2011 mfw

fillyfop

Hi all,

Just adding my mfw challenge to the list. I would like to overpay by £500 each month, total of £6000 a year.
It's difficult for me to add as I overpay, as my mortgage is my current account (off-set mortgage) so money is always flowing in and out. So I will update monthly when I receive my statement. I have been working really hard and think I did really well in Jan but will get my statement mid Feb so fingers crossed

Good luck to everyone else too!!

financialbliss

Attempting to be on the ball. I've an automated overpayment coming out on the 1st February, so here's how it looks year to date for me:

#29 - Overpay by £2,050.00

Month: Ideal Pay / Ideal Total / Ideal % / Actual Pay / Actual Total (Diff) / Actual %

January: 170.83 / 170.83 / 8.33% / 70.67 / 70.67 (100.16) / 3.45%
February: 170.83 / 341.67 / 16.67% / 70.67 / 141.34 (200.33) / 6.89%

Will be overpaying £70.67, but that leaves me £200.33 short - the 'diff' entry in brackets against an ideal target where the £2,050 is split over 12 months.

Aiming to catch up after March.

FB.

gerbiljo

I forgot I'd done this challenge too this month I have paid off £2950 including my normal payment bringing me to £68350 (starting figure I think was £71765) Thank you, good luck everyone!

cake21

Phew, caught up! What a brilliant start everyone :beer: (anyone left out, please let me know :T)
Thanks DansMum, SeriouslySeekingtoSave, Skaps, not all work and no play but it's nice to be back. As an added bonus UK weather seems quite mild in comparison so can save a bit on the heating
Tiniker - those kind of corrections are the best ones
SimbaK2K, oasisfeverish - your attitude inspires me to keep looking for more OPs :j
Pavlovs_dog - Da iawn chi!
MrsEm, LouLoubella - brilliant start committing to overpay from the word go, several of us wish we'd done the same!
miss undastood - congratulations on the upcoming nuptials :beer:
black taxi - thanks for those rates, sobering indeed! An another excuse if one needed to obsess about OPs :rotfl:
Spiggle - dw wedi gwneud yr un peth gyda fy ngerdyn credyn y mis ma (wwps )

curlygirl1971

Caaaakkkkkeeeee!!!! Welcome back! Croeso yn ôl (Pah! Thank goodness for Google Translate)

Q: How do you know when you're a MFW?
A: When the Dentist says "You're okay for another 6 months" and rather than breathing a sigh of relief because you're scared of that drill, you're silently gleeful that you've saved the potential-budgeted- expenditure. Yes I was that sad but glad bunny this morning

Feb Mortgage OP's
An OP of £180 is winging its way to my mortgage by SO but I'm also going in branch on Sat to make another OP of £148 because due to an attack of lazyitus I never got round to changing my SO in time.

This months OP's have been made up of:-
Budgeted OP £195
Halifax Reward Payments £15
Surplus account balance at end of Jan £34.70
Council tax not paid £78.00
Quidco payment £5.30

Will update googledocs when payment has been made

General financial matters for the year and a grovelling justification
I made a total hash of my Spending account in December and my Savings (Ie. the pot I use for annual and one-off spending) has been greatly reduced for the following reasons:-
1) OP fever at the end of last year
2) Stupid over-spending at Xmas
3) New boiler going to cost more than I'd saved up for (additional work needed)

By the magic of spreadsheet accounting I'm sure that with renewed frugality and focus it will all be okay ..... although it will be a close call around September which is currently in the Red. OP's will of course continue.

I am also in the very lucky position of being able to afford a (fab) holiday again this year. Clearly this has ZERO to do with being MFW and infact I guess some would view holidays as the enemy of a strict MF ethic. I can't even justify it as a one-off, because I've done it before and I will do it again if I can.

Whilst I work for my current employer I have the use of a Condo in Manhatten (1 trip a year) and I also have relatives in New Jersey so although I have the cost of everything else, I just think it's ridiculous not to do it whilst...

1) I work for such a great employer
2) My rellies are still around (early 80's but incredibly young at heart)
3) I can afford it.

We're also tagging on a long weekend in Washington so will have this cost of accomodation and trainfare (Am not paying for an internal flight!). Based on what I spent last year I think the whole trip will cost me £1600. It's decadent, it's not needed, I've been before, but you know what.......you only live once. Like most, I have people in my family with Dementia, Cancer and someone very close to me has MS......and I just think s0d it - I haven't always been this lucky and I can't bank on being in the future!

What other plans do people have this year - anyone else treating themselves? Or is everyone else fairly strict? Go on.....make me feel bad! I know Black Taxi is having a holiday - so don't just blame me!

originalmiscellany

No 220: (As per signature). Starting Feb off as we mean to carry on: £1k off. Decent progression from where we were on a year ago.
£6k off in total. If this rate continues, I'll be delighted, but I think it's a little unsustainable. Long may it continue.

turbo5019

No. 21 reporting 1st OP of Feb of £77.29. I was hoping to pay a bit more than £255 in jan but I have managed to pay off £10542.56 :joff our 11K loan which we took out begining of dec. Now just letting the last 2 payment be taken then no early redmention fee to pay.
Then I can start more OP.

fieldofdreams

No 119 - Feb overpayment of £400 gone in today.

Balance now just over £7000, I really feel like I'm on the home straight now!

Spiggle

Croeso'n ol Cake! :hello:

Bod yn ofalus gyda dy cerdyn credydd nawr. Dymuna o'n i'n wedi bod yn ofalus chwaith!

Ok, No.40 checking in. The SO's went out this morning and the targetted OP of £424 has gone out of the account. :j

So, on target with the OP and I reckon by my spreadsheet we are now under the £50k mark for just the combined mortgages. The outstanding total should be around £49,500 or thereabouts. :dance:

Once the remaining 0% CC balance of £1840 is added to the mortgages though the total amount unfortunately goes back up over the £50k mark to £51,246. Ah well, it's lovely to know the mortgages have gone below the mark anyway.

Keep up the good work everyone and diolch yn fawr iawn Cake.

All the best,
Spigs

someday_soon

Hi Everyone

This months overpayment has just been made. £988.28 plus £273 repayment element means we only paid £68 in interest this month.
Gosh, if we had been so dedicated years ago, think what those mortgage payments could be doing for us now.

Starting to jog down the path to the future we want.

Someday Soon