The Red Devils leapt to the top of the Premier League table with their 2-1 home win over Arsenal on Saturday before qualifying for the knockout phase of the Champions League with two games to spare courtesy of the 3-1 midweek victory over Sporting Braga.
Despite the early-season achievements, Ferdinand feels that there is still plenty of work to do in order to make the campaign a success.
"We are in the position we want to be. I wouldn't say we are over-happy," Ferdinand said.
"We set our stall out at the beginning of the Champions League to make sure we qualify comfortably. We have done that with games to spare.
"But in the league, Christmas is when we really evaluate it. If we are in the same position then as we are now, we would say it is a good start to the season.
"But it is still too early to look at the league table and start singing and dancing."