Hope is not an Effective Financial Strategy

shangaijimmy

Lippy i'm still chasing you but cant seem to close the gap!

Chumpy - its very early days for me, and ive not really posted anything about it. I've added some interest payments from 2 reg savers this morning to take the total to £488.49. So far £365 has been taken as loans spread across 16 companies. Its saying i have a gross yield of 9.3% for an estimated return of 7%, and for a 25p interest profit in 5 days. Time will tell. I have another £300 prepped but will wait for 2 months and see how good it is at payments coming in. 15 companies are A+ or A rated for risk (0.6%) and 1 at C (3.3% bad debt risk).

In other news our new sofas arriving in 6 weeks, with carpet. We've asked them to hold it for a week longer, but no sign of a builder date yet. Mrs SJ is ringing him today to put a touch of pressure on!! To be fair he only needs 2 days, and then i only need 2 1/2 days for decorating.

shangaijimmy

Fast moving building news in that he's coming today! Got the message last night so had a frantic 2 hrs emptying the room (so relieved i took the flooring up when i had a kid free Saturday afternoon a few weeks ago!

So should be finished by weekend (fingers crossed), then i'kl have to get cracking with a paint roller! Fortunately DS1 & 2 have a day out with nanny and grandad!

Our current account is officially empty! Overdrawn by £1.94!! It'll only be for a few days as child benefit day is 5 days away, followed by payday 2 days later. We've got everything we need and food /petrol catered for.

shangaijimmy

Dust................!

PennyJar

Hi,

Your diary has been such a good read...just wondering how you work out the daily interest for mortgage...

Many thanks,
PennyJar

CathT

Building dust isn't great but will be worth it.

We've just gone £3 overdrawn too so did a quick money shuffle. Like yourselves, payday a week away with no need to spend. Let's see if this goes to plan!

shangaijimmy

Thanks for reading penny. I have a spreadsheet that calculates everything, but you can also keep a simple check by taking your monthly interest value (online or mortgage statement) and dividing by the number of days in that month. Daily interest has been a major tool in getting Mrs SJ motivated. I'd say net reduction is my big motivator.

shangaijimmy

Cath it'll definitely be worth it and looking st the new living room layout already we'd made a good decision. Was great watching the dogs confusion when he couldn't find the door!

debtfreeoneday

great news the builder is doing his stuff and then SJ is back in decorating mode.

shangaijimmy

Thanks for reminding me!!

hiddenshadow

shangaijimmy wrote: »

Thanks for reading penny. I have a spreadsheet that calculates everything, but you can also keep a simple check by taking your monthly interest value (online or mortgage statement) and dividing by the number of days in that month. Daily interest has been a major tool in getting Mrs SJ motivated. I'd say net reduction is my big motivator.

If you don't have the monthly value you can also work from your current mortgage balance.

Mortgage balance * interest rate = annual figure

Annual figure / 365 = daily interest

example using our numbers:

£136,143 * 0.0249 = £3,389.97

£3,389.97 / 365 = £9.29