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.
I hit a pretty major milestone this month, which I’m incredibly excited about and extremely proud of! But I’ll get onto a bit later in this post.
As you go through this monthly report, you’ll see snapshots of the spreadsheet I use to:
- Track my expenses
- Estimate my retirement expenses
- Work out my FI number (amount of £ needed to leave the 9-5)
- Track debts
- Track savings
- Track asset & equity
- Track my net worth
- Monitor online business income & outgoings (New feature!)
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Let’s dive in!
Expenses for September
One key change this month is our mortgage amount. This has gone up from £811 to £843. We had to move our product from a 2-year fixed to a tracker as we’re due to be moving house soon.
Being on the tracker mortgage with nationwide allows us to avoid the early repayment charges we’d have been facing with the 2-year fixed product which was coming to an end in November anyway.
Our living costs and luxuries are relatively steady looking at last months report, which is a great sign! But challenging nonetheless, with a rapidly growing 11-month-old in the house!
And it’s finally come to the end of our free internet period 😩 following my frugal super win, which you can read about here.
No major change from last month’s estimated retirement expenses, I just adjusted down the energy costs based on the fact that our current costs are already much lower than this and we’re about to move to a new-build home which is built to new, efficient home guidelines.
The other change is an increase in groceries, as we’re seeing these increase quite substantially recently!
For more on how I calculate all of this, see last months post.
Essentially though, my investments continue to do very well and I’m very much on track for my early retirement at 48!
Again, feeling VERY happy with the trajectory of this graph. To note – this graph only factors in my pension savings table from above, not the non-pension savings. These are for more cyclical events, like car maintenance and our daughters ISA.
We’re still being a bit naughty and have stopped paying into our emergency fund and car maintenance fund for the last two months. This is because we’re moving house soon and we had some gaps in the expenses involved in that which we had to make sure we could cover.
On top of that, my wife has been on unpaid leave after we extended her maternity leave. It’s been SO worthwhile, as it’s given us two more months together. It’s just had a temporary impact on our ability to save.
That leave ends this month though, and she’s expecting a full paycheck at the end of this month!
The small table on the right is just there to give me an idea of what my yearly income would be if I were to retire now and begin drawing down 4% on the amount I have saved.
It’s clearly nowhere near where it needs to be! But it’s certainly moving quickly in the right direction!
The only change this month is the increased equity after another monthly mortgage payment.
The house we’re moving to is substantially more expensive so I’m interested to see what this tab looks like next month!
I haven’t dared put in what I think the values are!
Still moving down!
Again, I’m interested to see what happens to this tab when we move into the new house with the new mortgage.
But generally, I’m loving the trajectory of this graph.
It’s one of the most impactful things I’ve done on my journey to financial freedom. Tracking my debts gives you that live feed of what you owe to other people!
Seeing the total is not nice! But that’s good!
It stops you ever wanting to add to that total.
And seeing it decrease like this month after month feels great!
This is the point I reveal that milestone I mentioned at the start of this post.
Online Business Income!!!
I’m officially making money from my online business!
That’s right, I had my first month of positive net income from sales of my ebook.
This is a huge milestone for me and something that seemed so out of reach for so long!
The best part is, it’s possible to scale this business model, almost indefinitely.
So this should have an extremely positive impact on my TRA (Target Retirement Age).
As with the rest of this information, I’ll be completely open and honest about my income from this business.
If you want to know how I built this business from my iPhone and started making money through my twitter account, send me a DM.
Up to £134k now!
That’s an increase of just under £26k in 8 months!
I’m VERY happy with this!
That brings me to the end of this months report!
Thanks for checking it out.
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