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

glitterball

No 81

just updated via docs. Cant wait to see how we are all doing.

Jock_Tight

#165 checking in, updated balance via google docs

Balance at start - £39906
Current balance - £36199

Works out at 9.29% so far £382 better than target so should put me in the green band at the moment.

All the best to my fellow MF crew :wave:

taxi73

Hi FB and all...Have sent you PM...as couldn't get google docs to work.

Well done everyone..I'm seriously in the red as paying debts off first and have used the savings to keep the business afloat .

lunar

I Think ill be in the red too taxi, hopefuly we can catch up when the debts are gone!

taxi73

I'll be perfectly fine after december but it's embarrassing before then but I think I may still be able to pay it all off by the dead line.

SuiDreams

I'll have to wait a few days before I can update, as Mortgage payment only went out today and they take a few days to update the balance afterwards. I haven't been able to increase over payments as yet, as we've had quite a few disasters this year. Luckily I've managed to get them sorted out (so far) without raiding savings. Still have a few things we need to pay for though so keeping fingers crossed.

mollysmummy

Hi
Update for 1st quarter
Mollysmummy #104
Start £97991
01/03/10 £96097

So far to go!!!

black_taxi_2

yes but so far so good

the day/year u clear mortgage will be momentous:T

loopy-juice

financialbliss wrote: »

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.

FB. My % will be around the 7% a yellow. Could you have an add on to the sheet that shows how much you underpaid and how much to get back on track?

golfiematt

number 166 reporting via google docs. balance of today now down to £42042 from 45k
keep those op's up everyone no matter how small!