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Hope is not an Effective Financial Strategy

edited 3 March 2020 at 8:18PM in Mortgage-Free Wannabe
4.1K replies 339.8K views
1162163165167168414

Replies

  • cookie9cookie9 Forumite
    764 Posts
    Part of the Furniture 500 Posts Combo Breaker
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    The M+S regular saver used to pay a reasonable amount. Not sure what is it now as mine has matured but may be worth a look. Good luck with the decorating.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
  • debtfreeonedaydebtfreeoneday Forumite
    4K Posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
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    Bearing in mind you will spend time on your rear end - you would want to be comfy, so I reckon a little over budget is right!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £59,986.52
  • mrsp1987mrsp1987 Forumite
    815 Posts
    Fourth Anniversary 500 Posts Wedding Day Wonder Cashback Cashier
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    Bearing in mind you will spend time on your rear end - you would want to be comfy, so I reckon a little over budget is right!

    I had to go back a few posts for this to make sense. Glad I did. :rotfl:
  • chumpy45chumpy45 Forumite
    495 Posts
    Sixth Anniversary 100 Posts
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    I have just been looking at the Tesco current account. It seems there is not minimum payment each month and no require for DDs to be set up. Could I just therefore use it as a savings account and take advantage of the 3% or am I missing something. Hope you don't mind me hijacking your thread, but you are the acknowledged banking expert!!
    Starting Mortgage 01.08.08 £171,209.24. [STRIKE]01.08.16 £42,418.93[/STRIKE]; [STRIKE]01.02.17 £36,584.00[/STRIKE]; [STRIKE]01.04.17 £34,694.7[/STRIKE]1 [STRIKE][STRIKE]09.06.17 £32,828.89 MFW Target date Sept 2017; :[/STRIKE][/STRIKE]) [STRIKE]06.08.18 £24,769.47[/STRIKE] [STRIKE]01.11.18 £23,825.00[/STRIKE] [STRIKE]22.01.19 £21,990.00[/STRIKE] [STRIKE][STRIKE]06.02.19 £21,200[/STRIKE][/STRIKE] [STRIKE]03.03.19 £19,862.93[/STRIKE][STRIKE]01.05.19 £18,509.63[/STRIKE] [STRIKE]01.08.19 £16,750.00[/STRIKE] [STRIKE]01.10.19 £15,400.00[/STRIKE] [STRIKE]01.11.19 £14,700.00[/STRIKE] 01.12.19 £13,956.00 01.02.20 £12,503.61 01.04.20 £10,999.00
  • GoldiegirlGoldiegirl Forumite
    8.8K Posts
    Eighth Anniversary 1,000 Posts Rampant Recycler Hung up my suit!
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    Hope Jimmy doesn't mind me answering, but basically yes, the Tesco current account can indeed be used as a savings account.

    No DD requirement or monthly funding requirement.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Correct GG. I have 2 accounts that are used purely as savings.

    Been a very busy couple of days at work so not been able to go on MFW at all. Planning an early to bed evening and some catch up reading later...

    Just 2 days till accounts posting which is exciting, and i need to do some money shuffling to make sure i get all the relevant bits of interest on the various current accounts. Still not had chance to look at car insurance(s), but planning on tackling that on Friday afternoon in work!

    You may rememebr the assignment...well submission is tomorrow and i can proudly say i've still not finished it but only have 300-400 words left, plus a bit if proof reading! Trouble is submission is tomorrow will wil only trigger assignment number 2!#

    Last thing is my small change jar is looking rather full so i need to cash in and OP it tomorrow and am hoping for £10.
    MFW: Was: £136,000.......Now: £68,202.78......
    Mortgage Neutral Deficit: £54,331.22... Mortgage Neutral Savings: £13,871.45
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £411.69 of £705
  • debtfreeonedaydebtfreeoneday Forumite
    4K Posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
    ✭✭✭✭
    Well done on completing the assignment (Nearly)!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £59,986.52
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Thanks debt free. Assignment duly completed and sent, 50% is a pass so here's hoping...

    I OP'd £5 jar. There's a few more in there so I'll get another £5 from it next month. Accounts day today, woo hoo. School run, dog walk then accounts....
    MFW: Was: £136,000.......Now: £68,202.78......
    Mortgage Neutral Deficit: £54,331.22... Mortgage Neutral Savings: £13,871.45
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £411.69 of £705
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Another good month for us. Slightly behind the ambitious target of £600 OP per month, but more than ahead of yearly schedule after some very good months. So here goes:

    Monthly Figures
    • Balance - £118,773.74
    • OP's - £574.68
    • Daily Interest - £6.48
    • Net Reduction - £1,086.93
    • LTV - 53.74%
    • % Loan Remaining - 87.33%

    Diary Averages
    • Ave OP's - £602.67
    • Ave Net Reduction - £1,076.64

    As ever thank you to everyone's support. June has been a tough month motivation wise!
    MFW: Was: £136,000.......Now: £68,202.78......
    Mortgage Neutral Deficit: £54,331.22... Mortgage Neutral Savings: £13,871.45
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £411.69 of £705
  • hiddenshadowhiddenshadow Forumite
    2.5K Posts
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    Still above the average net reduction amount. :) Well done!
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