2012 mfw

madeupname1

Spiggle wrote: »

Hi MUN,

I updated CathT this morning (see Post #354) unless there was another OP listed on the update sheet?

Take care,
Spigs

yes there was an update in the 2012 update sheet so I assumed it needed to go in. Not sure if it was a duplication or an additional payment. Perhaps CathT can confirm her total for the month?

Curlygirl - your update of £190 has been added to the spreadsheet. Well done on your first OP of 2012!

Tabbitha (No. 115) - you entered an OP of £100 on the update sheet. The master spreadsheet already includes an update of £100 for Jan. Can I just check whether you have therefore made an additional OP of £100 so that the total for January is £200?

To all 2012 MFWers - when posting multiple updates for one month, please could you state what your total OP for that month as that is the figure that is ultimately entered into the spreadsheet. This will help to keep the spreadsheet accurate. Thank you!

lincoln-potter

Sign me up for 2012 (promise not to vanish halfway through the year this time )

Name - Lincoln-potter
Target - £19,500

Spiggle

Welcome Lincoln-potter, you're on the list at No.123. Good luck!

All the best,
Spigs

curlygirl1971

:wave:

Any lurkers out there still wondering “should I?” or thinking small OP’s don’t count? Well yes you should, and yes of course they do. Stop lurking and join in! The success of this challenge is purely down to the MFW’s that take part – we need your input.


Reasons to join the challenge:-

• It can be motivating, supportive and the source of good advice and tips.
• For most people, OPing makes good sense. Unless you have other debt, unless you are restricted by penalties, unless you have an amazing rate on your savings, unless you have good financial advice to say otherwise; OPing is a great way of helping yourself out financially.
• You will end up paying less of your money into your banks pocket in the long run, even by OPing small amounts. By OPing I’ve reduced my mortgage by 5½ years.
• Protect your pocket. If you OP now whilst interest rates are low, then you will be able to better cope when interest rates rise as your capital will be reduced. Due to OPing I could afford a interest rate rise tomorrow of 13% (I wouldn’t chuffing like it – but I could cope with it).
• You’ll improve your LTV
• Sometimes it’s better to share financial planning info with virtual strangers rather than those around us in the real world.

How do you find the cash:

• After you’ve paid for everything you need to, do you have any cash left? If you haven’t already got one then do a realistic spending budget and stick to it. Record your spending if necessary so you can see where you might be going wrong. Think about what areas you can reduce your spend.
• Not all of us can have it all. So decide what your priorities are and pick your level of dedication. How important is being MF over having holidays, going out, clothes, Xmas spending, having latest technology etc? How far are you going to take it? Is it business as usual or are you going to be more careful with your spending? Or are you going to be all out old-style frugal? It’s up to you – you’re the one that will have to live it and see it through so make sure it’s realistic and there are rewards.
• If you are able to budget a regular OP then set up an OP Standing Order (or just add it to your regular payment) and treat it as a bill payment rather than something voluntary. Anything extra can be OP’d in addition.
• Rounding OCD. If you’ve scraped together £9.98 to OP, then OP £10. If after making your payments your Mortgage balance is at £100402 then OP another £3 to get it to £100399.
• Make sure your money is in the best place. For those of us that do like some savings to fall back on then make sure you check your interest rates regularly and move your money appropriately. Last year I earned about £500 in interest instead of the £100 I would have earned if I’d not bothered moving it. I also earn Halifax Current Account rewards but keep a very low Current Account balance.
• Shop around. It can be time consuming but you can effectively earn ‘extra’ cash. I spent £322 on Xmas presents – I reackon that if I hadn’t shopped around I would have easily spent £418. I saved up throughout the year for Xmas – the money I didn’t spend will be a mortgage OP. If I was really frugal and thrifty instead of just careful I would have either agreed ‘no presents’ or given hand-made gifts.
• Earn extra cash – Cashback sites (I’ve earned £550+ in 18 months), surveys, comps, collect points, sell, extra work.

What will help you:-

• Use MSE – if you’re still fairly new to MSE and the forum then you might not be aware of what a fantastic information resource it is. Every time you make a spending /financial decision, root around MSE, do a search on the forum to see if anyone can suggest a better deal / option, offer a discount code etc. Read MFW diaries for ideas, do challenges like ‘No spending days’, get a Mortgage Pig.
• Understand your mortgage. I think most of us start off knowing very little about our mortgage and presume it’s beyond ordinary folks understanding in any case. It isn’t E=MC2, take your time, read through the docs, get copies if you need to, ask questions - you can understand it.
• A mortgage spreadsheet. If anyone needs convincing then take a look at how much you are going to pay back compared to what you originally borrowed. A mortgage spreadsheet also illustrates brilliantly what a small regular OP can do.
• Get everyone in the household involved. It will erode your motivation if you put in all the effort and all the extra cash if someone else is ordering Pizza every Friday night.

Mint1955

First OP for me no 108 £100

Spiggle

Thank you curlygirl, what a fabulous post!:T:T:T

Mint1955 I've updated your OP on the spreadsheet, well done.

See you all later,
Spigs

Mint1955

Spiggle wrote: »

Mint1955 I've updated your OP on the spreadsheet, well done.

See you all later,
Spigs

Wow how excited am I I have made OP's before but this is the first time its from my budgets not from my OH.
I am hoping to suprise him as the year goes on how much I have added to what he thinks we are overpaying

Spiggle

That's brilliant Mint, you're excitement and sense of achievement is glowing from your post and has put a big smile on my face. Keep up the great work.

Take care,
Spigs

unhappy_shopper

I made my first OP for this year of £2000. Yay!!

Spiggle

Truly brilliant unhappy_shopper, well done.

Take care,
Spigs