Learning to walk before I run

QueenJess

edinburgher said:

@LadyWithAPlan - how would I do that? 

Total amount of interest charged for the month divided by number of days.  I did calculate mine, but found it more depressing given the relatively small amounts compared to the total owed.  So I just track total owed.  I think mine is currrently £15.30 a day

South_coast

Or balance x 0.0615 / 365

Then you can see what your small money wheezes equate to in terms of days of interest they have covered (meaning more of the monthly payment comes off the actual balance). If you're doing well on the extras then work out balance x 0.0615 / 12 to see how far you're away from covering a month's interest and seeing if you could squeeze an extra few pennies from somewhere 👍

edinburgher

Jings, the small money wheezes also don't add up to much. It's exciting to think about gaining £££ but terrifying to think about paying/losing £££,£££!

£102.53 paid out from a small investment. The plan is to pay this into my personal pot for pocket money, help tide us over until 13th wage in April. I've already passed my target for March, so I'm going to take a small break from Prolific (surveys dying off, think I'm being throttled). I'm logging out until I'm invited to an AI survey or the start of next week, whichever comes first.

Loaded with the cold

South_coast

edinburgher said:

It's exciting to think about gaining £££ but terrifying to think about paying/losing £££,£££!

You are gaining - you're gaining the freedom of not having to pay that £££ to the bank 👍😀!

edinburgher

Very little to report financially. 

91p cashback from Chase and $1 or so from Connect. Got invited back onto Prolific for an AI study but managed to miss it. £4.35 OPed from my savings, avoids IRO £20 of interest because of our usurious interest rate.

Sniff sniff, is it bedtime yet?

rtandon27

Well done on the micro-OP's Ed!  I'm not disciplined enough to do anything more than a tilly-tidy over-payment once a month!  This year, I'm going to attempt a big over-payment in mid-December, but already finding my planned amount overambitious!

edinburgher

Thanks @rtandon27- the payment a day (or whenever I remember) approach would seem to work very well with OPs as the benefit is instant.

LadyWithAPlan

I know some people do track the daily interest paid going down - or equally aim to OP the interest that month etc - depends what your figure is and how much room you have in your budget.

I am looking at my potential mortgage and my daily interest (monthly interest  on the principal balance owed /365*31) will start   in the high £36.46 /day interest if I borrow £300k, 

Part of locoblade spreadsheet on here has a monthly  interest table so you can easily add an extra  column at the end for the daily  ( monthly interest /30 days) etc
https://forums.moneysavingexpert.com/discussion/1157173/my-excel-mortgage-spreadsheet/p1


It makes me be  v clear  my maths calcs  on my rent vs what I gain in monthly  deposit savings  interest income   vs my future mortgage interest  .. and has made me less eager to buy a larger home  as i can see how an extra £50k borrowed costs (daily interest goes to £42.55/day interest on a £350k mortgage) or indeed buy at all

2 years ago my rent was low enough that I was making more on my savings than my rent .. now its about flat - but my current rent is also about equal to what the interest on my monthly mortgage payment would be... Of course I am renting a more central place than I will buy (as most of us renters rent places more expensive property wise than the mortgage we can get)

edinburgher

£8.70 OPed

Made a massive £3.xx on Prolific.

Tired, glad this is the end of my week

Suffolk_lass

Time to relax into some home cooking, and a beer or more watching the Calcutta Cup? Hopefully your girls will accommodate a bit of R&R