Hope is not an Effective Financial Strategy

edited 3 March 2020 at 8:18PM in Mortgage-Free Wannabe
4.2K replies 346K views
1415417419420421

Replies

  • KarmacatKarmacat Forumite
    36.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Rigged!  :D:D:D The lot of it 

    **dances away, chortling**
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    Not counting this! 2020
    Garden fencing completed, woohoo 2021.......... Bunny hugger
  • debtfreeonedaydebtfreeoneday Forumite
    4.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
    ✭✭✭✭
    You certainly have luck with that lottery SJ!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £56.592,54
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Luck has no bearing... luck is where preparation meets opportunity... (or words to that effect  :)).

    And to add to it, I've claimed another £25 premium bond win! So I'll knock off £25 from next months round of buying and OP the £25.
    MFW: Was: £136,000.......Now: £66,808.05......
    Mortgage Neutral Deficit: £50,537.43... Mortgage Neutral Savings: £16,270.62
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £566.30 of £705
  • KarmacatKarmacat Forumite
    36.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    No kidneys to be involved, thanks very much  :D and you're doing really well in any case.  Though I totally understand that feeling of sort of boredom ... 

    Here's to many puppy nibbles :) 
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    Not counting this! 2020
    Garden fencing completed, woohoo 2021.......... Bunny hugger
  • LadyWithAPlanLadyWithAPlan Forumite
    238 Posts
    100 Posts Name Dropper
    ✭✭
    Had a overall read of your great detailed diary, wonderful to see the consistent focus over years of life ;)
    I had thought about doing TT's just to round up my savings (no mortgage yet just on my deposit and starting flat hunting)  but I see you do your daily, is this against just your current accounts?

    No doubt I will be reading as you  get to mortgage neutrality and beyond.
    "We delight in the beauty of the butterfly but rarely admit the changes it has gone through to achieve that beauty." Maya Angelou

    Sept  NSD 7/10          Sept  Groceries Challenge    £142.86 of £170
    MFW savings 11/08/21    £67,711.70    27/09/21  £70,427.45/100K
    Sept savings  £1436.41   Goal  £2818 pm    
    SIPP               11/08/21     £26,644.38   01/09/21     £27,200.36
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • Suffolk_lassSuffolk_lass Forumite
    6.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Good to see you back @shangaijimmy - I always feel a degree of normality has resumed when I read your posts. I know what you mean about the mortgage neutrality thing. I think it used to leave me feeing a bit too comfortable - sort of feeding my smug filter which resulted in me spending a bit more from the "I've got this covered" perspective. I would encourage you to swap back at the end of that process. Calculating all the savings from paying it off early and saving all that interest did it for me

    Save £12k in 2021 - #26 aiming for £7,500 - £6,395.34 85.27% after August
    OS Grocery Challenge 2021 target £1,824.29/£3k 60.81% annual after Aug (not incl £500 contingency)
    My Debt Free Diary Get a grip Woman
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Karmacat said:
    No kidneys to be involved, thanks very much  :D and you're doing really well in any case.  Though I totally understand that feeling of sort of boredom ... 

    Here's to many puppy nibbles :) 
    We wouldn't get much for Mrs SJ's pickled kidneys anyway!

    Had a overall read of your great detailed diary, wonderful to see the consistent focus over years of life ;)
    I had thought about doing TT's just to round up my savings (no mortgage yet just on my deposit and starting flat hunting)  but I see you do your daily, is this against just your current accounts?

    No doubt I will be reading as you  get to mortgage neutrality and beyond.

    I use the TT technique to round down my current account to the nearest pound everyday. Its a daily habit now when the kettle is boiling for my morning brew. I overpay these immediately into the mortgage and my smallest payment has been 3p! Although now it the amount is less than 10p I add a £1 to it!! I love it when the actual paper mortgage statement arrives and its 10 pages long!
    MFW: Was: £136,000.......Now: £66,808.05......
    Mortgage Neutral Deficit: £50,537.43... Mortgage Neutral Savings: £16,270.62
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £566.30 of £705
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Good to see you back @shangaijimmy - I always feel a degree of normality has resumed when I read your posts. I know what you mean about the mortgage neutrality thing. I think it used to leave me feeing a bit too comfortable - sort of feeding my smug filter which resulted in me spending a bit more from the "I've got this covered" perspective. I would encourage you to swap back at the end of that process. Calculating all the savings from paying it off early and saving all that interest did it for me
    I'm comfortable with it I suppose rather than being motivated. I added 2 columns to my spreadsheet thinking that looking at the "To Neutral" figure would inspire and have the same feeling of glee, but my eyes still get drawn immediately to the "Balance" cell. So maybe I'm stuck in the 'middle' area of progress being steady, and with that notion of "I've got this" now ingrained. Which is exactly the place we want to be in!

    Case in point is this. My "To Neutral" cell tells me that this month will go under the hugely significant £50k barrier. However I'd barely noticed it and instead was looking at the "Balance" cell for December and wondering if I will make up the £66 needed to nudge under £65k for the New Year!

    Maybe there's a figure where the "Neutral Savings" becomes the motivator?? 

    Or perhaps I need a spreadsheet that now counts down??

    Thank you for your message, I have been keeping up with your bee antics. Strangely enough Mrs SJ suggested we get bees and thanks to your exploits I was quickly able to rule it out for us  ;)

    MFW: Was: £136,000.......Now: £66,808.05......
    Mortgage Neutral Deficit: £50,537.43... Mortgage Neutral Savings: £16,270.62
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £566.30 of £705
Sign In or Register to comment.
LATEST NEWS AND GUIDES

Balance transfer credit cards

Shift existing card debt to 0% interest for up to 31 months

MSE Guides