Hope is not an Effective Financial Strategy

savingholmes

It's taken me quite a while - but have now caught up on your diary. You certainly have won often on the postcode lottery and PBs. Well done on all those TTs. Will continue to watch with interest as you get closer to mortgage neutrality.

shangaijimmy

Watty1 said:

Enjoyed the catch up.  Am decluttering here but for different reasons

Thanks for checking. Your email alert in my inbox definitely pricked my conscious that I've been neglecting this diary!!!

shangaijimmy

savingholmes said:

It's taken me quite a while - but have now caught up on your diary. You certainly have won often on the postcode lottery and PBs. Well done on all those TTs. Will continue to watch with interest as you get closer to mortgage neutrality.

I am in awe of your perseverance for catching up. We actually had another £10 postcode lottery win early in December as well  At the moment the little payments of TT's and debit card round ups are the only real thing that is keeping me motivated at the moment. More in the next post...

shangaijimmy

Well, shame on me for my absence... The 7 week period of November and until I finished work for Christmas mid December were pretty relentless. All 3 kids had 'the cold' that was going about, and this was interspersed with several Covid spikes in the primary school, and this was all pre the Omni variety. DD then got 'the cold' again (she probably never really got rid), and reckon that yesterday was the first day since 5th December when she got sent home from school that she's looked anywhere near normal.

Our 7 yr old dog is poorly too. Several trips to vets, 2 rounds of antibiotics that improved him but not fully, and then on 23rd he had an investigation under sedation, some scans and some biopsies taken. We're expecting the results in the next 2-3 days and then we'll know whats next for him. What we do know is that for the moment he has no tumours anywhere, so we're clinging onto this!

So all in all its been a worldwind... We've had a fantastic Christmas period taking the little un's to have breakfast with Father Christmas, a couple of cinema visits (that's all DD was up to really) and we've had plenty of little family gatherings where we've all pretty much taken it in turns to host. And we've got a couple more family days out left to do.

Moneywise it has been a 'challenge'. Mrs SJ has gotten a handle of the price rises in stuff for weekly shopping, but its the price of petrol that seems to have caught me out with our budgeting. The vets has also been a factor. I've tried to pay for the consults and tablets in general spends and in total that has been £67. His procedure was £190 which I have dumped on a credit card for now until we know what is next. He is insured so its likely that if he needs anything major doing then we'll claim. At the moment with the excess we'll have to pay and the small amount we've paid, I'm reluctant to claim given the major hike in premiums that will come for him. So some decisions to be made, but that will all be guided by what his biopsy shows.

In terms of financial progressions...we keep on with our retirement and pre retirement payments each month. Alongside Mrs SJ's work DB payment we also pay £100 into her AVC fund and then £100 into her SIPP. I sacrifice a large sum from salary into my DC pension so that £900 goes in each month. And then we've continued to pay £450 into an S&S ISA which acts as our mortgage neutral pot. However as of January I've had to reduce this to £350. 2 yrs of pay freezes for us are now starting to bite against inflation costs.

I had a target of nudging below £65k of actual mortgage balance (not including neutral pot) from my TT's and debit card round ups. I'd lost sight of this target to be honest but from looking at my spreadsheet last night we'll actually fall £16.52 short of this. I wasn't too bothered about that, however I was due to have an afternoon out with friends yesterday which got cancelled as 2 got called into work so I will make the OP from the money that I would have spent!

Lastly I've had a 10k steps a day for a calendar year challenge going on. I have 4 days to go and today will be a wet one!

Really last one I've been on a 16 week running plan which finishes with a half marathon on New Years Eve, so I've got that to look forward to. And I will have definitely earned my food and beer on New Years Eve!

themadvix

Wow Jimmy, so much going on! Sorry to hear about all the illness, but glad the humans are all better at last and fingers crossed the pooch can be sorted. They were very reasonable costs for appointment and tablets so far, so I’m with you on avoiding insurance claim if you can - we’ve just had renewal through and naughty ginger cat’s dubious eating habits  (£1500 bill after he ate the cable on headphones) is catching up with us - his premium has gone up quite a bit.

 Lots of good fitness/health stuff too - good luck with your half marathon!

 Inflation is definitely becoming a factor in budgets, isn’t it? I’m sure you’ll work it out though - you have a really firm grip on your budget. But it does make FI/mortgage OPs tougher.

Karmacat

Great update, Jimmy!  But since you've been busy with offspring and lovely pooch and your finances are great, I think you can dispense with the shame    A bit concerned to see the difference for you that inflation and lack of salary increase is starting to have for you - I'm very glad it's a matter of reducing new savings, rather than taking from savings themselves.  

Have a lovely NYE  

badmemory

Does anyone actually believe the inflation figures?  I certainly don't.  But I suppose it depends on which version of the world you live in.  My personal inflation figures are well over 10%.  In fact even milk has gone up by 5% & we know how the supermarkets manage to force the farmers prices down.  They will be complaining soon that consumers are not buying rubbish or that personal debt is going up because they are.  I suspect there are a lot on here worried about their energy bills because there supplier has gone.  80% now & another 60% at least in April, so almost 200% increase in less than a year.  Mine a total of 288% for the year.  I can do it somehow but I do worry about others who already have no margins left!

shangaijimmy

badmemory said:

Does anyone actually believe the inflation figures?  I certainly don't.  But I suppose it depends on which version of the world you live in.  My personal inflation figures are well over 10%.  

One of the ones that doesn't get mentioned enough is that council tax goes up 5% every year. Its guaranteed to go up as a precept for social care provisions, which as of April will be alongside the 1.25% NI rise to again pay for social care.

I agree completely. My 'basket' of goods is very different to the one that is used to calculate inflation!!

Suffolk_lass

I agree too. The wheatgerm bread has increased from 65p to 95p a loaf over two years and 20p of that is this year. The fancy bread went from £1.60 to £1.80 a loaf too. Just by way of one (bread) example. I also notice the Leicester crisps people whose stock control computer failed, have increased the price for 6 small bags to £1.70 from 2 for £2.50 at the start of 2021. So that is one treat we will dispense with now. 

Good to see you back posting this week. One of my favourite diaries to keep up with. I hope your dog is OK

Cheery_Daff

Excellent update SJ 😊 Glad DD is feeling better. All fingers crossed for the dog, I do sympathise with the vet bills.

Hope you can make your OP target, and have you really kept up 10,000 steps every day of the year?? I am extremely impressed!