Statement of intent

shopgirl2512

StuartGMC wrote: »

...and finally, having just updated post #1 on this thread, and owing £19236, I realise we are potentially only 8 months away from MFD :j:j:j:j

Wow! Well done on this news! You have done a spectacular job!:beer:

StuartGMC

Well the sun is out at last and sat outside with DD once back from town, for a cup of tea; very nice to do so.

Trip to town was to move £1500 of DD's money into a 12month Growth Bond with the Post Office (don't think longer term would be sensible as inflation and thus rates should start to rise late Spring 2010 is my guess). It will earn her a "massive" 3.40% (all of £51) but the basis was one teaching her that she needs to monitor the rates as she grows up. The remainder of her money is in a savings account with Norwich & Peterborough, but we need to move it to a new account with improved saving rate as her's is now no longer available and of course is at a low rate (1.65%). However, unbelievably we need an appointment to go in and open the new account.... I may do a double check online for other offers, but DD is happy that whilst some money is locked away for a year, she has ready access to a few hundred pounds in her savings account she can operate herself locally. She is growing up and hopefully learning gently about money management along the way so it will be "natural" to her. She already refers to her savings needing to grow and being for college or a deposit for a house, all at age 11 bless her!

Meanwhile, as you'll see earlier I noted need to learn more about investments etc so have looked a little at things like IHT and CGT amongst others. Was pondering which magazine to take regularly and whilst Moneywise can be obtained with good discount and cashback points, much of it is I think widely available (here and elsewhere online). So Money Observer looks more appropriate, did the checks on subscription offers from magazine (£1 for 3 issues then reduced rate for 12months cf £4.25 per issue) when I looked through some 8 or 10 subscription services few had it listed and those which did, didn't have a better offer than the publishers! So Feb issue in hand and I may subscribe for the March edition onwards. Certainly seems a lot we need to consider beyond the MFD which will mean I'll be kept busy I think!

Gas and Electricity now seems to be "sorted" to coin some estuarine English, and since October the daily consumption is:
Electricity day rate 16.1kWh
Electricity night rate 2.91kWh
Gas 55.1kWh

These are of course high as they cover the winter and long periods at home (Christmas, plus OH working at home one complete week, me at home a week ill, and now part of the past half-term holiday too). Hope these will start to drift down as temperatures rise and length of daylight increases.

Just remembered that the remaining £220 for DD's school trip has to be paid, so that'll put another dent in the plans to save something this month! Looks like the savings contribution could be as low as £400-500 which I am most unhappy about compared to the £912 per month target. Will need to look closely at the situation after pay day next week, remembering there's no Council Tax in Feb and Mar thankfully.

MoneyQueen

Hi Stuart,

Well done with DD. :A My dad was always careful with money but somehow he never tried to instill these values in his kids... So I learnt the hard way...:rolleyes:

btw... Your spreadsheet has proved to be very- very - very HELPFUL.. Thanks very much...

Tesco_points_addict

StuartGMC...I found your diary!! You are doing so well:T :T :T

TPAx

StuartGMC

MQ
Thanks for the positive comment; it is a fine line between discussing finances so children learn, yet avoiding worrying them about financial problems. My father didn't discuss the family cash position other than to note his budgeting etc which in the mid-1970s with industrial action and spiraling inflation was a bad time but at 8-10yrs old he didn't cover any detail with me, and it was not the "done" thing.

However, we've always been very open with DD and she knows how much mortgage is left to pay, and that even if Dad lost his job, we wouldn't lose the house because we are so far ahead on the repayment vs term, which is why he spends time on MSE and with his spreadsheets...

TPA
I hadn't realised you had been "missing" this thread all this time; I'd have nudged you if I knew

Wii Fit
At last have been able to order one! Many here have noted how good they are and I was hoping to get one cheap via Marshall Ward, but having registered etc it then showed out of stock in late Jan. Pricing then went up. Since then have been looking but I guess as the demand is high and £ is so poor vs Yen, the prices seem to be increasing. Anyway, at last found Argos have them in stock for online purchase; used TopCashBack (only 1.5% but it all adds up) and included a battery recharging pack at 1/3 off too. Tried Vouchercodes but none were valid :mad:

So now OH has her birthday present arriving late, which is split with me who will "catch" up again with her in March. Both 44 and we hope this is the last time we have birthdays with a mortgage still owing! :j:j:j

Have been reviewing things in broad terms this past week. Usually I do a full firm review every three years (a personal appraisal if you like) of goals, achievements (or lack of them) etc. I've been enjoying my role in the past three years and think I can significantly enhance the team I manage and contribution to the business. I have this week had the extra consideration of a post arising at work which I could do but it would take me back to significant travel away from UK (25% or so of the year away, all in economy, which I've done previously in another role in the company, so I know the impact on personal life) and lose me direct line management of staff, which I'm actually enjoying. To add to this, a head hunter called me about a similar post at a competitor, only UK and Europe travel, but it would mean moving in UK. Also, of course, it doesn't offer a final salary pension. OH is also a manager but in the planning function of a local authority, meaning she would have to change jobs too - very few around let alone those willing to let her be part-time and manage a team. Finally, whilst we are in a 4-bed detached now, we would likely have to have a mortgage to move....

I really do want a Jaguar XF, not to be a "road warrior" in a routine family car, we are so close to MFD that I really don't want to see that slip away. So I think I'll turn down the external one and probably stay with my present role in the business on balance despite limited room to move up if I don't apply for the internal post (I'm only one layer away from Directors now) because I think I wish to see through some of the changes I've implemented and try to seek a better life-work balance. Off for a final chat to OH about it.

gallygirl

StuartGMC wrote: »

MQ
So I think I'll turn down the external one and probably stay with my present role in the business on balance despite limited room to move up if I don't apply for the internal post (I'm only one layer away from Directors now) because I think I wish to see through some of the changes I've implemented and try to seek a better life-work balance. Off for a final chat to OH about it.

:T Well done on being in the enviable position to stop chasing the money :T. I took a lesser paid job (only by a few k, but even so....) last year. Thanks to MSE and renewed focus to clear debts a few years before I was in a position to do so and I love my present job (ish ). I've recently been helping out with my old job, only doing the interesting/challenging stuff and although I've enjoyed the change I'm so glad I did what I did.

Foreign travel sounds really glamorous and admittedly there are some great times to be had. 12 hours in economy is not one of them though, and neither is getting to Stansted airport for a 6.10am flight :eek:. Every week :mad: And one hotel looks pretty much the same as another.

Good luck, I'm sure you're doing the right thing :T

shopgirl2512

Ha! You must feel very popular on the work front! I think, as I'm sure most of us do, that you are probably doing the right thing with respect to your job. It's more important to be happy than rich!

Good luck!

setmefree2

What they said

I have a feeling that inflation is still with us. Food shopping doesn't seem to be moving down in price that much, maybe even moving up a little? Clothes seem about the same. Petrol is that moving up or down? Whilst mortgages are moving down if you're not on a fixed - not sure..what do others think?

evab_2

Petrol up here has definitely gone down a lot but haven't noticed much difference in the other areas.

I echo what others have said, what a lovely position to be able to stay in a job you love and not have to worry as much about the income.

Well done!

taka

Food definitely seems to be going up here recently and the big Tesco near me seems to have done away with half the value/market value/budget branded stuff which is really annoying. The own brand stuff seems to have gone up too... 3kg of pasta was £3.85 yesterday! :eek: I start feeling old when I wander round the supermarkey going I remember when that was £1. There was no value/market value fruit at all (which was what I was needing) and little in the way of cheaper veg so I'm off to find out if the sainsburys near me has got rid of them or not! Chickpeas were out of stock AGAIN (3rd time out of 3 visits this year). I won't be rushing back to tesco - not impressed! I only really went to use up some points/ tesco money off vouchers they sent me. I spent £12.40 and got £1-10 off that so £11-30 and 50pts extra so I can live with that!