The goals for November were:
- Exercise at least 4x a week
- Automate investments
- Repair pushbike
- Look at new emergency fund accounts
Checking the assets and liabilities:
These are taken, as always, from my Beast Budget spreadsheet. This month my net worth grew by 3.46%, as my good run came to an end. My savings rate was also a paltry 21.86%, dragging my yearly average down to 23.64%. My payroll is still incorrect, so I’m paying PAYE tax, pension and student loan contributions incorrectly. Despite hounding the payroll departments they continue to get it wrong every month. We also bought some furniture for the house which dragged the savings down.
Goal achieved: Exercise at least 4x a week
I actually managed this, surprisingly myself. Self-motivation must be improving; like a muscle the more you exercise it the stronger it gets. I’ve yet to decide if paying for the extra local gym is worth the added cost for the convenience, but it has meant I can squeeze in early morning workouts with ease. Need to focus on diet now to achieve some of my goals.
Goal achieved: Automate investments
Going back to the investing basics, I decided I needed to make my investments automatic and also use the paying myself first approach (1. 2, 3). As such I’ve set up a standing order to my regular investment platform, and another to my new emergency fund account. These will go out on the day I get paid, and I can use the spare cash for discretionary spending.
Goal achieved(ish): Repair pushbike
Took it to the local charity workshop for a quote, likely to be £150+, may get it fixed, may buy a crappy skip bike to replace it. Most importantly it’s no longer sat in my garage.
Goal achieved: Look at new emergency fund accounts
After a few months of poor cash savings, I decided to set up a new emergency fund account. I had been using a savings pot as an emergency fund in the Starling bank account I use for my day to day spending. This returns 0.5% and is generally a bit naff. I also found myself dipping into it for discretionary spending. I have a high interest current account with a further £2.5k sitting returning 5%, but I find moving money every month to satisfy the requirements of the account a bit of a faff. Therefore the new plan was to set up another regular saver. The local Monmouthshire Building Society offers a 3% regular saver, so I popped down to the local store to set one up. This was like stepping back in time thirty years, and I take some re-assurance from their old-fashioned safety procedures. This is how my income savings structure now looks:
- Groceries – Budget £200, spent £157.76, last month £176.39 – We ate out more and spent less thanks to weekly meal planning
- Entertainment – Budget £100, spent £119, last month £101
- Transport – Budget £460, spent £394.05, last month £301.82 – Daily car passed it’s MOT with only minor work. Not bad for an old snotter.
- Holiday – £150, spent £0, last month £336.40
- Personal – £100/ £102.90/ £46.56 – Black Friday wardrobe updates
- Loans/ Credit – £0/ £0/ £140
- Misc – £50/ £100/ £215.15 – Christmas gifts now!
- Fees – £70 /£135.40/ £177.91
In the garden:
Everything quiet now apart from some overwintering veg settled in the ground
Goals for next month:
- Continue to exercise 4x a week
- Keep a record of all dietary intake (what gets measured gets managed)
- Sell 5 items (need to get back on my de-clutter)
- Save 30% of my salary
Happy December everyone,