Hope is not an Effective Financial Strategy

debtfreeoneday

Good progress SJ!

Suffolk_lass

I probably say this every month but I always hope to see your extra savings recorded to show your overall progress - always impressive

shangaijimmy

Suffolk_lass wrote: »

I probably say this every month but I always hope to see your extra savings recorded to show your overall progress - always impressive

Indeed you have referenced it before...and to show that I have taken notice I will be joining in the save 12k challenge for 2020 to reflect those savings! The challenge element definitely helps me to focus and the report progress etc...

Quickly though for Nov:

• £650 - salary sacrfice to SJ pension
• £300 to S&S Isa for pre retirement
• £100 - to Mrs SJ fund to DB pension
• £100 - to kids Uni fund
• £50 to kids 'we've outgrown our clothes' fund
• £250 - holiday fund

Suffolk_lass

And so now you see, your whole month looks a lot more productive and actually, pretty awesome (and thankyou ) :T

Karmacat

Wow! Separating out those figures *really* makes a difference. I'm glad you listened to SL

shangaijimmy

Thank you both. I am very happy overall with our financials and for the savings parts I'm just about coming to terms with, or rationalising, the shift. For 4yrs everything about our money situation was to attack the mortgage reduce our obligations and so take the stress/pressure away from money. Now that we have achieved this and the outstanding mortgage is no longer a stress causer I have to admit I've found the percentage focus shift towards retirement difficult to generate the same level of enjoyment.

I know all the cliches about future self thanking me, and i fully know and appreciate the positive strides we're making but... its SO SLOW...and I'm not used to it! And its slowed down mortgage progress as well!

So save 12k challenge for 2020, and a plan to track pension and investment progress every 3 months. Or maybe every 6 months!

Suffolk_lass

I've just seen you have registered already for the Save £12k thread. Have you already decided what you will report in Save £12k?

I have been doing that for 3-4 years now and it helps me (mostly less than £12k) - I track all my TTs into savings and report these (and until now, the savings from salary we were making), rather than the running total of what I have stashed. Up until now I have not included interest/dividends but I am switching for next year as my income is now my occupational pension and much of my saving is recycling (eg the Regular Savers and the current account shuffles) to generate a bit more. So while I won't count the £250 regular savers, I will count the interest they pay out in February.

I also did not count pension contributions but you should in my view - seeing these increase will soon engender the same buzz you were getting from overpaying your mortgage (hopefully!).

For me, it is that ability to keep tweaking and twisting out an extra £1 here or there that has worked to keep my interest going. I know saving on payday is advised, and I do all that too, but it is a bit dull with a once a month thump on the doormat and then nothing. I think some others keep it going by doing surveys and matched betting, selling and making things, to keep the frisson of excitement going. You are probably too busy, judging by your shift lengths and the family and personal commitments you have.

By the way I sort of double count mine because I squirrel away my TTs into an instant saver account at the bank, and then make small OPs of this to the mortgage where it counts there too.

Lots of options to explore if you haven't already nailed it all down. KC is your girl on surveys and has previously played the MB game, if you want to look for more.

Karmacat

Suffolk_lass wrote: »

Lots of options to explore if you haven't already nailed it all down. KC is your girl on surveys and has previously played the MB game, if you want to look for more.

Yikes :eek:
Wonderful post till that bit, SL :rotfl:Jimmy, since you're so financially literate, if you have an hour at a titme, I'd advise research into matched betting - not the mse forum necessarily, but a website called Team Profit. It's free, Cheery Daffs and StrawberrySuze posting on my thread recently both use it - I'm trying to clear my to do list a bit further, because I'm pretty slow at matched betting, I know from previous experience. As an mse effort per hour, though, the "pay" is seriously unmatched. Amazing stuff, and I could certainly pay for my cruises with it .

shangaijimmy

Thanks both. I'll reply properly later, but in the mean time. I've done MB twice. Exhausted so many accounts under so many names. I reckon I made between £8,500 and £10,000 overall until the offers dried up and the accounts became some heavily restricted. I used some of the money to OP, and then the rest for holidays, weekends way, nights out, new road bike for Mrs SJ and so on.

I wish I could start again with it to be honest, but accept those days are long gone for me now.

Karmacat

Should have known! Don't worry about a proper reply, that *is* a proper reply