Statement of intent

StuartGMC

Decided not to increase investments as we do need to get the savings increased so we can pay off the mortgage and still have some access to ready cash (as I don't want to be forced to sell any of our ISA Funds if required). Therefore have opted for the simple case to reduce the investment per month in M&G International Sovereign Bond to £20 per month (i.e. £40 in total) and to raise the amount going to First State Asia Pacific Leaders to £35 (i.e. £70 per month for our two ISAs). We will do a thorough review in December/January in preparation for FY2010/11 which I hope will be one of much increased savings in cash and investments.

Another task to undertake is insurance for permanent income protection; until now we've had the usual life cover on the mortgage, plus the life benefits under our employers' schemes, (OH has an additional life cover policy as she only works part-time so cover from work alone would be low) and redundancy cover. The latter has cost us a pretty penny since 1994, but as I was redundant in 1992 it was helpful for peace-of-mind. Once MF we need not pay the life cover for mortgage nor the redundancy cover (assuming we'll have enough in savings) so these amount can go towards permanent income protection in the event illness etc prevents us working.

I need to get more solid details and likely input from an IFA on this. Also require firm information from work on what the insurance covers there in the case of long-term sickness and similar so as to avoid overpaying for cover on our own specific insurance. It may seem like a luxury but in theory we still have another 20yrs work ahead of us before pension so it would be sensible to cover ourselves for some proportion of our needs.

Finally, house and contents insurance renewal has just come up so I ought to make the effort to get comparisons, although as per one year ago on this thread, I hate the idea of trying to compare policies!

(Loved the Italian GP today :D:D pity Sutil couldn't get a podium)

Tesco_points_addict

StuartGMC wrote: »

Just requested a further £2.25 from TopCashBack to be paid.

They are looking into the LateRooms missing cashback; I'm hoping it is ok as we had a booking we took in May (which is when cashback should then show up) plus made a reservation at a similar time for the Rat Trap Inn in Usk (lovely name ) where we'll stay soon for a family wedding nearby.

Meanwhile, just realised earlier we hadn't booked cattery for the time away for the wedding, but no problems they have space.

Interestingly after Next, the next best payer for us on TBC is Teleflorist and yet we spend so much more at Next. Just shows how good the Teleflorist deal is.

Is the wedding in the Glan yr Avon or Cwrt Bleddyn?? Bet its one of those!

Please don;t go...off these boards that is not to the wedding!

TPAx

StuartGMC

TPA
Thanks. The wedding is actually at Treown towards Monmouth but we weren't too keen on the reviews for hotels etc in the latter and the Rat Trap Inn has very good reviews; so fingers crossed it lives up to expectations! It's only 8miles from the venue.

I'm feeling frustrated at the moment; things this year conspired to lead to higher costs than planned (plus two extra weekends away, York in May and above - but I have to remind myself these are meant to be enjoyable and the expenditure is beneficial!) and these have led to the present situation that the MFD will be moved backwards a bit. It is basically dependent upon the bare minimum cash we can risk having available in ready access before we clear the £13950 + sealing fee. It seems so close yet still out of reach :mad:

I must learn to be patient I know but, I want it all and I want it now... (isn't that a song?). So I perhaps the thing to do is to consider the modifications required in the spreadsheet once MF....

So, at the moment our spreadsheet indicates we hold some £250 per month in hand as "extra" above the planned savings, investments and costs (it's gone up from about £75 but is a little suspicious as I'm not sure OH has given me all the bills to dial in for clothing etc.....). Either way, if we then take off the cost of mortgage plus insurances (life cover on mortgage and redundancy) we have £966 in hand plus the present £300 per month to the Funds ISAs and the "scheduled" £912 we are meant to save each month or in total £2178. I think knowing this is adding to the frustration to be rid of the darn mortgage so I can move on with plans for savings, investments and the odd treat or two :cool:

Sorry to have waffled on so much

BTW - want to see where your net income (less council tax) places you in the UK?
See http://www.ifs.org.uk/wheredoyoufitin/

gallygirl

Ooohh, that was interesting, I'm in the tail (or would be if I didn't give money to my little leeches every month :rolleyes:)

RosieTiger

StuartGMC wrote: »

.

I'm feeling frustrated at the moment; things this year conspired to lead to higher costs than planned (plus two extra weekends away, York in May and above - but I have to remind myself these are meant to be enjoyable and the expenditure is beneficial!) /

We know exactly what you mean !

StuartGMC

I forgot however that we'll not have all the money available as I intend to look at income protection insurance; something we've not been able to consider until now but it seems worthwhile to review if it maintains most of the lifestyle we have in the event of longterm illness preventing one of us from continuing to work. I'm hoping that the price will be similar to the combined price we pay now for life cover on mortgage, redundancy cover and a hospital plan, so that way it won't seem like an "extra".

TallGirl

Hi Stuart
I am reading your plans for protection of income etc with interest as I am thinking of changing mine too. I really find it complication and a bit out of my legue but finding a good IFA is also daunting. We have a £40 a month critical illness cover to pay off our mortgage but it goes down as our mortgage does so right now I think we have about £20k worth of cover. I would like life insurance but not to concerned about redundancy as DH is self employed and my job is pretty secure and if I lost it can easily get another one if not quite as well paid.

Are you going to seek advice of an IFA or are you sorting it yourself.

Also well done on getting your mortgage that well offset.

Optimisticpair

StuartGMC wrote: »

TPA

I'm feeling frustrated at the moment; things this year conspired to lead to higher costs than planned <snip> . It seems so close yet still out of reach :mad:

I must learn to be patient I know but, I want it all and I want it now... (isn't that a song?).

Patience hasn't been my middle name this year either. We need wardrobes. The end is in sight for you though so hang on in there.

StuartGMC

TallGirl wrote: »

Hi Stuart
I am reading your plans for protection of income etc with interest as I am thinking of changing mine too.

Are you going to seek advice of an IFA or are you sorting it yourself.

Also well done on getting your mortgage that well offset.

TG presently we don't have income protection, but life cover is fine (4x salary with my company for example plus widow benefit and return of contributions). My intention is to try to read up on the insurances and then probably go with an IFA who covers such advice specifically. It was in Money Observer noting how the general public may easily buy a product that's not quite right.

First step is to identify the specific cover in place at work (there is some, but not easy to find the details) to avoid cover we don't need (e.g. first 3-6months?) which should keep cost down. Also need to look at OH who works with local authority to see their cover if any.

Never ending this lark of getting information! :rotfl::rotfl::rotfl:

StuartGMC

A nice positive error tonight in the spreadsheet. I had raised OH's gross salary data but as her pay came through with some backdated etc I hadn't yet set her new net salary. So that's added another £34 per month income.

We have the buildings and contents insurance to pay end of the month (it's on the credit card so we'll not need the cash until 10 November to actually pay it) so I need to look carefully at any other items such as OH's car Service and MOT due in Oct/Nov (I think she'll need a bit of work on it being 10yr old, but hopefully cheaper than replacing it). If it wasn't for that, then maybe the three remaining pay packets would be adequate to give a low few £k buffer. Watch this space...

Meanwhile our Funds ISAs are still going in the right direction and another £300 will be invested on Thursday as usual. So despite my eagerness to be MF, I'm remembering that now remains a good time to be purchasing units at good prices.

For completeness of this thread (whilst the link works) this is basically what I want <http://jaguarauc.2ndbyte.com/?&Nav=%208238&page=5&sortResults=RetailPrice|1&sto cklistID=823564&MREQ=app_viewVehicleDetails&savedv iew=0>

Looks like you'll have me posting my odd ramblings for some while yet:o