Hope is not an Effective Financial Strategy

shangaijimmy · 17 May 2019 at 10:24AM

Suffolk_lass wrote: »

Presumably the Mrs SJ ISA idea is about retaining control? - seems like a good idea for that reason.

I confess...i need to have control!

shangaijimmy · 18 May 2019 at 10:43AM

So quite a lazy morning. 2 boys playing upstairs together and Mrs SJ and DD nipped for some food shopping, so i managed to get a quiet episode of game of thrones in (I've nearly caught up with this series). DS2 is just having some breakfast be we head off for his football match.I then have a little bit of work to do this afternoon alongside visiting my grandma. We have friends coming round this evening so looking forward to a nice evening. It'd be great if its warm enough to sit outside in our freshly cleaned and cemented patio, adorned with gloriously filled plant pots!!

teapot2 · 18 May 2019 at 5:06PM

Patio sounds lovely, hope it stayed warm, weather freezing again up here - bit of a shock after the lovely warm days

greent · 18 May 2019 at 8:28PM

I control all of the 'bigger' amounts of money for all 4 of our children - and DD is 21

- between the 4 there's a mix of NSI fixed term/ rate bonds, PSBs (small amounts - and they regularly win £25 each, so do ok), CTFs (I know.... I should change them!), 'normal' / kid savings accounts. I have the logins and passwords where necessary. The eldest 2 (21 and 19 and both at uni) are happy that I have control but the money is in their names, but they don't know where! - it means, though, that it's clear the money is theirs and not part of my/ our estate should something happen. There is also money set aside in an account in my name (added to monthly) which is used to top up their student finance (usually termly), so they still get financial help too.

shangaijimmy · 19 May 2019 at 5:13PM

Greent - I'm following your lead and retaining control of the kids pots. In principal the savings is for the kids University ventures so its' going to be 1 pot/fund, so I have a little task to do as their current savings accounts are passbook based. I do need to nip into our town this week to do some work banking so I'll pop into Nationwide whilst I'm out.

Well we managed to get outside for a few hours last night. It wasn't exactly warm, but with jackets on, blankets wrapped on the outside and alcohol warming/numbing is from the inside it was totally fine. Needless to say Mrs SJ has been in a bodybag all day! Gin has taken its toll. I on the otherhand am totally fine. Bed at 3, up at 7, off to work at 10 and home for 4.30pm. I'm feeling a tad jaded now though and am counting the minutes till bedtime.

chumpy45 · 19 May 2019 at 7:10PM

Patio sounds fab. Can't wait to be out on ours in the sun with a glass of wine again, but it is grey and cold here today. We created a slate area with mediterranean plants and seating last year, and I just loved being able to say "just off to the Med for a glass of vino". I too control DS4s money. A CTF converted to a JISA is building nicely for Uni or whatever he decides to do after A Levels.

CathT · 20 May 2019 at 6:47AM

We have invested a little bit of money into making our garden more appealing and inviting. Just need a glorious summer now to truly enjoy it.

Re: Children’s savings this is an area I always mean to focus on. When dd was born 10 years ago she had a 10% regular saver account! Dd has a CTF transferred to an ISA (ds missed out by a few months) they have savings I move to high interest accounts (was t3sco and now nationwid3£) and passbook accounts with pr1ncipality but that is more for them to save and spend. Money absolutely burns a hole is dd's pocket so some gentle lessons needed over the next few years.

shangaijimmy · 20 May 2019 at 9:29PM

Thanks Chumpy and CathT. It seems that being a MFW means that we are all money control freaks! I do intend on teaching the kids some money controls in the future (maybe Mrs SJ will pick up a few tips), but for now I'm classing it as our money to help them in the future.

I counted our small change jar out last night, changed it for a £10 note in work and have OP'd the £10. Just need to find an extra £6 now before end of the month and round the monthly OP total to £500. This will be the first month of adding £300 to our S&S Isa rather than all going to OP fund...month 1 of a 20yr quest (now that's a long diary)!

debtfreeoneday · 24 May 2019 at 11:36AM

You are continuing to do so well in your MF quest! Well done you guys!

shangaijimmy · 25 May 2019 at 8:36AM

Thank you debtfree...we keep pushing on.

Well it seems like its been such a long month with me waiting for payday. So it's finally arrived and I was alarmed that my expenses had added up to £262 :eek:, so no wonder I was feeling like money was ridiculously tight, and we are awaiting a further £50 off Mrs SJ expenses (another 6 days to wait for her payday). Thankfully this months expenses are only about £15.

Bank holiday weekend means that money will sit in current account an extra day before paying out day arrives.

Well my hayfever has arrived with avengance this week. 2 horrific days when pollen count was low :mad: I know that this is the start of a horrid 6 weeks for me.

I have a couple of half days of work this weekend so no real bank holiday plans. Though we are planning to get to cinema to watch John Wick 3 (I have a voucher from my birthday so very MSE).

Hope is not an Effective Financial Strategy

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