Hope is not an Effective Financial Strategy

Suffolk_lass

Gosh you have done well for your S&S ISAs to have fully recovered. Ours are back up to the level at which we purchased (although some things are miserable) but all the share price increases that were showing in January have gone. I don't know if you read any of the finance pages but Ian Cowie was reporting his catastrophes yesterday in the ST. It is always deeply reassuring when someone who understands it far more than me has made mistakes just as bad as mine.

shangaijimmy

I can't claim to have any understanding of the dark forces at play! Ours go into index funds with a set balance of equities to bonds. Direct debits in place; set and forget! The only reason I check is to make sure the cash has been invested when I get the e-mails. I'll do a proper money review when our current mortgage deal ends in 4yrs time, and then I'll see where we are for one of them in 7yrs time and the other in 13yrs!

themadvix

Mine are (largely) in European socially responsible index funds and have only just gone back into the black - glad to know it isn’t just me who has only just got there - was beginning to wonder about being socially responsible when everyone else seemed to return to growth sooner.

shangaijimmy

Well the week rattles on. I've had no TT's to make as we haven't spent any money! So I've just been putting a token gesture £1 into the pot.

It really is all quiet on the money front at the moment. 2 weeks away from payday, paying out day and money shuffling day. We do have the kids JISA transfers currently being processed but with current situation it's taking a little bit longer. I also made a mistake on the eldest's as his date of birth didn't match his birth certificate. Now I admit culpability but it was a technical issue that my computer had auto-filled in my date of birth. So I do know his date of birth, but my learning was being too hasty and not checking properly! After chatting to them on the phone I had to let the transfer expire before resubmitting, rather than them just amending the form. DS1's is still an old CTF, so I have to change it to a JISA with someone (NS&I), before I then switch again to Vanguard where I'm trying to keep them all in the same place (remember my streamlining initiative). Just to add that the JISA's are not part of our savings for the kids as there's no way I'm letting the kids have control of a pot of cash at 18!! DS1 got the CTF of £250 but the other 2 the scheme had ended by the time they came along, so we paid the same £250 into a JISA for them. We haven't added to it, so it won't be much at 18 but at least they've all had the same.

Right the boys are getting to the end of their 'live lesson', which means I need to refill my tea in readiness for their times tables challenge. And then play time today is a dog walk!

themadvix

It sounds like you're nailing the homeschooling now Jimmy

Not spending money is the best way to mortgage freedom/FIRE so you're winning!

shangaijimmy

And right on queue I've received an e-mail from the smallest 2's current JISA provider to say that they have sent the balance to new provider (Vanguard). So I'm hoping to see the money appear in Vanguard by close of play tomorrow or Monday.

Just 1 more JISA to go!

shangaijimmy

Weekly OP of my TT pot made this afternoon. Thats £3.24 that I will never have to pay interest on again 

shangaijimmy

I thought I'd give a bit of an update of things at SJ towers, just to get me in the mode of writing something.

The kids continue to be home schooled. We've kind of given up on DD finishing her year at nursery, and although still not completely out of the equation i'd say there's a 10% chance of DS2 going back to year 3. DS1 was a matter of days from returning to year 6 before the school cancelled there wider re-opening due to the R rate being above 1 in the North West. Yesterday we received a survey asking our intentions if they are able to open (it seems they have a stack of staff in the shielding category for another few weeks yet). So he may go back and finish his life a primary school. They're doing well with the home schooling to be fair, and its been good at maintaining a routine of getting up, dressed and breakfasted, then starting at 9 for an hour. Play time, then dog walk, then some reading/times tables. Then lunch, then another hour of work in the afternoon.

Mrs SJ continues to work and ranges from 50-75% a week at home. It seems that this may be her working arrangement for the remainder of 2020. This along with home schooling means I haven't been able to do many jobs (2 bedrooms still to decorate). The dog is loving having everyone at home and it'll be a shock in September if the world returns to normal. I may need to think of a plan to phase him in, at least I work 10mins away and can pop home for lunch. I'm still furloughed, but the sounds coming out from work about the future sound promising enough. There's a major funding stream up for negotiation next year, and I'm hoping for an 8-10yr deal to get me to pre retirement!! 8 years would get me to 50 and I reckon enough cash put away that won't need much adding to it (throwing 33% at the minute), so that I could pick up a job with no pressure/meetings/targets that pays the bills! I could spend 4yrs stretching out the planning of my succession...

I've completely streamlined my bank accounts now (awaiting 1 CTF to transfer to a JISA. I am then going to switch that again). We have 1 joint current account (includes 2 savers for holidays and Christmas, and mortgage with them), 1 marcus savings account for our EF, 2 vanguard accounts (2 SIPPS, 2 Isa's and 2 JISA's) and 1 account with premium bonds. 
I'm happy with this set and will keep an eye on Marcus account. If they drop savings rate again I'll put all the cash into premium bonds.

Car Insurances' are due early July. Mrs SJ re quote dropped by £2, and mine went up by £36. Doesn't sound much but in percentage terms mine was a 30% increase. So I've moved them both as the company doesn't deserve the opportunity to "see what they can do". If we were such valued customers they wouldn't have provided a disrespectful re-quote. We'll also get £85 cashback which should make a nice bonus OP around Christmas time.

Next thing on the horizon is school uniform shopping....We have £650 in the fund so hope that will be enough for the 3 of them!!! Grandma usually insists on buying shoes which helps massively, and I'm sure Nanny will want to respond with winter coats... We are so lucky!!

Stay safe everyone.

themadvix

That's a pretty comprehensive update Jimmy! I'm glad things are sounding positive about work - and love your long-term plans!

Suffolk_lass

8 years until you are fifty - this is the time to achieve all your ambitions financially. At 20 years older than you, and having spent the last three days hedging, I can vouch for the need to pace yourself as you get older. I feel slightly as though all my get up and go has got up and gone this morning! Your financial planning is at least ten years earlier than mine was. Well done!