I have spent ages churning figures and running spreadsheets coming up with and rejecting financial plans that just didn’t feel right, scared me or left me reaching for a stiff drink.
Should I take my target total (£125,000) and divide it by how many months I have to achieve it? (36 months)
………………….. that is £3472 per month Which is actually a whole £2592 more that I have in income – pretty demoralising to start off “failing” and then playing catch-up. SO STOP!!!!!
Should I set a goal that increases by 1% every month that gets me my goal in 36 months
…………………….trouble is that even that means I am starting in month one trying to generate £2900 – !!!!
So in the end I have decided to chunk the mortgage down into 100 pots of £1250 and I shall concentrate on clearing each 1% chunk of the mortgage at a time.
Each of these 100 pots will be saved by setting up little games/ challenges doing lots of different things – some of which will be one-offs, some of which can be run again and again.
To make it seem even less intimidating I have set my target for year one as being 15 of these pots, with 35 in year two and 50 in year three ……………. slowly building up the income as I bring more ideas into play.
At least …………….. that’s the plan for just now, it may just have to change as we go along.