Hope is not an Effective Financial Strategy

shangaijimmy

I had the pleasure of attending a conference yesterday with work. The usual stuff; posh hotel, posh lunch but nowhere near enough, presentations about what we already know but no solutions or strategies to overcome and sales pitches from sponsors.

Anyway one of the sales pitches was particularly irrelevant for work but made me sit up and notice MFW-wise!
The key message around making money work most efficiently had 4 messages;
1. Keep it simple
2. Make it a habit
3. Start Early
4. Follow a 3rd/3rd/3rd strategy of 3rd of income to everyday spends, 3rd to savings/investments, 3rd to assets/debt.

Now that sounds like some key advice for anyone thinking about the MFW journey, and a great starting point for budget/spreadsheet planning. Funnily enough my initial plan 12 months ago was to put a 3rd of income to mortgage/OP's!

I presume this is standard advice but it'd be interesting how many do similar?

mrsp1987

After rain today and tomorrow it should brighten up although cloudy and temps of about 15-18. Well at least for me in Shropshire!

hiddenshadow

shangaijimmy wrote: »

4. Follow a 3rd/3rd/3rd strategy of 3rd of income to everyday spends, 3rd to savings/investments, 3rd to assets/debt.

Now that sounds like some key advice for anyone thinking about the MFW journey, and a great starting point for budget/spreadsheet planning. Funnily enough my initial plan 12 months ago was to put a 3rd of income to mortgage/OP's!

Interesting breakdown. The main advise I've seen (from All Your Worth, I believe) is 50/30/20. 50% towards needs, 30% towards wants, 20% towards savings/debt. If you're debt (but not mortgage) free, the 20% goes towards investments instead.

We're at about 55% needs (though that includes extra mortgage OP built-in to our regular payment), 25% wants, 20% OP. We'll see at the end of the year if this is sustainable.

A_Frayed_Knot

shangaijimmy wrote: »

AFK i switched to Yorkshire Bank because of their £150 offer. Switch was smooth enough and am just now eagerly awaiting the bonus (due tomorrow...not that 'counting)! As for ebay, well i did list but sadly nothing sold so motivation levels to relist have vanished!!

Now just waiting for the switch bonus before finding another switch for the 'dummy' account!

After another glorious day yesterday however AFK has sent their gloom to us so its a wet dreary day today!

Done the Clydesd@le one - so Yorshires no good for me.

Doesn't cost anything but time to re-list, so get going if you have more than 1 image on, then swop them, works for me - sometimes

Hmm, need to make up a dummy account for myself but not dummy money in it :rotfl:

And less of the gloom if you don't mind .... was just overcast here, not wet so you can keep that :cool:

Ali-OK

Who's taken the decent weather then? Cold and wet here today

1/3rds strategy is interesting to know - off to do some calcs!

A_Frayed_Knot

We have :rotfl::rotfl::rotfl:

shangaijimmy

£1 TT'd this morning, but no switch bonus...where's my switch bonus??? Grrrr...

hiddenshadow

Might be worth a call - they were able to tell me the date they planned to award the bonus.

shangaijimmy

Good thinking! I'll give them till Friday to produce the goodies!

Busy_Mee1

Co-op are offering £150 switching bonus - TCB were also offering £50.40 too. Potentially £200.40 if it all works