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

Little_Mama

uzubairu wrote: »

That's brilliant! :beer:
Even if you have a slow couple of months, you are still moving quickly in the right direction.

Thank you!

Thing is that now we've picked up such a pace, letting go of it is going to be really quite hard but if we don't we'll be quite skint lol! :rotfl: And we've got to have some fun in the hols

LM

Maslowe

Hi Fiancial Bliss

Can I join this challenge, the last one hasn't worked out too well but I should be at £125k by 12/12/10 and I want to reduce it to £75k by 12/12/12

Maslowe

financialbliss

I’ve just uploaded the chart we’re using to track progress as we’ve had a recent batch of new entrants – thanks.

If you look back at post no. 3, this gives a schedule, i.e. come March 2010, a snapshot will be taken which becomes the real chart 01. To be on target at chart 01, you will have had to pay off 8.33% of your own pledged mortgage reduction amount.

I’ve just altered the percentage to date column to automatically colour it as follows:

Green – At or better than percentages for each chart.
Yellow – Between the percentage and percentage minus 5.
Red – Less than the percentage minus 5.

So in other words, if we’re at chart no. 01, we should have reduced our own personal mortgage debts by 8.33% to be on track to hit our goals:


If your own percentage to date reduction is 8.33% or higher, then your own percentage to date cell colour will be green.

If your own percentage to date is between 3.33% and 8.33%, then your own percentage to date cell colour will be yellow.

If your own percentage to date is below 3.33%, then your own percentage to date cell colour will be red.


As we move to chart 02, then then percentage complete should be 16.67% or more to be green and the other colours change in line with that base value.

We don’t have to go with this, but it’s just another small motivational tool. Is the yellow block of percentage minus 5 too small a margin, should it be perhaps 7.5?

Q. What does everyone think of this? We would appreciate some feedback – feedback always welcomed!

Thanks,

Financial Bliss / Maz123.

THRIFTY_GIRL

Little_Mama wrote: »

Woohoo!

As of this morning we're under £100K......hurrah! That's £8k paid off since Feb.

Keep up the good work everyone.
LM

Well done LM!! We are heading towards the £200k point....i'm sure 5 figures is much easier to digest than 6....good luck with the holiday moneysaving:T

Welshlassie

Hi all, my starting point has already changed as its looks v likely that I'll be able to ditch my high rate mortgage. To do this we have lumped off our savings to reduce the loan amount to 75% LTV. This will take the mortgage down to £183,750, which I anticipate the mortgage will be at when this challenge starts.
We will see where we are in Dec, but anticipate keeping the goal similar to where it is at the moment as we will have to rebuild our savings as well as OP.
Looking forward to this challenge starting, roll on Dec,

RosieTiger

FB the chart colours would mkae it very easy to see how everyone's doing.

financialbliss

RosieTiger wrote: »

FB the chart colours would mkae it very easy to see how everyone's doing.

Great. I've just re-uploaded the image from the current sheet. I've now got a key at the bottom of the chart calculation what colour the percentage to date entries will be for each chart.

As this chart will eventually be chart 01, I've set the target to 8.33%. I've also put a count of green, yellow and red entries in so we can collectively see how we're doing. As we move on to chart 02, the target then becomes 16.67%, then 25% etc.

One other thing it highlights is that while we currently have 74 challengers, only 57 people have so far indicated a challenge. If you have an indication of what your own challenge may be, do PM me and I'll update the chart.

Financial Bliss.

Double_Trouble

Chart looks good FB but aren't the percentage ranges for red and yellow incorrect didn't you say red would be less than 3.33%?

Red is scary as I know already due to my plan I will be red for Chart 1 but all should be sorted by Chart 2 so apologies for spoiling the averages in advance.

DTxx

financialbliss

Double_Trouble wrote: »

Chart looks good FB but aren't the percentage ranges for red and yellow incorrect didn't you say red would be less than 3.33%?

Hi DT,

I decided to open up the yellow band from my initial suggestion of 5.0 (8.33% - 5 = 3.33%) to 7.5.

So for chart 01, 8.33% or more becomes green, between 0.83% and 8.32% becomes yellow and 0.82% or less becomes red.

Reason why I did this is that the yellow band was quite small and since we're going up in 8.33% chunks, if you're slightly behind your target you could quickly end up in the red zone. :eek:

Hope this is ok? I'm sure it will quickly become clear once we get actual mortgage values in compared to our starting point.

FB.

THRIFTY_GIRL

Hi FB

I'm hoping my balance will be down to £195k by 12.12.09.

Currently aiming for £150k by 12.12.12 although I will revise this if I start work again during the challenge.

Tried to pm you but assume your inbox is full!!

Regards

Thrifty