Monthly Report #5 – July 2020

It’s that time of the month where I disclose my finances to you in full and update you on my progress towards achieving financial independence and early retirement.

Some seismic changes happening with our finances at the moment as we’ve just sold our house and bought a new one. So our savings and debts are changing significantly each month as we move money around to complete this unnecessarily convoluted process!

If you’d like your own copy of the spreadsheet I use (images below) you can download it as part of my NEW ebook

Expenses for July:

We’re still reaping the rewards of my major frugal win, when we switched internet providers and got £10 off per month and 3 months free, you can see my post about that here. So the £14.40 was just what we owed our previous provider.

That’ll be replaced with a big fat £0 for the next couple of months 🤑

Also, we managed to spend A LOT less on takeaways and groceries this month, which I’m very happy about. However, we did get an unexpected vet bill. Only £73, so could have been worse. But we were able to cover this without using our insurance or our emergency fund which is good.

You can see on the far-right, total expenses for the month came out at £2,402. So, slightly less than usual, which is due to the fact we paid off all our credit cards last month (wahoo!).

Its also intentional, because my wife is currently on continued maternity leave, which is unpaid. So my income is covering all our outgoings at the moment… no pressure or anything 😂

Retirement Expenses:

No major changes to the retirement tab this month. Still checking it monthly in case of major shifts to our retirement lifestyle. But things are relatively normal.

You can see Complete Yearly Expenses (retirement) are at £40,767 for my wife and I. Which means my income from my savings needs to cover this. That means my savings need to be AT LEAST £636,990.63 to cover my half of those expenses.

You can see, over on the left, my spreadsheet formula is telling me that I’m way ahead on this. So I should absolutely be retiring in my 40’s, which is very nice!

I just need to calculate that a bit better to know the exact age I can retire on this pot of cash. The problem is, I don’t get access to my company pension until I’m 55. So I’ll be completely reliant upon my personal investment savings to cover me until then. Need to figure out how to calculate this.

Let me know if you can figure that out in the comments!

The trajectory is still looking GREAT!

You can see one of our non-pension savings pots took a huge hit!

This is also intentional though. This was to cover expenses for my wife’s extended leave, so we’ve re-purposed that into our current accounts ready to be deployed as needed!

My investments are still performing really well!

The retirement fund is still outperforming it’s benchmark and making insane gains vs the previous fund it was allocated to.

And my ISA is doing okay this month. Just okay. It could certainly be doing better, but my reallocation of investments following the pandemic hasn’t paid off quite as well as I thought it might. And the recovery of certain sectors is taking slightly longer than I predicted. Mainly due to the USA’s stuttering reopening, closing, reopening etc etc 😩

Equity & Assets

This is the snap shot of our equity and assets at present.

Those who follow the blog know that I don’t get too into the weeds with my assets. I should do really, but just never find the time. I’ve captured the big ones and that works for me.

The home equity took a small hit. This is because we sold JUST the value that Zoopla had estimated. Which, to be honest, was higher than we ever expected to be able to sell the house for. So we still feel like we’ve done brilliantly with the house sale.

At some point in October (hopefully) the equity will be changing quite dramatically as we move to our new home… make sure to subscribe and watch this space for an update around then…


Slightly levelled off this month. Which is due to the fact we cleared all our short term debts and are left with the larger sums.

Again, this is going to change quote considerably around October…

It went down 😭

For the first time this year!!!

This is due to the sale of the house being below what it was valued at on Zoopla. So we lost £2,500 of out net worth 🤷‍♂️

Our new house should more than make up for this, as the value is considerably more and we have additional equity to add to this.

Overall, an average month on all accounts other than savings, which are doing great!

If you want a copy of the spreadsheet I use to track all of this, as well as a FREE, 50-page ebook with all the information and tools to enable you to get a grip of your finances, clear your debts, boost your savings, learn to invest and secure true financial freedom and early retirement, you can download it here… FYI

There’s only 5 copies left!!!

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Published by Finance&Lifestyle

A Dad from the UK documenting his journey to financial freedom. Sharing my lifestyle and finance hacks so more people can find financial independence, retire early and take back control of their future.

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