Hope is not an Effective Financial Strategy

ourcornercottage

You're doing so well. I'm jealous:)

In a couple of months I'm hoping to be joining you in the £120's

I have to agree, read in isolation I'm sure we all sound a little (lot) wierd

shangaijimmy

We are phenomenally obsessive tribe. I'm not even in the 120's yet and I'm thinking of how long before 125k! Then 110k's sound so much less mortgage debt...

It's never enough...

shangaijimmy

Bluefire - what a fantastic situation to be in. I'm purposefully not trying to think too far ahead, but i must admit every now and again i scroll down on my spreadsheet to 8 years and think if only... maybe...lets do it...steady on don't think past 2yrs for now!

shangaijimmy

Favourite time of the month and fortunately the kids are exhausted so i'm not mithered for 15mins!

Before i start the hamster shopping ended up interesting. In typical fashion for our house we bought 2 dwarf hamsters so that they wouldn't be on their own and would have more fun (quote of a 6yr old)

Highlights:

• OP = £519.53 :T
• Net Reduction = £985.36 :beer:
• Daily Int Reduced by 5p to £7.09 :j
• Cumulative OP = £3190.10
• Cumulative Net Reduction = £5762.12
• Int Saved = £253
• Cumulative Int Saved = £1569
• One month erased from the term!
• Closing Balance = £130,025.21
• LTV = 58.83%
• New Tilly Tidy Technique = £22.39 :T

Lowlights:

• Closing Balance of £130,025.21 - was really hoping to have got rid of the 130k's

An interesting point to note is that i've set myself a challenge of a 12,050k reduction for the year and have been tracking some figures to see if its possible. It must be said that i thought this would be impossible in year 1 but at the half way point we're very close. To achieve this figure we need to average a total of £1219.71 payments per month (average OP of £532.45). At the minute we're averaging £1218.74, and with the increase of our standard OP by £30 you just never know... :cool:

wildesavings

Oooo I like the facts and figures round up - I'm off to read from the beginning

shangaijimmy

My plan is centered around finishing before we need a new kitchen! Which is a big ask though!!

Ali-OK

shangaijimmy wrote: »

Favourite time of the month and fortunately the kids are exhausted so i'm not mithered for 15mins!

Before i start the hamster shopping ended up interesting. In typical fashion for our house we bought 2 dwarf hamsters so that they wouldn't be on their own and would have more fun (quote of a 6yr old)

Highlights:

• OP = £519.53 :T
• Net Reduction = £985.36 :beer:
• Daily Int Reduced by 5p to £7.09 :j
• Cumulative OP = £3190.10
• Cumulative Net Reduction = £5762.12
• Int Saved = £253
• Cumulative Int Saved = £1569
• One month erased from the term!
• Closing Balance = £130,025.21
• LTV = 58.83%
• New Tilly Tidy Technique = £22.39 :T

Lowlights:

• Closing Balance of £130,025.21 - was really hoping to have got rid of the 130k's

An interesting point to note is that i've set myself a challenge of a 12,050k reduction for the year and have been tracking some figures to see if its possible. It must be said that i thought this would be impossible in year 1 but at the half way point we're very close. To achieve this figure we need to average a total of £1219.71 payments per month (average OP of £532.45). At the minute we're averaging £1218.74, and with the increase of our standard OP by £30 you just never know... :cool:

2 hamsters :rotfl: Ooh what have you called them?

Brilliant figures and love the way that what seems far-reaching with the £12k reduction certainly looks to become a reality :j. Those little extras that get found to throw at it.

Great you've got regular milestones too - another month off this month, next month into the £120k's and the following month will see you drop into the £6 bracket for daily interest too. :T

Exciting stuff!

shangaijimmy

The progress we seem to have made in just 6 months is astonishing! :j

And September is off and running with £8.31 from nationwide and 24p TT. Tomorrow i should have TSB interest and then Halifax rewards in a few days. Those 3 will take us into the 120's, but im not getting too hasty as we'll then dip back when interest is applied :cool:

Very busy today with lots of running around so lets make a list and see how far i get on:

• DS2's nursery teachers coming to visit
• Nip to opticians to pick up repaired pair of glasses for DS1, and you guessed it leave his spare pair with them to fix!
• Buy some PE bottoms for DS1 (forgot last time)
• Pick up rest of uniform from embroiders
• Change council tax DD
• Ring FD to amend standard mortgage OP by £30
• Ring pension provider
• Dog walk x 2 (big and small ones)
• Out on bikes/scooters/go karts - weather dependent
• Visit grandma who's just out of hospital
• Try and get washing dried in between rain!
• Tidy kitchen as its been a dumping ground whilst we've cleared another room out.
• Drink copious amounts of tea...!

debtfreeoneday

You've got your priorities all wrong - drinking copious amounts of tea should always be number 1!

Well done on progress, that's just awesome! I need to get a monthly update all in one post, so will pinch some of you headings here if you don't mind.

The reduction and impact you've had so far is amazing! I know it's frustrating not being under £130k - I was the same this month being a few pound over £114k - but you'll absolutely be under that next month.

Now the burning question is - are you going rainbow with your bricks or sticking to black?

shangaijimmy

Big dilema on colour of bricks. Thinking of sticking with black for now. Then makng a tactical switch when I reprint it after the kids have drawn on it or Mrs SJ has used it to make a shopping list!