Despite all my recent efforts to cut down regular bills - as part of which we've saved considerably on home and contents insurance, joined an oil-buying group, and changed our AA cover to save £137 a year, and made various other changes, there was one insurance policy that I had not thought about cancelling. It suddenly occurred to me, a few days ago, that it was something I no longer needed, and so I decided to cancel the plan, and divert the money saved on the monthly premium to my pension. While I was about it, I also made a change to my clothes and spending allowance which I had been contemplating for a little while, cutting it by a quarter and adding that extra money to my pension as well.
So today I rang the pension company and informed them of my increased contributions. The young woman I spoke to congratulated me on making the change, wondering if I had had a pay rise.
I am pleased to have taken this action; it feels good to have immediately diverted the money saved into something specific, particularly into the pension. It does not feel very helpful to save money, if the difference is then swallowed up in general spending.
However, as I have mentioned before, I do like spending money on clothes, so the cut in spending money may be a bit of a challenge for me. I will see it as a test of my ingenuity....We will see how I get on.
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