My story - determined

jemw

determined1 wrote: »

Hi suisidevw

Thank-you very much!

How do I manage it? Well, I draw up a budget at the end of the month for next months expenses. Most of them will be the same each month, others will need some thought. Then,

My pay + OH pay - budgeted expenses = "spare money"

Last months variance (budget v actual) + spare money = this months overpayment

The last months variance may of course be negative, but I always have a "floating" amount in my current account incase we go over the budgeted expected expenditure.

I then adjust the overpayment so that last months balance + interest - normal payment - overpayment is a nice round figure. Yes, sad I know

There are a few other things and timing differences I factor in, but the above is the fundamentals.

Make a budget you are comfortable with, not too tight (unless you want to). Get the OH on board and agree with it. They then can't moan when the money has been spent I make the overpayment at the start of the month. Therefore, once the money has gone, it is gone until next month.

Simple philosophy I have always followed. Only spend what you have. When it's gone it's gone.

Always remember why you are doing what you are doing. Find things that get/keep you motivated.

Set a target. Try to attain it.

There will be low points, but you only ever started grabbing the MFW rope because this is what you wanted to do.

Plan for everything (within reason). Obviously, you cannot plan for things that you don't know will happen.

Have a dream and go for it.

Mine, qualify as a chartered accountant at the age of 23 and completely own my 3 bed house in the south east at the age of 27 to put me in good stead for the rest of my life.

Yes we don't earn "lots". But, watching those pounds and being sensible really really does work wonders.

Hope this post is bursting with motivation. It's certainly given me some.

Determined

great post and very interesting point

co123456

determined1 wrote: »

Hello peeps :hello:Long time no post!



Pulled out my old skateboard and hit my local skatepark.


I don't think I'm passed it at the age of 20. Could be a nice thing to do once a week say (weather permitting) to help me keep fit (anything would be better than now) and have a bit of me time doing a hobby I clearly won't be able to do forever.

:rotfl:

Determined

Woop! Hello fellow MFW Skateboarder! I'm 36 and still skate though I use my board for commuting. Keeps me fit, and saves on petrol. Head on over to www.skatefurther.com if you want to know more about the distance thing.

jemw

Hey

How's the studying going? No update for a while

determined1_2

Hi chaps and chapets

Sorry about the lack of updates. This is through the combination of lots of study, bad back, work, and erm buying an xbox360 Can't have all work no play ...................

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91
Sept 09: £129,400.00/£940.22/£3,324.76/£56,694.80/87
Aug 09: £130,500.00/£845.05/£3,103.05/£53,370.04/82
July 09: £131,499.99/£1,532.51/£5,910.43/£50,266.99/77
June 09: £133,200.00/£1,008.83/£4,102.48/£44,356.56/67
May 09: £134,250.00/£490.93/£2,065.86/£40,254.08/61
Apr 09: £135,000.00/£1,137.13/£4,970.81/£38,188.22/58
Mar 09: £136,269.03/£1,000/£4,588.67/£33,209.26/50
Feb 09: £137,459.47/£740/£3,538.81/£28,620.59/43
Jan 09: £138,323.21/£2,030/£10,364.53/£25,081.78/37
Dec 08: £140,466.66/£2,380/£13,508.64/£14,717.25/22
Nov 08: £142,970.30/£100/£605.23/£1,208.61/2
Oct 08: £143,170.74/£100/£603.28/£603.28/1

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £20.17 was for 02.09.09 - 01.10.09

Oct 09: £20.17
Sept 09: £20.34
Aug 09: £20.50
July 09: £20.76
June 09: £20.94
May 09: £21.05
Apr 09: £21.24
Mar 09: £21.43
Feb 09: £21.56
Jan 09: £21.84
Dec 08: £22.23
Nov 08: £22.26
Oct 08: £22.29

Lower OP this month as am having to pay back £~1,200 stoozed money next month. I did pull £500 out of my match betting fund to bump up the payment though. Still have some in there. Think I might give this up. Made nearly £3k from it. But it takes a lot of time and effort and I don't feel up to it any more. I have exams to focus on and it takes up a lot of spare time. What do you guys think?????

Right, off to do some study

determined1_2

determined1 wrote: »

Goal 1 - maintain a 'standard' overpayment of £500 (will become more clear as time passes) for the next 6 months

Goal 2 - 'save' £50,000 of interest (see post one about estimates here) by the end of 2009

Goal 3 - get mortgage sub £100,000 by christmas 2011

Thought a year on (already :eek::eek:) from my first OP would be a good time to review the goals I set at the start of the year.

Goal 1 - I think I'll let myself have this one

Goal 2 - check. Will 2 more months to go

Goal 3 - erm not there yet

I set an interim goal in August to try and get a balance of £128k by 01.12.2009

To attain this, I need to make an OP of £140.29 on 01.12.2009 if I make no OP next month. I'll be all over this target I think.

What do you reckon should be my next target? £125k or £120k? I'll then put a time frame on it.

twinklie

Honestly you should be so proud of yourself. I understand what you mean about giving up matched betting. Honestly, your exams etc add to your long term future so must take priority. You run the risk of mucking up if your not paying full attention to it. Just take a break from it...you don't have to give it up forever.

Glad your managing some fun though - you're only young once right?

golfiematt

impressive progess there. aim high i say youve nothing to lose.

ps' i wouldnt mind knowing the amount of months ive saved on my term do you have a spreadsheet to calculate this?

determined1_2

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97
Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91
Sept 09: £129,400.00/£940.22/£3,324.76/£56,694.80/87
Aug 09: £130,500.00/£845.05/£3,103.05/£53,370.04/82
July 09: £131,499.99/£1,532.51/£5,910.43/£50,266.99/77
June 09: £133,200.00/£1,008.83/£4,102.48/£44,356.56/67
May 09: £134,250.00/£490.93/£2,065.86/£40,254.08/61
Apr 09: £135,000.00/£1,137.13/£4,970.81/£38,188.22/58
Mar 09: £136,269.03/£1,000/£4,588.67/£33,209.26/50
Feb 09: £137,459.47/£740/£3,538.81/£28,620.59/43
Jan 09: £138,323.21/£2,030/£10,364.53/£25,081.78/37
Dec 08: £140,466.66/£2,380/£13,508.64/£14,717.25/22
Nov 08: £142,970.30/£100/£605.23/£1,208.61/2
Oct 08: £143,170.74/£100/£603.28/£603.28/1

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £20.03 was for 02.10.09 - 01.11.09

Nov 09: £20.03
Oct 09: £20.17
Sept 09: £20.34
Aug 09: £20.50
July 09: £20.76
June 09: £20.94
May 09: £21.05
Apr 09: £21.24
Mar 09: £21.43
Feb 09: £21.56
Jan 09: £21.84
Dec 08: £22.23
Nov 08: £22.26
Oct 08: £22.29


Sorry about the serious lack of updates - been very busy!

Have taken all my match betting money out - simply do not have time for that anymore. So that's made the overpayment quite big considering had to pay ~£1,300 of stooze CC as well.

Car insurance, tax and Chrimbo next month - but where OH gets paid every four weeks, she gets paid twice in January, so we defer these spends on a CC and pay off in January - so doesn't affect cash flow that much:cool:


So have achieved my target of £128k for 01.12.09 one month early. Lets see what we can do for the 01.12.09 for a bit more of a head start for the Mf3-t2 challenge.

Off to read Audit Practes Board for some additional reading for my exams - fun (not)?!?!

pammyj74

wow your ops are amazing, well done D1

gallygirl

determined1 wrote: »

Chrimbo next month

IS IT :eek::eek::eek: Who agreed to that? Didn't we have one of those last year?????? Yikes, off to look down the sofa.........

determined1 wrote: »

Off to read Audit Practes Board for some additional reading for my exams - fun (not)?!?!

Ooooohhh, as an ex auditor I feel your pain

Great progress this year, well done :T