they are income protection and pay £500 each policy if either me or DH  or both have a critical illness!

I have been paying this for around 13 years! Wow feels irresponsible of me especially that I have a free benefit through my employer who I've worked for 21 years, which covers 50% of my annual salary for 5 years should I be unable to work through critical illness! This is a significant increase on the £500 a month protection i pay for. I can also cover my DH  through a further elected benefit for a fraction of the cost I pay now.

On Monday I'm going to cancel my cover and I will be £68.39 a month better off or £820.68 a year!

I've also uncovered 2 different policies for life insurance which I'm going to look into a bit more this weekend.  They total £108.64 via 2 providers.

My payment to the Loan went out yesterday so I have around £5638.50 left to pay.

Thanks for reading,  have a great weekend!

shell16

Small update.  During covid last year we opted for a milk delivery.  We get 8 pints per week at 68p a pint. 

As things are trying to go back to normal now, I have reduced this to just 3 pints a week as I want to support a local business. I'm also going to buy a 4pt when I do shopping which is £1.09 so I've worked out I will save around £10 month on my milk delivery, and another £120 a year. 

Small steps and all!!!

shell16

Afternoon DFW's

I registered with some opinion sites yesterday and will look at some survey ones too today and tomorrow. Hopefully I will get picked for one of those.  

The Payment Shields policies I cancelled will make me £68.39 better off so I will use that payment towards CC1 going forwards. 

I think the £10 i will be saving on my milk delivery i will put to my Emergency fund so will be £85 a month.

Thats all for now. Thanks for stopping by.

shell16

Afternoon all

Just a quick update - Im going to use the £80 a month I am better off (rounded up) to pay £40 on each CC1 and CC2 every month rather than an extra £10 a month going into my emergency Fund.  Would like to see CC1 paid off before the original plan of Feb 2023.  Ive set up a reminder to transfer in on the 1st of the month as these will clear before my CC payments are taken.

Ive not gone any further with the life insurance policies yet.

Ive registered with Prolific but just need to confirm my identity then I presume Im ready to go?

Have a great rest of the day guys!

shell16

Afternoon all. 

Today has been an expensive day due to school uniform buying for 2 children! I've spent nearly £150 & i still have to buy a specific skirt for 1 of my children online as no other shops near me have any stock left!!

I suppose it is only a major expense for August and thats what my child benefit covers.

I've also just completed a prolific survey my first woohoo!  Hoping to build up some cash by doing more surveys. 

Thats all for now. Thanks for reading. 

rigare11a

I will have to check out the surveys, i signed up for some market research and applied for quite a bit, most of them I did not meet the criteria etc so has felt like a bit of effort for no return at the moment.

I don't have kids but I am always jealous of the stationary shopping when back to school stuff comes out  

shell16

rigare11a said:

I will have to check out the surveys, i signed up for some market research and applied for quite a bit, most of them I did not meet the criteria etc so has felt like a bit of effort for no return at the moment.

I don't have kids but I am always jealous of the stationary shopping when back to school stuff comes out  

Hi there.

I have signed up for the research but nothing in so far, wanted to try and get surveys done and some credit coming through.  I have cleared 70p but have another £2.50 pending, I know not big bucks but every little bit and all that!  Im hoping to get at least £10 to £20 by the end of the month just on surveys.

Hope all is going well with you.
Shell

shell16

Morning All

My survey taking is definitely ramping up and i have £10.88 already.  Im hopeful this will enable me to make overpayments to my card debt.  Im certain it will be achievable to earn at least £20 from surveys by the end of the month!

Nothing much else to report.  My CC payments do not come out until next week so wont be able to update payments until then, but anything I get from surveys will go to overpaying these.

I feel extremely hopeful that im finally dealing with my debts, coming on here and just writing this keeps me focused.  Not sure if anyone is reading lol!

Thats all for now.

warby68

Sounds like you have strong motivation and are attacking the budget from all sides to clear the debt.

Its amazing what a bit of focus can achieve.

Good luck and keep going.

shell16

warby68 said:

Sounds like you have strong motivation and are attacking the budget from all sides to clear the debt.

Its amazing what a bit of focus can achieve.

Good luck and keep going.

Thanks Warby for stopping by and posting.  

I should see an improvement in levels of debt once my usual payments go out and any extra I can use to tackle overpayments.

Shell