Hi, I hope you all had a good Easter break.
Here are my 2018 goals and how I am getting on with them.
Non financial Goals
Read 30 books of which at least 8 should be non-fiction
I read 3 books in March. 1 was non-fiction.
The total number of books read for the year is 8 of which 4 are non fiction so I am on target for both my reading goals.
Declutter the flat
No declutter jobs done this month but I’m working on a plan for the rest of the year as this seems to have stopped. This is in my April 2018 Focus
Make friends / be social / Volunteer
My volunteer work is knitting for charity. So far I have knitted two squares.
Nothing new to report.
Continue to learn Italian Learn German
I’m doing well here. I completed Beginners German Level 3 and have nearly finished Food and Drink. I’ve also started German for Holidays.
Financial Goals update
Save £400 a month towards retirement
£400 saved in March. I’m following the advice of Rich Dad and saved £400 at the start of the month
** New goal ** Save £250 a month for travel
Fail. I overspent this month so some of this shortfall came out of my travel money and I only saved £223 into my travel fund this month.
My current job will end at the end of September and I’ll be staying that long so I can maximise my pension – it seems that as I’ve worked for the organisation before then my pension will build up and not be refunded at the end of my contract. My plan is to freeze my travel fund at the end of April, continue paying into it, and use that money as my spending money in case I’m unemployed after September. I do have a three month emergency fund for if I’m not working but if I use that then I will need to replenish it which will affect my pension savings. Using my travel fund to live off will encourage me to look for work as I’ll not want my travel fund to diminish!
Make £100 a month passive income (eg dividends and interest)
Fail again. I made -£21.05 in March. This should have been a good month as my cash ISA paid interest on 31 March. However this interest was totally wiped out with further losses on my S&S ISA. I also had a default on one of my loans for my Funding Circle P2P lending meaning a further loss of £8.70. I’ve started to withdraw money from my Ratesetter account as I was annoyed that they didn’t credit my £100 bonus until I prompted them last month making them less trustworthy in my eyes. I’m doing this weekly as funds become available as otherwise I am charged to withdraw money. My passive income graph looks like this.
I’m not going to carry on putting money into my S&S ISA until the markets pick up which I know is against all advice but I won’t be withdrawing my money either. I know in the long term it has returned well against what I’ve invested in it.
Extend the lease on the flat
I need to have lived in the flat for 2 years to do this so no action required until September.
Carry on budgeting and tracking expenditure
**New Goal *** Save £1,000 into a party fund
I put my positive interest for March into the party fund which now gives me a grand total of £195.81 of £1,000 saved.
March was a big spend month. I was over budget on food by £20 and £60 over on my personal spending. Our annual flat maintenance fund was more than expected too. I took money out of my clothes sinking fund and travel sinking fund to make my budget balance. I made £25 additional income (cashback) via Quidco which offset some of the overspend.
On a positive note I’ve now received my much awaited deferred pension statement so I can now give an accurate forecast of when I can afford to retire. This is when I am 61 years old and 11 months. However saving £243 a month until I am 60 will allow me to retire at 60. As I’m aiming to save £400 a month then hopefully I’ll be able to retire earlier than 60.
- Meal Planning – Going ok. I have lots of frozen meals now but the food budget was high this month.
- Learn German – See above.
- Date night – Two this month – this is why I’ve overspent on my pocket-money budget! Theatre night and a meal out.
- Go outside at weekends (weather allowing) – more snow and now I’ve got a cold so fail.
I hope your March goals went well!