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June's Frugality Challenge Update

This entry was a little later than planned due to my holiday. It's been a good month:

1) Insurance - I've changed life-insurance companies. The premium savings were quite astounding. Saving for the year: £139.56

2) Shopping - Saving for this month: £15.72

3) Electricity - Having implemented many energy-saving measures (including the solar panel), I've been able to reduce my monthly payments. Saving for the year: £108

Total for June: £263.28
Total for 2007: £1023.50

It's been encouraging to see that now we're halfway through the year, I've managed to get two-thirds of the way towards my goal - although now things are going to be much harder because most of the major things I spend my money on each month have been covered. The remaining £500 or so that is left is going to be quite a slog.

Over the year, some other reasons have come to light as to why I need to do this. The first is my job. In the coming months, my shift may be changed, which could result in my take-home pay being reduced. It makes sense to start tightening the belt now before things start to cut in. The other reason is that the fixed-rate part of my mortgage comes to an end next July. With the increase in interest-rates, this inevitably means that my repayments are certain to increase. With both of these pressures looming, it was definitely necessary to take steps to minimise the damage.

And of course, there's never any harm done by saving some money...
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