Hurrah, my MFW quest has started

abouttimetoo

LouiseJ wrote: »

Way to go:T I am a bit obsessive about it all at the moment and have started to do matched betting and have done mystery shopping for over a year now. Any extra goes to the mortgage.

Hi LouiseJ
I'm very curious about this matched betting malarkey, I've seen Tallgirl referring to it quite a bit as well but I've no idea what it is all about, how to do it, benefits etc

Any info gratefully appreciated

abouttimetoo

Ok then, deep breath taken as now about to commit my thoughts and wishes to paper... My ideal aim is to pay the mortgage off in 10 years time, I've worked out that if interest rates stay the same then I would need to make overpayments of £800 per month. At present, this amount is a bit on the steep side for me as I would like to start building up my savings etc and have a bit of a safety net. It also feels like an awful lot to commit to as I'm just starting out with this (don't worry I'm still committed to doing this) and would prefer to build up to this in the next year or so although I appreciate this will impact on the 10 year plan so I will have a bit of making up to do.

So, my plan is to overpay for £300 per month for the next 6 months to see how this feels and what shape it leaves my account in etc. then build it up

There, I've done it! I feel much happier now as I've worked out the daily interest on both accounts, how much I need to pay and how much I will pay, not to mention the fact that I have pretty spreadsheets to look at :rotfl:

One last thing i've also decided on and that is the MF date - I'm quite taken with Financial Bliss' end date 12/12/12 and i like the pattern so my goal is 1.8.18!

Best wishes all

Nessa56

Well done

reading all of this has given me some more motivation to save more than I am doing at the moment, as I have got a bit lax, spending far too much money on food etc, and I know I can do much better.

Am going to keep an eye on this and really do wish you luck luv

v
x

LouiseJ

abouttimetoo wrote: »

Hi LouiseJ
I'm very curious about this matched betting malarkey, I've seen Tallgirl referring to it quite a bit as well but I've no idea what it is all about, how to do it, benefits etc

Any info gratefully appreciated

Well to be honest I am a total newbie to it myself, but there is definately money to be made. I would start off in quidco first as there are some really good incentives on there to sign up at bookies. I wouldnt go into it though until you have done alot of reading on the gambling introductory loopholes forum I read the matched betting for newbies Q&A about 10 times over a period of about 3 months before I had the confidence to give it a try.

I only started last weekend as quidco were doing a £50 signup for betfair. And as I got a £25 free bet with them I decided to do match betting in order to keep as much of the free bet as possible. Its all about getting your hands on the free bet values offered by bookies and turning that into cash by placing a bet at one bookies and then by playing the same lay bet at a betting exchange.

It is a bit complicated but if you start off with low amounts I did £10 then you begin to get the hang of it. But never gamble your own money!!!

abouttimetoo

Hi LouiseJ

Thanks for the info, I think as you suggest I’ll need to do a lot of reading up on it first!

Can't wait for my pay day to make an OP - this MFW thing really gets to you doesn't it:rolleyes:

LouiseJ

abouttimetoo wrote: »

Hi LouiseJ

Thanks for the info, I think as you suggest I’ll need to do a lot of reading up on it first!

Can't wait for my pay day to make an OP - this MFW thing really gets to you doesn't it:rolleyes:

Definately, I went all silly in the bank when I made my first overpayment, started telling the cashier my life story. She just nodded as though I was deranged. But it felt GREAT:T

abouttimetoo

Hi all

I’m hoping you can help as I’m driving myself mad trying to work something out and the excel answer I’m coming up with is ‘it doesn’t make any difference’ but that doesn’t feel right if you know what I mean; I’ve now thought about it too much and can’t see the wood for the trees so I’d just like to run it by you – please feel free to tell me the answer and/or if I’m being a dimwit

I'm trying to work out what the best day in the month will be to make my OP. My normal monthly payment is applied to the mortgage account on the 20th of the month and the interest is applied on the last working day of the month. I’ve done my own calculations and checked them against my mortgage statement and can see the I get charged interest on the balance between the 1st of the month and the 19th and then interest on what the balance is between the 20th and 31st of the month (or whatever the last date in the month happens to be).

My thought was to make the OP on the last day of the month (same day that the interest is applied) so that the 19 days of interest (before the monthly payment is applied) is done on a smaller balance. This feels right and makes sense in my head but excel is saying is doesn’t make any difference if I make the OP on the day interest is applied or on the 20th of the month alongside the regular payment.

Arrggh, what do you think, is my head right and I’ve just done my excel calcs wrong? :mad:

financialbliss

abouttimetoo wrote: »

One last thing i've also decided on and that is the MF date - I'm quite taken with Financial Bliss' end date 12/12/12 and i like the pattern so my goal is 1.8.18!

Best wishes all

Nice date. And the very best of luck in achieving that goal!

FB.

JonnyBravo

abouttimetoo wrote: »

I'm trying to work out what the best day in the month will be to make my OP

Simple really.
All depends on how your interest is worked out.

If you're on daily interest then the earlier the date in the month the better. You save as soon as money is paid in.

If you're on monthly interest then you want to set it up to hit your account just a day or two (for safety) before they calculate the interest.

If you're on yearly interest it won't really make any difference what date you choose each month. Better instead to save it all up through the year and overpay just before interest is added whenever that is.


Ask your lender how your interest is calculated.

abouttimetoo

JonnyBravo wrote: »

Simple really.
All depends on how your interest is worked out.

If you're on daily interest then the earlier the date in the month the better. You save as soon as money is paid in.

Thanks JonnyBravo, makes perfect sense. I already knew I was on daily interest so the answer should have been clear to me. I think the lesson here is either rely on my brain and not excel, or, don't do excel calcs late at night:rolleyes: