Considering DMP - SOA advice please

catriona79

http://monevator.com/financial-goals-help/


Financial goals: Sticking to the plan when the funk comes to visit

"... according to classic psychological theories of motivation, goal-orientated performance can vary depending on how you measure progress. If you’re staring at the finish line then motivation increases during the sprint towards the end.
For example, if your financial goal is to save £1,000, then things get very exciting as you hit the £900 mark."

"Setting some clear short-term goals – paying off the mortgage is a long-term aim. Hitting some quick-fire targets in the meantime may well take my mind off how far there is to go."

fabforty

Hi there, you mentioned the possibility for doing a course on Saturday and I wondered f you have considered getting a Saturday or part-time job instead? When I was struggling financially, budgeting was important but the real change came when I increased my income with a part-time job - nothing glamorous, weekends in Sainsburys - but it gave me an extra £300 a month plus a staff discount.

AliceBanned

Thanks Catriona and Fabforty - this is all so helpful! Going to read a bit more..and get back to my goals..am treading water still and yes losing momentum at times. I might get a second job..but have to be careful as I travel long hrs during the week and do get stressed. I suppose for the right money it would be worth it.

I haven't made the curtains yet..but I did a course years ago and made some lined ones..really enjoyed it. When I moved house I sold them for good price on ebay..as fabric was lovely and good quality.

catriona79

AliceBanned wrote: »

Thanks Catriona and Fabforty - this is all so helpful! Going to read a bit more..and get back to my goals..am treading water still and yes losing momentum at times. I might get a second job..but have to be careful as I travel long hrs during the week and do get stressed. I suppose for the right money it would be worth it.

I haven't made the curtains yet..but I did a course years ago and made some lined ones..really enjoyed it. When I moved house I sold them for good price on ebay..as fabric was lovely and good quality.

Hey Alice,

I think Fabforty's advice re getting a second job is a great idea! If you had an additional £300 a month and met new people, and kept busy in other ways (the job wouldn't be mentally draining), that would mean leaving the credit union debt behind, getting hold of your savings and improving your situation faster!

Re goals, set some mid term ones. I have done a spreadsheet and have set goals of overpaying by a set amount each month. I've been disciplined these last few months and been overpaying by that amount and can't tell you enough how much more positive I'm feeling. Soon it will be pay day again, and I will see the £reduction and the % reduction. I am more motivated now when the end is in sight (which is what the study quoted above says too), and the hardest thing is getting through the months of waiting till you're paid again, when you're right in the middle of it and it seems never ending!

But the small goals will give a the positivity and self belief that we all need to win this battle. Come on, you can do it!! Get that spreadsheet opened and don't put it off till after next payday, take control now! Set a target of what you're going to pay off with your next pay check and then feel proud of yourself for having hit it! :T

:beer:You can do it!!!! :j

AliceBanned

Ok..I have it all on YNAB so need to stick to my plans on there!

My goal for next month: pay £200 off credit union loan..meaning I have no more to pay on it effectively as anything I pay off of the loan means I can withdraw an equal amount in savings. :-). That's a start!

Verbatim

Good for you Alice. A plan is always good.

AliceBanned

Verbatim wrote: »

Hi Alice
It sounds as if you've had a very productive holiday. You're a woman of many talents; car repairs and curtain making too!
Is there a possibilitybof making money from any of your skills?

Hi Verbatim. Have just been wondering about this - I would need to get more training but there are people on ebay selling handmade footstools, lampshades, blinds, curtains etc - I think there must be a market for bespoke items. I think some 'upcycling' projects I've seen on TV look awful but there are ways of doing it well and making some money. May give this some thought after I have finished my own curtains - see whether I think I have the skills. Professional courses in upholstery are expensive but might be worth looking into.

AliceBanned

PS I've sold a few things on Ebay and have a couple of unwanted items on there now. Also made £22 on Amazon recently. My flat is so much tidier as well.

AliceBanned

catriona79 wrote: »

Hey Alice,

I think Fabforty's advice re getting a second job is a great idea! If you had an additional £300 a month and met new people, and kept busy in other ways (the job wouldn't be mentally draining), that would mean leaving the credit union debt behind, getting hold of your savings and improving your situation faster!

Re goals, set some mid term ones. I have done a spreadsheet and have set goals of overpaying by a set amount each month. I've been disciplined these last few months and been overpaying by that amount and can't tell you enough how much more positive I'm feeling. Soon it will be pay day again, and I will see the £reduction and the % reduction. I am more motivated now when the end is in sight (which is what the study quoted above says too), and the hardest thing is getting through the months of waiting till you're paid again, when you're right in the middle of it and it seems never ending!

But the small goals will give a the positivity and self belief that we all need to win this battle. Come on, you can do it!! Get that spreadsheet opened and don't put it off till after next payday, take control now! Set a target of what you're going to pay off with your next pay check and then feel proud of yourself for having hit it! :T

:beer:You can do it!!!! :j

Thanks Catriona! It helps me if I keep exchanging ideas with people on here - keeps me focused!

catriona79

AliceBanned wrote: »

PS I've sold a few things on Ebay and have a couple of unwanted items on there now. Also made £22 on Amazon recently. My flat is so much tidier as well.

Whoop whoop!!

You sound positive - amazing stuff