The Financial Dashboard – July 2018

In an effort to streamline the Financial Dashboard, I’m cutting some waffle.

The goals for July were:

  • Rein in spending on the automotive hobby by setting a budget – Epic epic fail
  • Sell five items from my hoard – carried over – Fail
  • Reduce daily living (groceries and lunch out) and entertainment expenses to budget – Fail
  • Eat out a maximum of once a week – Success
  • Repair or purchase a new bike – Fail

Checking the assets and liabilities:

July 2018 Assets

July 2018 Liabilities

These are taken from my mega Excel Beast Budget spreadsheet. I need to develop some pretty graphs to show changes over time. In short, my net worth grew by ~£600 (~3%). My savings rate including my mortgage was 14.7%, 2% without. I saved £200 in my 5% interest Santander saver, and paid off some of my mortgage… and that’s about it. My finances are still recovering from moving house and changing jobs, so hopefully will improve. I’m lucky in that my NHS pension is a DB pension rather than a DC, but it’s been watered down by progressive governments, and is pretty complex to calculate.

Goals:

Goal achieved: We only ate out around once a week this month, and a couple of those were lighter lunches rather than dinners out. We’ve had lots of friends over for meals (the grocery spend shows that!). We enjoy eating out, but we’re going to be more sensible from now on.

Goal failed: Rein in spending on the automotive hobby by setting a budget. Frankly I blew this one out of the water. I spent £450 getting a local garage to go through a list of niggles on my daily car which have been low down the priorities list while we moved house. I didn’t use a main dealer, but a decent local independent. In hindsight some of these jobs I could have done myself to save money, but I simply haven’t had the time. I also spent £90 on train tickets for a work conference later in the year. This month I’ll actually have a crack at this. I’ve set a goal of only spending £300/month. Given that currently £120 goes on fuel, and another £160 on tax and storage, my schedule of preventative maintenance needs to become a lot more DIY! One to keep chipping at.

Goal failed: Sell five items from my hoard. It’s all still in boxes, gradually being unpacked. Another aim for this month.

Goal failed: Repair or purchase a new bike. I’ve decided it’s going to be cheaper to buy a ‘skip bike’ than to repair either my old road bike or downhill MTB. I went to a local charity run place but they didn’t have one to fit me, so I’m going back this month to have another look at new stock (they’re only open Saturday mornings).

Goal failed: Reduce daily living and entertainment expenses to budget. I’m calling this a fail. My daily living expenses included some substantial one-off work costs, but otherwise were under my intended £50 budget. My entertainment expenses were £55, less than my £100 budget. However I’ve never thought to include expenses from my joint account, and really I should, so I’m going to rethink my budget and the way I show my expenses. MrsShrink and I spent £630 on daily living costs last month, £70 on takeaways(!) and £500 on food(!!). We spent £56 on eating out from the joint (entertainment).

Budgets:

  • Daily living and entertainment – budget £50 from my account for daily living and £100 from my own for entertainment. Spent £114 from my own on daily living, £630 from joint on daily living, £56 from my own on entertainment, £56 from the joint on entertainment. Future budget will be £75/week food, plus £75/week entertainment, for £600 combined/month. This will include all eating out, cinema etc. I’ll see how realistic and manageable this aim is.
  • Transport – budget £300, spent £803. Last month £695.
  • Health – budget £10, spent £8.80. Last month £8.80. Going to stop putting this on here as it’s dull.
  • Holiday – budget £100, spent £0. Last month £150. I’ll start using a Starling pot to build a kitty.
  • Subscriptions – budget £100, spent £105. Last month £114. Had to pay a professional subscription this month. I’m going to stop including this, as there’s little more I want to reduce currently.
  • Personal – budget £50, spent £21.50. Last month £44. I really need to start updating my wardrobe.
  • Loans/ Credit – budget £200, spent £575. Last month £250. Paid back a big lump of credit card. Not a bad thing.
  • Misc – budget £50, spent £100. Last month £946. This is anything I can’t list in the rest of my budget system. I spent £100 on an important course this month. Much better than previous months.

Goals for next month:

  • Rein in spending on the automotive hobby by setting a budget – carried over
  • Sell five items from my hoard – carried over
  • Reduce daily living (groceries and lunch out) and entertainment expenses to budget – carried over
  • Use my Starling account to track monthly outgoings
  • Repair or purchase a new bike – carried over
  • Special goal – rework my net worth and savings graphs to cover results simply

What’s coming this month:

  • Frugal Motoring – Bangernomics
  • Musing on… Motivating factors for financial investments
  • Plus the usual Full English Accompaniments and other drivel…

Happy August everyone!

The Shrink

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