Hope is not an Effective Financial Strategy

A_Frayed_Knot

Oh heck, I thought it was only up here, if you didn't like the weather - they tell you to wait 5 mins

but, I still have a patch of grass with an L shape cut out :rotfl: at least my bluebells have lasted a while longer.

Karmacat

The internet can be very empowering! As to how we managed - mostly, at my level, we didn't have the stuff, or the savings to look after, that we have now. Just deleted a huge paragraph giving details of all that, but really, life's too short, and I prefer having more than three sets of clothes, having central heating, having supermarket deliveries, etc etc etc :rotfl:

I may burn in eco-hell, of course :eek:

shangaijimmy

Well the month is crawling along with me waiting for our paydays to relive the skintedness!

I haven't got much to do in terms or financial management either. My pension dabblings have been activated so just waiting for the pension transfer to take place (paperwork completed and accepted), I've sorted my salary sacrifice with payroll, and the Natwest account switch takes place tomorrow. Once this is done I'll transfer in and out the requirements for the bonus payment (£1,500 and no direct debits needed).

So i suppose my main course of action is to get some actual proper work stuff done rather than browsing peoples diaries!

shangaijimmy

Oh, i did tidy the garage at the weekend and I have a decision to make! I need to stop procrastinating about putting the kids clothes on ebay and actually get on with it...or take them to charity shop! Somewhere i need to find some enthusiasm for the bay!

shangaijimmy

A have a morning at home to get the patio re cemented... So watch this space, it must be done!!

shangaijimmy

The patio is done...:j 30mins of tidying to do tomorrow when its all dried and set. Then its over to Mrs SJ to decide on what pots, wall and hanging baskets she wants. I can sit back with a cold beer and enjoy (lets forget about the fence that needs painting for now) :beer:.

I'm in work now, so best crack on.

shangaijimmy

I have a 10yr badge...and I'm supposed to celebrate that on the forum...so :j

Makes me think that if I'd committed properly to a Mortgage free plan in 2009, we'd be all but finished now.

A_Frayed_Knot

shangaijimmy wrote: »

I have a 10yr badge...and I'm supposed to celebrate that on the forum...so :j

Makes me think that if I'd committed properly to a Mortgage free plan in 2009, we'd be all but finished now.

Congratulations :beer: Not long to go now you gather pace as the years go by.

shangaijimmy

To be fair AFK the pace of the last 4 years has been immense anyway!

Off work with DD today and managed to get the garden put back together. So i'm now sat outside with a brew watching DD on trampoline and playing with bubbles, whilst I'm catching up on diaries. I just wish i had an outside brightness setting on my chromebook!!
I'm actually looking at the fence thinking that it doesn't seem so bad... I did only paint it late last summer, so considering whether Mrs SJ will let me get away with it...

In terms of finances I was horrified to see how far behind I was with work expenses. Thankfully i submitted those yesterday, alongside a £100 train ticket for a conference in June. I'm hoping that after next Fridays pay that we should be back on an even keel. Unfortunately we do owe our everyday savings pot (used for car repairs, school uniforms, school trips etc...) quite a bit at the minute, and our expenses (Mrs SJ also has nearly £80 owing) should account for nearly all of it.

I do have a childrens savings dilemma. I've always been relatively happy with their savings in a Nationwide account that gets 2.5% interest, which we've now been informed will reduce to 2%. Now we have secure jobs with excellent sickness pay, job security and so on, so I've always viewed the the kids savings (intended for University support of housing costs or transport costs depending on their living at home and living away potential) as also being our EF so happy enough with the interest rate because of the ease of access. But ive been musing on whether it was time to start shifting some to better savings, especially now that DS1's is approaching £5k.

My issue is; the thought of the money going straight to the kids and one of them being a tearaway and spending it on tattoos ( I work with kids and have recently seen a lovely kid that i always thought i would be happy if my 17yr old niece brought home as boyfriend, turn to drugs and spiral downwards literally in a 6 month period).

So my current thought is (as its our money), to put it all in an S&S Isa under Mrs SJ's name. I'm also figuring we don't really need 3 pots of cash...its all designed for the same purpose and we don't necesarily require the same amount for each...it's not 'their' money its 'our' money to help our costs for them. We have approx 8yrs until we would need cash for child number 1, approx 19yrs before the Uni things would be over (presuming on 3yr courses). I'd leave some to one side as EF.

The 5% current accounts are reducing or I've used them all up - exception of Lloyds (3%or 4%???). Or do i start the accumulating the 5% reg savers and drip feed in the cash that is already saved? That means I need to start opening accounts again, after streamlining everything at the start of this year!!!! And I'm only allowed 1 withdrawel a year to preserve the current 2% interest rate, so I'd need to be organised here...

I really just need to make a decision!!

Suffolk_lass

Re children - I took out a life insurance endowmwnt policy for DS when he was 3 for 20 years - having blown much of the hard-earned money my parents saved for me at the age of 18 I just did not think that was old enough. That doubled by contributions and worked well but requires a committed amount each month. My Mum's will also stipulates 26 before funds are released to grandchildren. You could also look at NSI Childrens Bonds that can be taken out for five-year increments that auto-renew up to age 16 (so timed right, can run until nearly 21). I share(d) your pain. DS will be 27 at the end of the month and now saves regularly - car - holiday and long term pots (the latter is his S&S ISA). He is about to embark on a training course for a side-hustle that he just 'has' the money for - that is a pretty powerful persuader. Presumably the Mrs SJ ISA idea is about retaining control? - seems like a good idea for that reason.