2016 mfw

Mrs_Rachel_Trelfa

#6 reporting £450 for January.

Just wondering if it would be an issue to change my target? Long story short got informed yesterday that the bonus scheme at my work is being pulled. Although it wasn't guaranteed, we got it most months, or at least a percentage of ot each month. It effectively means a £2.5k pre tax pay cut. So currently we are re-evaluating our finances.

turtlemoose

No number yet, hoping for 92, but reporting OP of £134.03

anna42hmr

Hi, number 105 made my first op for 2016 - £3,000. It will likely by the only bigger lump sum this year the rest will be a lot lower, but at least its a start for the year!

Really good to read everyones op's so far, a good start on the year.

Thanks again Lomcevak for your hard work, it is appreciated.

midnight_child

Hi folks,

Number 14 reporting an OP of £51.88 as received interest on a regular saver account. Taking my total for Jan to £351.88

I may well OP some of the invested money, but waiting to decide how much I can afford to part with (I cant reclaim any OPs).

MC

freshcotton

No 30 - Jan payment


£1960

shangaijimmy

So yesterday I spotted a glaring error in my banking in that we had £170 more than thought to last till payday. So in punishment at the oversight I'm made an impromptu £50 overpayment...Punishment?? You can imagine the excitement clicking the "confirm payment" tab!

anna42hmr

shangaijimmy wrote: »

So yesterday I spotted a glaring error in my banking in that we had £170 more than thought to last till payday. So in punishment at the oversight I'm made an impromptu £50 overpayment...Punishment?? You can imagine the excitement clicking the "confirm payment" tab!

Good idea! thats one way to increase op's as every little helps.

On this subject how does everyone else increase their op's or put extra aside to do it.

Last year i was in a lucky (sort of any way) position in that the company i worked for had been bought out and as such got our good leaver status for share save plans (save as you earn as well as matched shares) which i then cashed in and used as chunks to op last year (and a bit towards this years that i couldn't use in 2015 due to the 10% limit on the mortgage).

This year i will be less lucky as such so will need to make more of an effort to reach the target, as such things i have decided to do include:

• increased my mortgage dd so that i overpay some money each month (and instead of doing this by £100 have rounded up so that my mortgage payment is to the next £50 so is a round figure - therefore op of £116.52 instead of £100). I find if i imagine this money is part of my monthly outgoings any way it is easier to do it regularly - plus will stand in good stead being used to it for when the interest rates do eventually start increasing (if i don't remain on a fix after it ends this year).
• I have set aside an small unused savings account to "collect" money in to be used to make overpayments once hit a certain amount.
• Any cash back earned from top cash back and quidco etc will go into the above account.
• Any interest earned on my savings will be filtered out and again put in the above account (as i have a number of the 5/4/3% current accounts).
• one account i have has a facility called "save the change" which means that if i spend using a debit card the money debited is actually rounded to the next nearest pound and the difference is then set aside in a savings account (i.e. if I spend £4.80, £5.00 will debit and 0.20 set aside.)

Last year i also got a pay out from the AI sentinel scheme which has been incorporated into my lump sum payment this month.

what other ways do you guys use to maximise the amount you can op?
what keeps you guys motivated as well - i found the thread this helped me keep the momentum up last year. (not to mention the focus so that i don't spend it elsewhere!!)

shangaijimmy

Tidying the current account is the best way for daily motivation for me especially in the middle of the month where little seems to happy in between payday, pay out day and OP day. I suppose you have this with save the change, but without the motivation of physically logging in every morning and tidying your account. It makes me on average between £18 and £22 a month.

worklifebalance

Haven't got a challenge number yet as was late to join but wanted to record that our first OP for 2016 has been made!!! £21,000 :j

Got some money from family at Christmas (talk about a surprise!) and have added some savings too.

Unfortunately the OPs for the rest of the year won't be so large.

WLB

anna42hmr

shangaijimmy wrote: »

Tidying the current account is the best way for daily motivation for me especially in the middle of the month where little seems to happy in between payday, pay out day and OP day. I suppose you have this with save the change, but without the motivation of physically logging in every morning and tidying your account. It makes me on average between £18 and £22 a month.

Thats a good idea, may also look into doing that with extra funds left over in the account after bills etc.

Another thing i left off my list was I did a clear out the middle of December and sold a batch of old cd's to music magpie, making over £90 which was set aside for op's as well!