Hope is not an Effective Financial Strategy

shangaijimmy

Sorry gang but after 40mins of torture for not making an overpayment last week i've just sent a current account tidy!! £5.05, a day late but still a payment.

Thats no interest ever again on that £5.05...!

Luckyinlife

great stuff :] wish i could do the small amounts like that but i get charged im hopeing for MF in 2025 to lets do this :]

shangaijimmy

The facility to make little payments were a big decision maker in our remortgage to be fair. My thinking is these weekly payments, however small will help us to keep the MF focus going. Having a regular overpayment SO is great but i was wary of it leaving us complacent and not maximising our money. Therefore we utilise both approaches of regular SO and the little payments like today.

I suppose you could use a savings or 5% current account and treat it as the same, but without seeing an actual balance go down i'm not sure it has the same effect for us!

lippy1923

Totally in love with the colour the bricks in idea for motivation!!

Hopefully this might get hubby to-be involved. He's never really cared as long as our finances are on track but this might just be a great way to hook him in on the idea. No idea where to start though. Maybe draw something up on the PC and see what I end up with.

Keep up with the OP's no matter how small

shangaijimmy

I, well when i say i mean my work experience kid, used excel as they're already bricks there. Then whenever we colour one in i type the date on the spreadsheet into the relevant cell. Its very very basic, but it does the job and looks effective on the fridge!

Luckyinlife

shangaijimmy wrote: »

The facility to make little payments were a big decision maker in our remortgage to be fair. My thinking is these weekly payments, however small will help us to keep the MF focus going. Having a regular overpayment SO is great but i was wary of it leaving us complacent and not maximising our money. Therefore we utilise both approaches of regular SO and the little payments like today.

I suppose you could use a savings or 5% current account and treat it as the same, but without seeing an actual balance go down i'm not sure it has the same effect for us!

Ya this is great because when i change mortgages in 2 years time i will get something like this which allows me to overpay without fees ect. well even at 5% u have to take off 20% for tax and if your 40% tax payer 40% so its always a catch

for me its better to pay a fee of the mortgage rather than save it as with every over payment not only do you save time/interest it also increases how much comes of the capital every month from normal payments :]
on mine even a £50 over-payment a month saves me £200 in interest along every little does help :]

lippy1923

shangaijimmy wrote: »

I, well when i say i mean my work experience kid, used excel as they're already bricks there. Then whenever we colour one in i type the date on the spreadsheet into the relevant cell. Its very very basic, but it does the job and looks effective on the fridge!

I will have to figure out how to do this!

atypicalblonde

Well done on the ebay listings pal! It gets really addictive this OPing lark doesn't it... x

shangaijimmy

Well 6 things have sold, i'll happily take that. I've relisted them all and added 2 more.

atypicalblonde

That's a good result, well done x