Hope is not an Effective Financial Strategy

shangaijimmy

Hi Cath, apologies for a delay. As you can see i've been a bit absent from MFW boards for a week or so. I've actually been reading but just not posting, as the mid month slump reduced motivation for posting as had nothing to post. Anyway determined to get back into it during August.

I'm, still running and a small run short of 150miles. So on target for my 500 mile by New Years Eve challenge. I've hit a small hurdle though as i hurt my back ten pin bowling with the kids. This did coincide with a week away and a planned break from running anyway, so no major damage done to progress (I have about 12miles to make up somehow).

As expected we came to the Lakes for a week and it coincides with the weather changing. Day of arrival 28degress. Everyday since its rained!!

shangaijimmy

A good month in that we kept up with standard overpayments. However my big birthday meant that we didn't really find any extras's.

Month Figures

• Closing Balance - £91,863.15
• OP's - £542.37
• Net Reduction - £1,034.62
• Daily Interest - £4.13 (4p reduction)
• LTV - 41.57%
• % Loan Remaining - 67.55%

Length of Diary Figures

• Cumulative Op's - £24,381.01
• Ave OP's - £594.66
• Cumulative Net Reduction - £44,136.86
• Ave Net Reduction - £1,075.61

Busy_Mee1

Great to see you back Jimmy - it has been very quiet around here without you. Happy big Birthday !

A_Frayed_Knot

Hope you had a lovely BIG birthday :bdaycake: and know what you mean by the mid month slump - I feel that the week before, the mid, and the week after now, but hanging on in there, and same as yourself, been reading, just not posting much, as feel not a lot to say, and like you was away at the caravan the weekend before last - overcast and rain for the weekend we were away.

Roll on August, and the long month for me, hope I can keep interest.

shangaijimmy

AFK - I'm actually wondering if i got a mid month slump effect because i knew we'd wouldn't find any little extras. So it made the month feel like an eternity as there was so little activity other than standing order OP's.

Something to report is our S&S Isa. After a slump in June that eroded the majority of the gains, happy to report that by the end of July we are back to a 5% increase in plan value. So happy enough with the start of the next phase of our financial planning.

To recap, I started with about £450 and have added £30 a month to it, plus any cash that has cleared from our funding circle. I'm seeing how it all works and getting comfortable with everything before March 2019 when i will be sending £100 a month into it. The extra will come from the reduced mortgage payment when we remortgage in March. Overall I'm going to add an extra 1-2yrs on our mortgage quest to be steadily increasing one of our retirement pots. One thing i have learned is that you need to tackle debt, pensions and early retirement investments at the same time!! S&S investment will be a 20yr thing, so playing the long game and have just started.

themadvix

This is becoming our approach (aside from the short-term goal of moving) - it's tricky finding the balance though!

shangaijimmy

Its is tricky finding the balance, and I'm not sure that I ever think i have the balance quite right! Never happy!!!!!

Well my 36p TT excitement has been checked with the news that interest rates are going up ) 0.25%. Doesn't affect us now as we're fixed at a lovely 1.64%, but it doesn't help with the rates that will be available in December for our next (and final) remortgage/fix!!

And its raining again in the Lakes!!

shangaijimmy

Well home and back to work with a bang this morning! Was great to be back in our own bed though i have to confess!

August accounts look tragic already. Its DS2 birthday next week and his party tomorrow. Gonna be a long long month...think i'll be eating dust to conserve cash!

A_Frayed_Knot

So far, so good for me, its 8 days since payday and its flown by . . . probably eat my words in a couple of weeks time - the mid slump.

Hope DS2 has a great time at his party and fantastic birthday next week.

shangaijimmy

AFK - thats great way of looking at it. Although its only the 3rd its actually 9 days since payday, and so only 22 days to the next one.

Well logged onto banking this morning and TT'd a whopping 3p... The banks must be quaking in their boots!

What was nice was the realisation by the end of September we'll be in the 80's, and i suppose that 3p edges us ever closer!