Hope is not an Effective Financial Strategy

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  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    £200...Grrr... I used them last winter for a switch and only got £100 plus £30 off quidco!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    shangaijimmy wrote: »
    £1 TT'd this morning, but no switch bonus...where's my switch bonus??? Grrrr...


    Hope it doesn't take as long as mine ................... 4 MONTHS :eek:
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • choccielover
    choccielover Posts: 412 Forumite
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    So in terms of the 1/3 strategy is it really saying 2/3 of your income should be on paying down your mortgage and making savings/investments and 1/3 to pay all bills, holidays etc.

    Seems a little tight to me. We spend 36% of our income on daily spending and bill payments and that isn't being particularly lavish and doesn't include spend on holidays....though I do have a big house and so some of the bills are slightly larger than normal perhaps.

    Does it track for anyone else? May just be me and my inadvertently luxurious lifestyle I didn't know I was leading ;)
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Its not far off for me. I definitely spend 1/3 on mortgage and OP's. As for savings i include my holiday pot as savings even though we dip into it each year.

    It just seems like a great starting point for those wondering how & where to start their monthly budget.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Ali-OK
    Ali-OK Posts: 4,073 Forumite
    First Anniversary Debt-free and Proud!
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    Roughly I'm not far out:

    Mortgage/OP - 37%
    Bills/everyday - 32%
    Savings/etc - 31%

    Ideally being on MSE I guess we're all aiming for lower on the bills/everyday and higher on mortgages!
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
  • choccielover
    choccielover Posts: 412 Forumite
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    Aaah good point about holiday being in savings, in that case I think we aren't far off either if I do the same as you and lump mortgage contractual payments and OP's into one pot.

    hmmm, off to have another play with this in the morning.
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    The big question I suppose is where to we place our assets 1/3 when that glorious MF day comes... I can guarantee none of us will want to spend more!

    71p TT for me this morning. I had to pay for 2 kids passports yesterday so our current account is looking decidedly unhealthy with just £41 till payday in 12 days! I did have the money put aside for them in holiday savings but am determined not to dip into it. Let's see how we get on!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • choccielover
    choccielover Posts: 412 Forumite
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    I guess it depends on your change in definition. Are investments not technically assets? Would you therefor save/invest more?
  • hiddenshadow
    hiddenshadow Posts: 2,525 Forumite
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    shangaijimmy wrote: »
    The big question I suppose is where to we place our assets 1/3 when that glorious MF day comes... I can guarantee none of us will want to spend more!

    Speak for yourself, I'm looking forward to getting back into horses once we're MF. :D (That said, I hope I wouldn't spend more than we've been spending on mortgage payments, ideally quite a bit less!)

    Good luck with the tight budget this month, hope you don't have to dip into the savings!
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Ours will consist of a few house jobs (kitchen, bathroom etc...), and ramping up retirement plans.

    In other news our £150 switch bonus has arrived and been promptly dispatched to the mortgage - woo hoo!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
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