Hope is not an Effective Financial Strategy

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  • Suffolk_lass
    Suffolk_lass Posts: 9,339 Forumite
    First Anniversary Name Dropper Photogenic First Post
    I was going to do mine this morning too SJ, but I was so late last month that the big debt payments are the same. It is guilt at no progress vs the illusion of progress. Maybe I will just bite the bullet and come clean later
    Save £12k in 2024 - #2 target is £5000 only £798.34 so far
    OS Grocery Challenge 2024 25.04% spent or £754.10/£3,000 annual
    I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
    My Debt Free Diary Get a grip Woman
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    Use the illusion of a 2017 v 2018 comparison! You'll get the pleasure of seeing your overall progress rate to lessen the disappointment of one month within that (thats what i do)!

    Another glorious start to the week, but only a tiny 4p TT...boo! But in great financial news Mrs SJ bonus this year will be £642. It couldn't have come at a better time as it takes the pressure off our holiday(s) in Sept and Oct, and making sure we have enough spend.

    Our food shopping ploy of only going every other week continues to work well, and we seem to have reduced our spending from £360 a month to £250 at the same time. I'm going to leave it one more month and then adjust our monthly budget and redirect some of the cash (thinking a 50/50 split between mortgage and S&S Isa). Redirecting this money will help to address the £300 shortfall in our overall target for 2018 (written in post 1).

    Running wise I must say its been difficult finding the time around the heat. At the minute its either 9pm, which means no beer watching the world cup, or 7am!! Anyway my mileage remains good and last night i broke into the 90's. Hopefully the 100mile barrier will be achieved on Thursday, and 500 by New Years Eve remains a distant possibility.

    As for my jobs...car insurance is done, and cars are booked in for services. So all clear on this front. Just need to sit back, enjoy the sun and enjoy the spreadsheet!!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    Quick update with Networth Figures for June.

    Assets
    • Assets - £241, 800
    • Investments - £2,016.41
    • Retirement - £155,973.72
    • Total - £408,810.62

    Debts
    • House - £92,897.76
    • Car Loan - £1,250
    • Total - £94, 147.76

    Networth
    • Total - £314,062.86
    • Change - £400.97
    • Change as Percentage - 0.001% (pensions and S&S performed badly this month but at least we'll have purchased things at a low price ;))
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Busy_Mee1
    Busy_Mee1 Posts: 1,015 Forumite
    Great figures as usual Jimmy. We also find grocery shopping once a fortnight helps cut down on spending too
  • themadvix
    themadvix Posts: 7,893 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
    Looks like you're set to overtake me on the mortgage front this month! Not that I can claim to have a net worth that's anywhere near yours, but you've got a few years on me, so I guess that's fair enough! :)

    Re the bonus - it's always a great feeling when money 'turns up' to cover a shortfall :D
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • Suffolk_lass
    Suffolk_lass Posts: 9,339 Forumite
    First Anniversary Name Dropper Photogenic First Post
    shangaijimmy wrote: »
    Use the illusion of a 2017 v 2018 comparison! You'll get the pleasure of seeing your overall progress rate to lessen the disappointment of one month within that (thats what i do)!

    Excellent bit of advice. Thanks Jimmy. I have done this. It has made me feel instantly slightly smug (never a good thing) and then realise we will not be completely debt free by the time I stop work. Some reflection, discussion and decisions to be considered in Suffolk household.

    Our interest is £2 a day now. If the bank rates change, this will go up. Do I want this out of my pension?
    Save £12k in 2024 - #2 target is £5000 only £798.34 so far
    OS Grocery Challenge 2024 25.04% spent or £754.10/£3,000 annual
    I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
    My Debt Free Diary Get a grip Woman
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    £2 a day. We'll hit that in the second half of 2021 (how good are spreadsheets!!). One thing we can guarantee is that at some stage interest rates will go up. When exactly is anyones guess! Personally i'm hoping they don't for another 6 months, as i want to fix for 5yrs which will hopefully be our last remortgage!

    Discussion and decisions, I'm certain you'll work things out!

    80p TT this morning to keep thing ticking along.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    A good day yesterday as it was a very rare NSD for both of us! So followed it up with a £1 TT this morning. I also made a few quid MB last night, which will be added to our holidays pot. Hump day today, and only 13 morning school runs to do...
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    We can secure another fixed rate in September. We are currently o. 2.99 and there is a 10 year fix for 2.49 I have my eye on.

    They are great food spends and a notable reduction. We spend around £2.50 a month and I have debated logging it again this month. We (well, dh) does lots of small shops every few days based on what we actually need. We find this reduces our spends but I appreciate this is not practical for everyone.
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    All rather quiet in SJ towers finacial wise. Is that a good thing or a bad thing? £1 TT this morning to report and thats it... sigh!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
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