Financial Ponderings

My online money lobe

My 1st weekend as a financial blogger February 29, 2008

Filed under: Random — financialponderings @ 4:20 pm
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Well, it’s Friday (finally) & i’m under pressure to be good this weekend. Can’t be posting about sticking to a budget & trying to save and then blow a load of cash on Saturday and Sunday. Guess that’s why I sent this thing up.

I’m confident I can do it. Got no real plans, so hopefully will be a cheap one…

I’ll be posting my spends on Monday, so watch out. If I can stay under £50, i’ll be happy 🙂

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RANT!!! February 28, 2008

Filed under: Random — financialponderings @ 11:33 pm
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Ok, just got back from reading a post over at the Debt Sucks Blog. The poor guy has recently been landed with a $1125 bill after 10 months of no contact with his old landlord. This kind of thing annoys me so much! You can be blissfully unaware of a mounting debt & your creditor can not bother getting in touch for such a long period & then slap a huge bill in your face AND threaten you with legal action if you do not pay up. Worst of all, there is nothing in place to stop them doing this. If you are aware & have then opportunity to pay on a monthly basis, it is much more managable than a pile of 10 month bills to pay all at once. Surely creditors should recognise this? Grrr!!!

Anyway, I left a comment suggesting he contact them to try and negotiate some sort of reduced payment. I found a great article at Debt Advice 4 Free with 5 great tips on how to do this successfully. If creditors can get away with this, at least we can go in with a bit of ammo instead of just bending over and taking it like a… well, you know 😉

 

Where to invest??? February 27, 2008

Filed under: Investing — financialponderings @ 1:10 pm
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As I have mentioned, aside from simply saving money & sticking to a budget, I would like to be able to invest a little money too. Unfortunately, I have no idea where to start (Stock Market, ISA, Property…etc).

I need to do a lot more research into this before making such a commitment & I would appreciate any pointers anyone may have. Perhaps a successful investment you have made – why it was successful & where you invested.

Anyway, in my initial stages of research I found two helpful articles which I thought I would share with you all:

1. How, When And Where To Invest

2. 3 simple investing tips for investors

I thought the one at Fool was really extensive & had lots of options for the prospective investor. I also thought the section on ‘When to invest’ was really helpful. The article at Money Advice is a lot shorter, but I thought it was worthy of a mention as it really narrowed down the sea of options I was faced with – ‘Invest in areas that you understand’. Simple, but I hadn’t thought of it.

Still lots to consider, but at least i’ve made a start… 🙂

 

Mortgages: Longer terms can really hurt February 26, 2008

Filed under: Mortgages — financialponderings @ 3:14 pm
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I’ve been thinking a lot about mortgages recently. To get straight to the point, my finances are not ‘all that’ so I have been weighing-up my options on the mortgage front – to see if any savings can be made. I have considered going interest-only, but as I am currently repaying over 38 years, it doesn’t make that much of a difference. I’m tied in for another 18 months anyway, so there’s not much I can do right now.

In my searching for ideas, I stumbled across this post at My Money Blog. It didn’t really answer any of the questions I had, but the graph showing monthly payment vs term length really hit me hard.  To quote: “The graph shows that mortgage payment stops decreasing very much as the term goes past 20 years, and really starts to flatten after 30 years.”

Here I am on a 38 year mortgage. Basically, my monthly payment isn’t that much less than if I was paying over 30 years – the only real difference is the amount of interest I am paying. I felt a little sick at that thought. Especially as my financial situation at the moment won’t let me change that.

So here is my 1st goal. In 18 months (when the tie-in period on my current mortgage ends), I want to be in a financial situation that allows me to reduce my term to a more realistic 25 years. It’s going to take a lot of hard work, but it will be worth it.

If you are on a long-term mortgage, i’m not sure whether I would recommend reading the article at My Money Blog. It may give you the motivation to do something about it – which is a good thing, but it will also hurt to see just how much you are paying out for relatively little in return…

 

Welcome to my online money lobe

Filed under: About — financialponderings @ 1:02 pm
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This blog is a place to record all my ponderings about finance. I have, up to now, been very poor at managing my money, and my hope is that by keeping a record of all things financial, I will be able to control my spending a little more, and even look at ways to invest any money I may save.

I would ask anyone visiting this blog to please add your comments & suggestions. The more the merrier…