# Advice on reducing monthly outgoings



## chop (15 Sep 2010)

I have been looking through this section and the advice is great on budgeting etc.

I have spent the last few days going through our income/outcome in detail.  We basically dont have enough income to cover all our outgoings so looking at areas to reduce our costs.  One area that popped up was Life cover -
72.35 pm for cover just for me
38.40 for joint cover for mortgage
101.29 for hubbys life cover (44.66 which is used as security for business loan)= Total €212.04

Problem - I reduced my hubbys life cover by €11.55 pm, but was advised to keep the rest in place as he had cancer 2 yrs ago at age 39 and that he might not get cover again.  so still costing €89.74pm for him

I reduced mine by €36.26 but still paying €36.09 pm including life cover and critical illness cover.  Should I cancel these or not.  Both my sisters had breast cancer - one at 33 and other at 45.

we are really struggling to make ends meet and i'm so afraid to cancel these with our family history - what to i do. take a chance and cancel or try to keep repayments at the reduced level that i have done in last few days (i.e. 47.81) -- but we're stil paying €164.23 and have no life whatsoever and when i do our budget our outgoings exceed our income.

Thanks for any advice because we really at our wits end and still really feeling the aftermath financially from his sickness, consultant costs, excess fees etc.


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## Mucker Man (15 Sep 2010)

Hi, you should complete the template as there may be other areas where you may be able to save money without having  to reduce you life assurance cover, eg, phone, sky etc.


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## PaddyBloggit (15 Sep 2010)

Template is here:

http://www.askaboutmoney.com/showthread.php?t=61289

Copy and paste into thread and fill it in.


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## giles (26 Sep 2010)

Agree with mucker man, life insurance is not the only area you could save money in.


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## paddyodoors (27 Sep 2010)

I'll start here by saying I know nothing about life insurance, hoever a couple of thoughts come to mind: 

You might benefit to understand what the life cover would be used for in the event it may be required......this should help dictate the cover required

Why do you ned a separate life policy when you already have the one tied to your mortgage?

For the two individual policies, can one be upgraded to add you both - assume this would be from a risk perpective better value

Paddy


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