Hope is not an Effective Financial Strategy

teapot2

Well done on the OP milestone and good luck with achieving the next one :money:

Busy_Mee1

Wow £50 k in 47 months is an amazing achievement Jimmy. You should be very proud of yourself. What is truely amazing is that you have done it without impacting too much on your family's lifestyle....your kids are clearly having a lovely childhood.

the_cross_rabbit

Seriously impressed with your figures well done.
CRx

shangaijimmy

Thanks all.

Little bit of glee this morning. Spotted that FD 5yr fix int rates has dropped from 2.08% to 1.99%. Our remortgage is due in March and I've already secured the 2.08% rate, so a little phone call is required this morning to adjust onto the better rate. Woo Hoo!

Suffolk_lass

What a very excellent spot that is SJ! we all need these little incentives to keep our interest high - are you going to extrapolate the saving across your 3 year target so that you know what the cash impact is? - this is my particularly sad side showing itself, I love a good spreadsheet!

shangaijimmy

Well i do know it makes a 19p daily interest saving on Month 1...if that's a hint of what you're implying!!

And the cash impact across the 5yrs is £3,800 (with OP estimates factored in).

Karmacat

Excellent news! 19p a day sounds mad, doesn't it, and then with everything added in (overpayments, compounding, all of that) it turns into £3,800 - good for you, SJ and a real lesson in how to make the system work for you.

Suffolk_lass

shangaijimmy wrote: »

Well i do know it makes a 19p daily interest saving on Month 1...if that's a hint of what you're implying!!

And the cash impact across the 5yrs is £3,800 (with OP estimates factored in).

I knew you would know. It really makes me smile, sitting here, that you have already completed that calculation. It is why yours is one of the first diaries I read! Love it :T

shangaijimmy

Karmacat wrote: »

Excellent news! 19p a day sounds mad, doesn't it, and then with everything added in (overpayments, compounding, all of that) it turns into £3,800 - good for you, SJ and a real lesson in how to make the system work for you.

Suffolk_lass wrote: »

I knew you would know. It really makes me smile, sitting here, that you have already completed that calculation. It is why yours is one of the first diaries I read! Love it :T

Thank you both...Its great to hear that someone is out there in the ether. Mrs SJ was less than impressed (she's really happy with our progress but not happy with my constant "look at this" etc...although she was impressed with our reward scheduled for Friday due to our £50k milestone).

shangaijimmy

Quick in. I've ring FD and have our telephone call booked in for Thursday, so delighted with that. I'll keep my eye on rates especially given the current uncertainty, in case they have another drop. 5yr @ 1.99% with no fee and importantly none of the switch to a new lender rigmarole.

Dentist check up booked for tomorrow, and i know i have an issue with a filling that is falling apart...!

I still need to get onto our gas and leccy deal. That may be another job for Thursday.