Friday, 10 February 2017

Finances - light at the end of the tunnel....

OK I am going to be very boring and talk about finances.

Moving 3 times in 2 1/2 years did nothing for our financial situation, you will remember I had to sell my precious Janome 12000 to fund the move from the flat less that 5 months after we moved in. Thanks to my dealer I now have a situation where I have replicated the 12000 but with 2 machines, that has its advantages.

When we were lucky enough to get the tenancy here at the bungalow I had to raid locked up savings which cost me lost interest, ok not much but interest just the same.

By the end of May, hopefully, the money will have been replaced and we will be able to start putting a bit more cash away. Its difficult to know where to put it in these negative interest days, I am closely following Martin Lewis at the moment. He advocates changing your bank account to one that 'rewards' you for using it. We have had our present bank account for a number of years, up to present I have kept it because we have a fee free overdraft for a decent sum, and in the past this has saved us. The way our money comes in is not like having a wage where it all arrives in a lump sum at the months end. We get 2 pensions paid in on a Monday weekly, DB has 2 employer pensions, one comes in 20th  the other on 26th of the month. I also have 2 pensions one employer and one private I paid into when I was self employed, one on 10th and the other on the 12th. All our bills mostly go out at the beginning of the month, others are scattered through the month, so there are times when the account has dipped into the red. I find the old Money accounting site invaluable, I am able to forecast what is going to happen and when and make adjustments if necessary.

No more.....I have spent ages working out so that we do not 'dip into the red' then we can change to an account that rewards us, not the other way round. I am also going to look for a new credit card. Its not used very often, but there are times when its handy, and yes, it always gets paid off in full at the end of the month.

I also want to have an emergency fund, there will come a time when one or the other of us may well need it. I am going to have to get some advice about the best way to do it. Another job for the guru's on Martin Lewis's web site.

We are as frugal as we can be, but I refuse to be cold, going without decent food is also a no no. Your health depends on what you put into the engine.  OK we may have slipped a bit at times, but it has been good food not rubbish.Thanks to the rise in food prices I have had to increase the HK to £120 a month which is not bad. I managed on £100 for a long number of years.

Yes my hobby is an expensive one, but I try to pay for things from my allotted pocket money and any money earned from doing surveys also goes into it. DB put his into the veg garden and his bowls. He can be a naughty boy at times wanting things and I find it hard to say no, but I do say no. He leaves the finances to me, I really hope he never has to deal with them..........

Its a very cold day, we have had occasional snowflakes drifting by the window, but its more likely to rain.

Off to see my quilting friend this afternoon.

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