Hope is not an Effective Financial Strategy

shangaijimmy

OCC - it's far too obvious isn't it! Gonna sleep on it got a few days (well whilst I think of the next lit of revised targets).

Crazy day with nursery, nativists x2, migraines, mother in laws, dingy brick work ( not mine thankfully) and sulking pooch because of the rain! Been on an eBay mission in last 2 weeks to utilise all the free listing offers, and on top if the 19 things sold we now have 109 items listed to finish at various points of the weekend - proper declutter!

A_Frayed_Knot

What about trying for say xx months worth of interest payments for the following year. Would be nice to know entering the new year that you have paid xx months of interest up front:). I know this just amounts to an o/p, but if you look at it as xx months interest payments, it really a "mind" thing and a "goal":)

either that or if you have an anniversary coming up, then have a nice "stash" ready for either a nice meal out or as I don't know roughly the amount you are talking about, maybe even an overnight stay somewhere.

We all deserve a day off and a treat now and again:)

shangaijimmy

Frayed knot - great idea on the interest thing. Mentally i work on OPing the capital repayment each month again figuring its halving my 20 yr term. Then any extra mean i get under the 10 yrs. Its a bit crude and doesn't factor in the compound effect of interest saved, but when we're so far out its an easy mindset to keep reminding Mrs SJ how well we're doing (hope that reads as it sounds in my head).

When i look at my targets on page 1 i'm way ahead (i'll meet January's target in December), but i'm also conscious of it not always being a smooth path and there will be months when a crisis occurs, which may knock us back.

So my current musings are not to get too bogged down with targets, keep ploughing on and make hay while the sun shines!! Small targets for a few months ahead and don't look too far down the track!

Updates: 50p TT'd and 4 ebay items sold/bids received!

A_Frayed_Knot

Yes, know what you mean by mentally o/p figures, do something similar myself. It's all in the mind, but really no pressure if you meet 4 months or 6 months interest then so be it, at least in your mind - your ahead (haha get it):D

Hope to read at the end of the month, what you decided and how you got on.

Luckyinlife

Defiantly enjoy yourself shang its all part of it i know we all enjoy paying offf the mortgage ect but we all need a break :]

Big well done on hitting your targets as well early great job :]

your daily interest is great also woooo :]

Do you OP Your TT straight away ?

shangaijimmy

Lucky - i did TT straightaway at first, but i was getting 1p and 8p amounts, so decided to wait till the end of each month and then it'd be like a mini target of trying to get £20 each month. I then debated transferring each time it gets to the daily interest amounts, or £5 or even each Sunday. I know that paying it as soon as possible is the best approach for interest but it needs to be manageable.

Any thoughts welcomed as ever!!

Luckyinlife

I spoke to my bank today and they told me the daily interest doesn't go down from any OP i make so i will ring next month now and see if its gone down a bit or at all just to make sure this is correct

my daily interest is at £4.41 i dont really overpay to get this down tho myself i overpay to get the overall balance down and anything that followed saved interest/ reduced term ect is great

seems its not a huge amount i would save it and round it off the the nearest £ every week if you like doing it :]

debtfreeoneday

I think I'm going to go every week from now on.. I don't do TT's so it's just when I have pennies left over from something.. I'd revise your targets for next year and start working towards them now, that's what I'm doing having met target one month early.

Well done as ever though SJ!

shangaijimmy

Debt free, think I'all follow your lead and TT the pot on a Sunday as I reckon it'll get to £5 most weeks anyway. That way I'll maximise the interest benefits (pennies make pounds) and fill one of my original targets of an OP every week no matter how small. Sorted, decision made - most productive thing I've done at work today!

Still musings on target revisions and how best to implment. Suspect I'll make some firm decisions over the Next few days as I sign up to the various challenges!

debtfreeoneday

Ok - sunday is now official OP day!