The Financial Dashboard – The Beginning

Each month I plan to do a financial dashboard check and publish how I’m doing to reach my yearly goals. Currently it should be pretty simple due to my lack of investments.

Here’s the front page from my Beast Budget excel chart.

March 2018 Dash

Ouch.

Breaking it down.

Assets March 2018

£690-odd in my current account as monthly float. £115k in value of my property. A few £k in jewellery and cars. The life insurance? is as this is currently being renewed.

As for pensions… ah pensions. I pay into the NHS Pension scheme, at a rate of 9.3% with the NHS contributing 14.3%. A healthy 23.3% theoretically. The value given in this is my current lump sum redeemable value. The NHS Pension is complex enough to warrant it’s own blog post as I’ll try to make sense of it.

Liabilities March 2018

The majority of this is the mortgage on the property I own. The £2.5k owed to family and £4.3k on credit cards are both 0% interest, borrowed to pay for an upcoming relocation and nuptials. The student loan will gradually be paid down, but I’m in no great rush to clear this as it currently accrues paltry interest.

So that’s the baseline, and the only way is up!

The FIRE Shrink

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4 thoughts on “The Financial Dashboard – The Beginning

    1. Hi poozyfp,
      It’s actually just a massive Excel .xclx file, The Beast Budget. I’m still upgrading it, but may convert it to a Google sheets document and share if people want.
      Thanks for the interest,
      Shrink

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  1. Hey Shrink, sorry to be lurking in your post archives but I’m trying to figure how you calculate your net worth. Is your principal residence amount (£115,750) the amount of equity you own? Making your house value £200,853 (mortgage + loans + equity). Or is your home value £115,750 with £30,647 being equity and the rest debt?

    I ask as it seems a low price for a property for the latter hypothesis, but then in your recent updates, you state your net worth as a figure which doesn’t include your home equity. Or maybe you’re doing something with your net worth calculations? Let me know 🙂

    I’d love to have a play with your spreadsheet too, it looks awesome!

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    1. No worries Savings Ninja, I never mind a bit of lurking.

      Short answer is my net worth = ((property value- outstanding mortgage)/2) + (all savings accounts) + (all investments) + (bank accounts) + (pension cashout value) – (student loan) – (all credit cards) – (any other money owing)
      I use half of the property value and half of the mortgage as we own the property jointly. The amount shown on this old chart (£115,750) was half of the properties valuation when on the market.

      Longer answer:
      The actual numbers I display on my dashboard are slightly different to the ones I report for my self worth. This is because the Dashboards are set up to show my net worth on the day viewed, as a total sum, summary list of assets and summary list of liabilities. I like being able to open it and see nice simple summary figures. This uses the TODAY function in excel plus a lookup in my amortisation, savings and budgeting spreadsheets to pull the exact figure for that day (which I screenshot at the end of the month). I’ve also added a new section to pull in real-time (actually 30 min delayed) valuations for my investments. I developed it like this slowly, with the intention that (if I could be bothered) I would develop some sort of system to automatically integrate bank account data too (using .csv or open banking APIs). But tbh updating excel is easier.

      My net worth figures come from a different sheet, which uses figures pulled on a set day from across my accounts to allow for monthly benchmarking. It incorporates my half the house valuation minus half the outstanding mortgage for that month to produce an equity figure (so does include my half of the equity). It’s a pretty theoretical figure really, a sort of “if I had to liquidate everything now back to the banks where would I stand”. I’m relooking at my pension cashout figure as it’s from old information, and I’m not sure how/if I even can cashout an NHS pension in the newest system. I include my student loan as I pay it back, but I could ignore it and treat it as a tax. If I were to get hit by a bus today my wife would actually be considerably better off than my numbers suggest, as my loan would be written off, I have life insurance which covers my mortgage and my pension includes death or critical injury in service benefits (although not much).

      I don’t display my net worth spreadsheet for professional reasons of anonymity; it’s deliberately slightly opaque. The workbook currently runs to about 20 pages, but I plan to slim it down and convert to a sharable format at some point for people to play with.

      Hope that explains most of it, cheers for reading!

      N.B. You didn’t ask, but the other thing to note is my savings rate does not include money going towards my mortgage or paying off debts, it is purely how much I have set aside.
      N.N.B. I should probably write a post explaining all this.

      Like

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