2016 mfw

shangaijimmy

Work life - that's a great start to the New Year and makes a huge difference to your daily interest!

PiggyBankShaker

Hi Lomcevak

Count me in again this year please. £6,000 target please!

Wombatchops

Mrs_Rachel_Trelfa wrote: »

#6 reporting £450 for January.

Just wondering if it would be an issue to change my target? Long story short got informed yesterday that the bonus scheme at my work is being pulled. Although it wasn't guaranteed, we got it most months, or at least a percentage of ot each month. It effectively means a £2.5k pre tax pay cut. So currently we are re-evaluating our finances.

That sucks. Good luck with the re-evaluation. I hope you manage to work it out.

runninglea

Hi - could I keep my number from 2015 - 55 please


Would like to aim for £17,000 - didn't quite make it last year but one can try again.


Thanks for running this last year and also this year - everyone appreciates the time and effort you put in

emg

MFW 42 reporting another January overpayment of £64.24 making my total January overpayment so far £264.24

Lomcevak

The update this week was slightly delayed by an encounter between a cup of coffee and my keyboard :shocked::doh:but fortunately a night on the radiator seems to have helped it recover!

I will now blame all of my errors on my keyboard

grastgirl, Beckyy, Bluefire, and runninglea - welcome back, i've given you the numbers you requested. Congratulations on impending MF-ness Bluefire! Welcome back PiggyBankShaker too, and welcome aboard hiddenshadow, turtlemoose, worklifebalance (which is something I completely failed to manage in 2015 and is a big personal goal for 2016!), and Lexi-lu

Beckyy - please let me know when you decide on a target

yorkielass, i've increased your target to £14000 - good luck!

Mrs_Rachel_Trelfa

Just wondering if it would be an issue to change my target?

No problem at all - just let me know on the thread and i'll pick it up as part of my weekly updates

Lomcevak

And on a personal note, the usual £600 for #12 has gone out for January. I'm struggling to get the finances going this year, there are a couple of big household bills this month and next month I've got to pay for flights to the USA to visit relatives (a bit of a duty visit rather than a proper holiday) so 2016 seems to be getting off to a bit of a slow start on the savings + MFW fronts. So i'm expecting to be behind target for most of the first half of the year.

I really like this list

This year i will be less lucky as such so will need to make more of an effort to reach the target, as such things i have decided to do include:

• increased my mortgage dd so that i overpay some money each month (and instead of doing this by £100 have rounded up so that my mortgage payment is to the next £50 so is a round figure - therefore op of £116.52 instead of £100). I find if i imagine this money is part of my monthly outgoings any way it is easier to do it regularly - plus will stand in good stead being used to it for when the interest rates do eventually start increasing (if i don't remain on a fix after it ends this year).
• I have set aside an small unused savings account to "collect" money in to be used to make overpayments once hit a certain amount.
• Any cash back earned from top cash back and quidco etc will go into the above account.
• Any interest earned on my savings will be filtered out and again put in the above account (as i have a number of the 5/4/3% current accounts).
• one account i have has a facility called "save the change" which means that if i spend using a debit card the money debited is actually rounded to the next nearest pound and the difference is then set aside in a savings account (i.e. if I spend £4.80, £5.00 will debit and 0.20 set aside.

The first point is what I do with my OPs, I have a fixed extra direct debit going out each month (£600, in my case) so my monthly OP gets done and that's been going on long enough now that it just feels like part of the normal outgoings and I don't miss it, but I want to try the others too. Last year I got a big boost to the OPs when a cash ISA matured and I decided to put that on the mortgage rather than roll it over, but apart from that I've not been good at finding a little extra to OP - I always admire the posters who are chipping away at the mortgage all month

jb_lord

Hi.

Please can I join for 2016?

My target is £400 a month (£4800) but hoping will have also saved enough £2 coins to round it up to £5k by end of year!!!!!

Thanks. 😊

Lomcevak

Welcome to the challenge jb_lord

Mrs_Rachel_Trelfa

Lomcevak wrote: »

Mrs_Rachel_Trelfa



No problem at all - just let me know on the thread and i'll pick it up as part of my weekly updates

Thanks Lomcevak. After a lengthy discussion, spreassheets and calculations with the hubby, we have decided to keep the target at £7k - after all it wouldn't be a challenge otherwise. Hubby's got a pay review in the near future and I'm sure that we are due a review of the soa. So with a bit of hard work I'm game if you are?