The goals for July were:
- Plan healthy weekly dinners
- Exercise at least 3x a week
- Get two more blogposts out (slipping off the bandwagon!)
- Clear last of credit card debts
Checking the assets and liabilities:
These are taken, as always, from my Beast Budget spreadsheet. This month my net worth grew by 4.33%. By sheer fluke it was the exact same net figure as last month. My savings rate, not including mortgage repayment, was 28.99%, nudging up my 2019 average rate to 16.28%.
Goal failed: Plan healthy weekly dinners
The last two months have been properly hectic. There was a solid four week block at the end of June/ start of July where I was only at home for 8-12 hours every 2-3 days, through combination of some horrendous shift patterns, work trips and conferences. It’s therefore been pretty difficult to actually eat a healthy diet. I found myself snacking or having whatever was convenient. The last two weeks of July have been better, with proper healthy meals cooked using decent ingredients. The goal now is to set an actual meal plan for the week that we can stick to.
Goal failed: Exercise at least 3x a week
This is part of an ongoing goal/ battle to maintain some semblance of fitness. Same reason for failure as above, same excuse. When you’re working 12-16 hour days, plus commute, how to find time to exercise. One of the big issues was that the main gym I go to has very limited hours for the classes I do. I absolutely love it, and find it difficult to achieve dem gainz without going to these classes. I can probably manage two a week if I prioritise, but it’s a steep £55/month. I know from experience that on my own I lack the motivation to achieve my fitness goals. On top of this I pay £20/month to a sports club to go one-two times a week. This isn’t just exercise, but also a hobby and an interest, so I’m reluctant to give it up. So I’m left with £75/month for classes which sometimes I can only attend once or twice a week.
I could drop one of the above and go somewhere else. The logical option is to drop one. The emotive, irrational, behavioural driver of my decisions said no. Again from experience, exercise is incredibly important for my mental wellbeing. My self-image, self-confidence and tension/ stress levels are all tied to my exercise frequency. Instead I joined another (very local, very cheap) gym. It adds £26/month, but means I can exercise pretty much 24/7. I’m up to £101/month for my exercising choices.
How do you put a price on improved wellbeing?
How do you do a cost-benefit analysis for the spending choices you make?
Most of my cost-benefit spending choices are emotive. I write pros/ cons lists. I challenge myself- “Will I regret not making this spending”. But it’s not logical. So how to lay it out as cold hard facts.
In the medical world we use Quality-Adjusted Life Years (QALYS) to make utilitarian decisions about whether a healthcare intervention is cost effective. QALYS are defined by NICE as:
A measure of the state of health of a person or group in which the benefits, in terms of length of life, are adjusted to reflect the quality of life. One QALY is equal to 1 year of life in perfect health.
QALYs are calculated by estimating the years of life remaining for a patient following a particular treatment or intervention and weighting each year with a quality-of-life score (on a 0 to 1 scale). It is often measured in terms of the person’s ability to carry out the activities of daily life, and freedom from pain and mental disturbance. (1, 2)
It’s a pretty rough and ready system. It boils down a host of human experience to binary outputs. It’s led to a lot of complaints as exorbitantly expensive therapies are not supported by the NHS, because the cost does not outweigh the cumulative population benefit. E.g. spending a million quid to give a cancer/ cystic fibrosis/ MS patient an extra year, or spending a million quid to give 50,000 people with high blood pressure a 10% lower chance of a heart attack. Because it’s working on a population level it’s not really applicable to an individuals choices, but I wondered if there I something similar for individual wellbeing.
The measure expected by NICE for the calculation of QALYS is the EQ-5D-5L (see above) (3). It’s brief, easy to answer, and primarily assess function. There is a push from the MRC towards developing a wellbeing-adjusted life year (WELBY) (4, 5). Some scales and tools are already being trialled, including the Warwick-Edinburgh Mental Wellbeing Scale (6). They have emerging evidence, but primarily function as an adjunct to existing disability measures (7). Trying to quantify functional happiness resultant from choices is something I’ll come back to in the future to flesh out as a separate post. Suffice to say I haven’t got an answer to my utilitarian question, so the heart will continue to rule.
Goal failed: Get two more blogposts out
Really struggled with this too. I’ve fourteen (count ’em) posts sat in my drafts box in various states of preparation, but had no time to actually finish any off. We’ll try this month.
Goal achieved: Clear last of credit card debts
I forgive myself my month of failures because for the first time in (I think) six years I’ve cleared all my credit card debt. Not since I started university have I had no unsecured debts. It’s a good feeling.
N.B. Eagle-eyed readers will note the £150 on my credit card in the liabilities dashboard above. I forgot to change some payment details on an online account, so that appeared after I had been at £0.
- Groceries – Budget £300, spent £254, last month £139.65.
- Entertainment – Budget £150, spent £186, last month £75. Turns out we didn’t spend nothing last month, my spreadsheet was out of whack. Now updated and we overspent this month by having a few dinners out and buying gifts for friends.
- Transport – Budget £460, spent £618.29, last month £631.07. Lots of driving to different sites, plus a service means another expensive month.
- Holiday – £150, spent £103.50, last month £0. We had a short break away.
- Personal – £100/ £130.76/ £198.43. Saved much more this month.
- Loans/ Credit – £350/ £493.30/ £890
- Misc – £50/ £168.31/ £314.37. Soft furnishings mainly.
In the garden:
Overflowing with tomatoes (little cherries mainly), dwarf french and runner beans, courgettes and cucumbers. Onions going off, and some other bits going to seed. Pumpkins and squashes starting to really spread, and I’ve got some little cucamelons on the way.
Goals for next month:
- Plan healthy weekly dinners
- Exercise at least 3x a week
- Get two more blogposts out
- Recheck my budgets as I change jobs and drop my income by 1/4 (gotta love the NHS)
What’s in the pipeline: (Life continues to get in the way of blogging)
- Stoicism and the finance world
- Should I buy an electric car?
- Q2 2019 – Green Credentials
- Property Renovation Lessons Part III
- Plus the usual Full English Accompaniments and other drivel…
Happy August everyone,