2012 mfw

madeupname1

LavenderBees wrote: »

Hi O Mighty Overseers of the Thread,

My overpayment year runs from Nov to Oct, so is it ok to post an overpayment of £700 for Dec on this thread as I'm not in the MFW 2011 challenge?

I'm happy if this is logged as January on the spready, and, hopefully, will add to it with my proper January op.

Hope that's ok. Sorry, hate to be awkward

L x

Off to update my siggy....the best part of the month is saving the op! :rotfl:

O awkward one

Done (and congrats on a further OP)

Regards
Mighty overseer of the MFW (or one of them )

madeupname1

Lullabelle - amendment made!

Welcome to everach (#58 - target £2000) and the_alchemist (#59 - target £3000):T

Any other takers? - I see original miscellaney has 'set' us a MSE group challenge of £1,000,000 :eek: so we have quite a way to go!!!

mbbetter

Hi,

Could you please add me to the challenge - much appreciated!

Target of £12,000 please.

Many thanks!!

coldcazzie

I'd like to be added please.

Target is minimum of £1500 before our remortgage date of 3rd Dec 2012

madeupname1

Hey coldcazzie - great to see you over here! You are MFW 2012 #60 (target £1500):j

mbbetter - good to see you too. You have been added as #61 with a target of £12000.

Good luck guys and looking forward to posting your updates

coldcazzie

Thankies! :j

drewwa

Please put me down for 30k in 2012. It's aggressive, but I plan on being MF during 2013!

Many thanks,

Drew.

black_taxi_2

om---lowering my target to 8k

sent google up-date

an unknown hit me regarding working hours

thx

curlygirl1971

I'm also taking part in the MFIT-3 challenge - which is now at it's 2/3rd way through point. I won't be MF at the end of the challenge - I never was going to be but like these yearly challenges I was using it to push and motivate myself - and both challenges have worked a treat.

Having completed my OPing for 2011 I'm now looking ahead and thinking about 2012 and what my 'strategy' is for achieving my targets for the two challenges. My MFIT-3 challenge is to have reduced my Mortgage balance by £20k by 12/12/12, and therefore to help me achieve this my MFW2012 challenge is to OP £2760 in the next 12 months. This means finding an extra £230 per month - minimum as obviously I would like to beat my target. I don't currently have an obvious £230 'spare' in the month so I've been thinking about how I'm going to do it.

So employing strategic planning methodology here’s my SWOT analysis :rotfl:(at last my education has proved useful! Now I just need to find a use for Algebraic Equations)

Strengths
· I’m obsessive with figures which helps me keep good track on where I am and what I need to do. I have a budget and I also keep track of EVERY PENNY EVERY DAY.
· An all singing all dancing spreadsheet which illustrates brilliantly the impact of interest and payments on my mortgage. If you want to use a spreadsheet then there a few of them around on MSE but I can recommend one by a MSE user LOCOBLADE – search on his name and you’ll find his thread.
· Before I commenced OP’ing I was lucky enough to have no other debt and I’d also built up my savings to a more than comfortable level – a great fall back that means I can focus on MFW. If my income ends tomorrow then I have enough in savings to pay my living costs for a year. I think the general recommendation is 3-6 months. But there are some schools of thought that think this is unnecessary (ie do you have access to emergency credit if you need it, can you take a Mortgage Holiday). I prefer Savings – they make me feel safe!
· I’m lucky enough to earn a good salary for what I do and my salary more than covers my bills
· Due to OP’ing (and buying at the right time) my LTV is around the 28.5% point which is a great position to be in
· Also due to OP’ing – IF the interest rate rises I will be able to comfortably meet any standard payments. Another wonderful position to be in.

Weaknesses
· I get distracted and bored – the MSE forum helps a great deal with keeping me focused and motivated so I need to make sure I log in and review everyone elses progress on a regular basis
· I can’t be bothered to earn extra income by seeing if I can sell some of stuff on ebay for example. This is something I need to sort out in 2012 if I want to take this to another level. Even if it’s just a £5 here and there – every penny counts
· Years ago I was forced to be very frugal. Now I don’t need to be and it seems to have gone to my head. Although I budget and record all spend I’m not always as careful as I could be. Things like not bothering to Menu plan for the week can have a steep impact as I’m inclined to pop into the supermarket for that nights tea and end up spending £15.
· My frugal head needs to extend all the way down to my right foot which is currently reducing my MPG. I do quite a bit of mileage so this has a big impact.
· I sometimes get carried away with a Bargain or an offer. Recently I’ve been getting minimum spend vouchers from Sainsburys and Tescos. The net effect is that I’ve spent more on food during the past 2 months than I usually do. Granted I have a full freezer and cupboard but I’ve spent a lot more than I would usually and sometimes I’ve walked round thinking ‘what can I buy to get over the threshold?’. Defeats the object.
· Brand preference has snuck in. I used to buy cheapest (as long as it was of reasonable quality). I spent £20 last night and couldn’t believe I had £20 worth of food in the basket – My branded items accounted for 60% of the basket and 90% of the spend. Need to get back to basics.

Opportunities
· I can continue to boost my income with Cashback, Banking rewards, Interest earned
· I can continue to shop around for everything and use that most wonderful of tools ‘The Internet’. This Christmas has been ridiculous – the amount of time I’ve spent shopping around is not the sort of time everyone has to spare but it has saved me a lot of money.
· I can continue to shop around for the best home for my savings to maximise the interest earning potential and I move my money around keeping very little in my current account.
· Low BOE Base rate – means the interest applied to my mortgage is only 3.5% (SVR). Make hay whilst the sun shines
· If MFW was my religion then MSE would be my bible. Ideas, discount codes, information, advice, support, motivation......it’s all here.
· If this was a school report it would probably have ‘could try harder’ on it – I know I could. I still want my holidays, I still want to go out, I still want to buy clothes (don’t worry, I’m talking about George from Asda and sale prices). BUT I could still make a better effort at reducing my day to day spending.

Threats
· My partner. I’m not joking. He earns more than I do and has more of his mortgage paid off. Neither of us live the high life but he can afford to do more and he doesn’t have to stick to a budget, which sometimes means I have difficult choices. He wants to go to Australia next year. He tries to pay for more things than I do, but I don’t like it. I’m go-Dutch kinda gal.
· Life is going to change in the next 12 months. I’m moving in with my partner which means relocating and getting another job in a smaller town – I anticipate a much lower salary. So there will be shared living costs, but less money and some home improvement projects (He doesn’t realise it yet, but he needs a new kitchen ).
· I think I will keep my current property – my neighbours houses aren’t selling. I’ll therefore be trying to get some rental income on my house – which is another good reason for getting the mortgage down as much as possible as CTL / BTL is very expensive and not guaranteed. The rental income isn’t guaranteed either so I will feel a little exposed on this front.
· The Economy – I’m really noticing the difference in my food spend and I’m earning very little on my savings. I guess there is also the question of job security.
· BOE Base rate.........it could rise. At some point in 2012? Who knows..... Anyway it’s only a small threat but obviously a rise would erode my ability to OP.

So, you don’t have to go as far as doing a SWOT analysis! – but what’s your plan for 2012? Are your OP's going to magically appear or are you going to work at it?

curlygirl1971

black_taxi wrote: »

an unknown hit me regarding working hours

thx

but good job you've protected yourself by your OP's so far.