Hope is not an Effective Financial Strategy

Suffolk_lass

Who doesn't love a highlighter pen.

In summary, over those six months, how much interest has your monthly payment reduced by? or how much interest has it saved over the projected life of your mortgage?

shangaijimmy

Suffolk_lass said:

Who doesn't love a highlighter pen.

In summary, over those six months, how much interest has your monthly payment reduced by? or how much interest has it saved over the projected life of your mortgage?

Daily interest has reduced by 16p per day. 

Slight error with my fat thumbs this morning, so £1.60 TT made! Payday today which means a couple of money shuffles. The majority of account activity is automated, but I leave a couple of things so that I have something to do on payday!!

Suffolk_lass

You see, 16p a day saving. That would be my motivator - that is over £28 every six months you are saving now - so like a little pay-rise. Well done!

shangaijimmy

Daily interest has always been a big motivator for us. It has been especially effective in engaging Mrs SJ to the whole quest.

Our debit card round up pot stood at £2.81 for the week, so that has been promptly OP'd.

Baileys_Babe

I find daily interest a big motivator, my OH can't be bothered to engage and would be happy to just pay the monthly amount and not need to think about it.

Since the beginning of the year, our daily interest has reduced by 44p per day. I am aiming to reduce the daily interest from the start of the year by 50p per day.

LadyWithAPlan

shangaijimmy said:

£1 TT yesterday and 81p today. Trying to keep moving forward daily! The result of these TT's brought the 6 monthly excitement of the mortgage statement yesterday. Several pages long, which always gives me a little shimmer of glee and I then played "Guess the smallest overpayment..." with Mrs SJ.

She humoured me with a tone that could have been decoded as one of pity or tolerance, and offered a guess of 3p. So it would seem that she knows me too well. Naturally I ploughed on pretending to be oblivious to her tone, and found 6p was the smallest over the last 6 months.

Loving your "Guess the smallest overpayment..." game - couples who save together stay together evidently..

shangaijimmy

Accounts round up this morning.

• £450 added to mortgage neutral pot.
• £33.08 OP's from account tidies and payment round ups.
• We've broken the £50k barrier on mortgage neutral deficit.

This £50k barrier is significant for not only the obvious reason of a major milestone. But also as (should we continue in the same fashion) we should be mortgage neutral in less than 50 months.

Challenges on the horizon:

• £105.62 payment round up and TT's to find in 2021 to achieve my 1% target
• £33.52 extra to find in 2021 to break the £65k figure on actual mortgage balance
• £138 to find before the end of my mortgage year (ends in Feb) to break the £64k on actual mortgage balance

Suffolk_lass

Lovely round up and what look to the outsider, like achievable targets across the board (in light of your previous track record!)

Cheery_Daff

Ooh, brilliant work there - and only 50 months to mortgage neutral, how lovely! Sounds like you're definitely going to be breaking the £64k mortgage balance by the end of the year.

shangaijimmy

Lovely surprise this morning with another £25 PB win. I'll buy £25 less bonds this month (storage place for our holiday cash) and OP the money instead.