It has been an expensive month! It included a three day wedding plus a party two weeks later, a higher than expected car insurance renewal and a house move so the expenses have been justifiable (in my opinion!).
All this meant that my regular savings took a hit all the way to zero 😦 But that’s why I have savings and at least I didn’t have to fall back on the dreaded credit card!
So a quick update on my journey to financial independence.
At the end of October, my assets totalled £148,837 and my liabilities totalled £64,456 leaving a net worth of £84,381. This is an increase of £4,378 on my starting figure or 5% – pretty good for just two months. And in terms of my goals I set back in August, there has also been some progress:
- Clear the credit card debt – Done! As of 1st November, I now have no credit card debt! Wow! I celebrated by treating myself to a hot chocolate and slice of cake at my new local cafe before signing up at my new local library. A new discovery at the library is that I can borrow audiobooks for free which will greatly improve my commute to work (it’s gone from 15 minutes to an hour so it’s taking some getting used to!).
- Save up to pay off the car loan – This is the next step and I’ll be monitoring the level of the loan and the level of my savings (starting again in November as I spent up last month!).
- Then make more overpayments on my mortgage (not due until May 2018).
- Save £400 in a regular saver and £450 in a stocks and shares ISA – My regular saver is set up on a standing order so it goes straight in on the 1st of every month. I’ll be setting up my ISA at the end of November ready to invest my first sum on pay day.
- Get my regular saver account up to £3,300 as a baseline – I think I’ll use a different savings account for this to stop me using it for something else so I’ll use this month to find the best option. I always use moneysavingexpert.com for research like this and their regular email newsletter is always full of great money saving tips, big and small – highly recommended!
I love having these smaller goals to aim for on my saving journey. It helps to keep me motivated, especially when the longer term goal will take many years. Do you have any smaller goals that you have already achieved or are hoping to achieve in the short term as part of a longer financial independence plan? Please comment below, I’d love to hear from you!