The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

deedee71

Can someone explain what the red and the green mentions are all about...or will it become clear when the spreadsheet is all updated??

black_taxi_2

its just a basic chart to see if your on target to clear mortgage in 3 years.

if your balance goes down 8.33% every 3 months you will clear mortgage/green

dont worry if your in red---changing direction ie--mortgage reducing is the most important thing

taka

deedee71 wrote: »

Can someone explain what the red and the green mentions are all about...or will it become clear when the spreadsheet is all updated??

Have a look at post 4 - it explains it all there along with target %s for each 3 month period etc.

I have a sneeking suspision I'll be a yellow... I think I'm ~7.5% if my post-it maths is vaugely correct!

**note to self - either (a)update sig every time I OP or (b) set up basic spreadsheet in google doc of total OPs so I can work these things out while at work and rrrrrreeeeeeaaaaaaaalllllllyyyyyyyy want to know :doh::rotfl:**

WorkingHardDFW

Just posted an update. Mortgage has reduced from £111,342 to £107,976 which I'm pretty chuffed about.

We've now reduced the term of the mortgage by one year as well so from next month we'll effectively be overpaying an extra £80 per month plus the £500 max whilst we are in the fix.

loopy-juice

egon wrote: »

#63 here

We op'ed £25000 on Saturday. DH didn't get an update, so soonest I have it, I will submit via google docs. Way ahead, but I know we will only be able to make small op's from now on.

25k! Nice one. Windfall?

starbucks

Hello,
# 180 reporting in, updated via google docs.
Start £26,000
Now £21,933
Paid £4067

Thanks again to FB and Maz for running this challenge as it has helped keep me on the straight and narrow.

egon

loopy-juice wrote: »

25k! Nice one. Windfall?

:oHusbands army pension payout!:o:rotfl::rotfl::rotfl::rotfl:

financialbliss

deedee71 wrote: »

Can someone explain what the red and the green mentions are all about...or will it become clear when the spreadsheet is all updated??

It's pretty much been covered by others (thanks), but I'll explain anyway...

In the original MFiT challenge I suggested there was a percentage column to enable a fair comparison between challengers who had different objectives. Converting the challenges to percentage terms allows a comparison to occur. Eg

Timmy Tracker has paid off 1,000 of 4,000 pledge.
Mortgage Muncher has paid off 2,000 of 10,000 pledge

Timmy Tracker looks worse, but that's 25% of pledge while Mortgage Muncher has paid off less in percentage terms - 20% of pledge.

I have tried to improve on the already good chart information that was in the MFiT challenge. Not that Dithering Dad / Tall Girll haven't done a good job - I just thought of a few chart improvements.

The thinking behind the coloured percentages is motivation and I can see this is working already

Post 4 (thanks taka):
http://forums.moneysavingexpert.com/showpost.html?p=17475813&postcount=4

shows the percentage breakdown between the 12 charts. Basically, if you can keep a green percentage, you are guaranteed to hit your objective. For chart 01 you need to pay off 8.33% of your pledged reduction.

If you have paid off between 0.83% and 8.32% (8.33 - 7.5) then you're in the yellow zone - you're still doing well, but slightly behind your objective.

If you're paid off 0.82% or less than, then you're in the red zone - again, you're still doing well, but you're a little further behind in your objective.

These percentages then move on for chart 02, 03 etc and your percentages and colours get automatically calculated when we update your balances

Again as mentioned already, no matter what colour your percentage is, as long as your mortgage is going down, then you're heading in the right direction!

Financial Bliss / Maz123.

shangaijimmy

139 reporting.

I've done another update via googledocs (apologies for the second one) as we had a bonus payment going in.

We are now at £156,288.

By the end of the month we'll be under 156k and another brick will be coloured in on our fridge!!

financialbliss

deedee71 wrote: »

Filled in the form thing. How do I know if it worked?... it was all in German!

Not sure why you saw the update form in German?!?

You updated at 10.17 this morning. I could have probably directly updated the charts, but they get logged to a temporary sheet as there is nothing to stop someone posting a fictitious balance for someone else. If the balance looks wildly off, I'm firing off a PM to challenger!

To see if we have logged the update, you can look here (link currently in signature too):
http://spreadsheets.google.com/pub?key=tks17oKUg5u0jJOsscg4G1Q&single=true&gid=3&output=html

Again, another little incentive to keep a clean updates score card!

There's another batch of updates to do, but I'll hopefully get them done before I turn in for the evening...

FB.