Monthly Report #10 – Feb 2021

Welcome to my monthly financial report for February 2021.

It’s been another interesting one, that’s for sure!

Following last months absolute ripper, where I had my highest earning month form my side hustles ever, February had some big shoes to fill!

And the month was off to a great start for the first couple of weeks before I hit two, quite sizeable speed bumps:
1. A market correction of around 15% wiping £1000’s off my investments.
2. Amazon putting my seller account under review and holding my money until it’s complete 😭

As we go through this monthly report, you’ll see snapshots of the spreadsheet I use to:

✅Track my expenses
✅Estimate my retirement expenses
✅Calculate saving’s rate
✅Work out my FI number (amount of £ needed to retire early)
✅Track debts
✅Track savings
✅Track asset & equity
✅Track my net worth

It took me months to build it to its current state and I’ve built a good amount of automation into it now, so it literally takes me about 10 minutes to update the necessary tabs to get the Net worth report out at the end.

If you’d like a copy, you can get one along with my 5⭐ rated ebook, 7 Simple Steps to Financial Freedom… by clicking on the image below. There’s 20% off included for all my readers, too!


Anyway, let’s get stuck into the details so you can see where I’m up to on my progress towards financial freedom.


Expenses for February:

Nothing crazily dissimilar from last month’s update, which is good!

Our shopping (consumerism) came in slightly lower than last month. But we spent slightly more on takeaways and fast-food 🤷‍♂️

We have just taken the decision to cut down a couple of unneeded expenses, too. So, next month the window cleaner and PC Lottery will be gone!

Also, I’m happy to see our food budget settling at around £620 per month, give or take. With our daughter now fully making an impact, this spreadsheet has been awesome in helping us see what impact she has had on our food budget and how much we should expect to be spending each month.

If you’re not currently tracking your expenses, I highly recommend it!

A broader overview with this chart puts things into perspective nicely.

I can clearly see how much of our money is going out on the different catagories. I’m super proud of the fact that our ‘savings’ chunk is now greater than our ‘living costs’ chunk!

Our saving’s rate is now at 33%, which you can see over on the right hand side! This is awesome!

But I want to get it up to 40% in the next 2 years. The bulk of this will come from increasing our income, as we have already rationalised our outgoings quite considerably and are comfortable wit our lifestyle.

This should continue to grow. As our outgoing are pretty much the highest they should ever be. So, any new income will be mainly going into those savings to satisfy our goal of early retirement instead of satisfying our short term gratification needs of consumer goods!


Retirement Expenses

Using our current monthly expenses from the previous tab, I can adjust the outgoings to reflect what life should like like for us in retirement.

I basically take all the outgoings that will still be relevant, like you can see above, and factor in inflation for a worst-case scenario of what our outgoings will look like. I also cut out any expenses that won’t be relevant, such as our mortgage, as we plan to have this paid off before we retire.

Using this ‘yearly expenses’ figure, I can then calculate how much money I need saved in order to retire early, using the 4% rule. You can see this in the bottom-right of the image.

To summarise, I need an income of £26K to cover our yearly expenses. Using the 4% rule, I need a stash of £650,209 (my perpetual money making machine).

So, how am I doing on my journey so far:

I’m currently on track to have a surplus of £11K per year.

Which also means I’m on track to retire earlier than I’m currently planning.


However, plans change and life can be bumpy. As we’ve seen the last couple of weeks, markets can take a quick turn for the worse.

So, I’m leaving this in as buffer for now. If I still have a surplus as I’m very near to my target retirement age, I’ll absolutely hit the button sooner!

But I’m not taking any risks. I’ll just continue to monitor this one.



This chart has taken a bit of a hit in Feb!

However, it’s only as high as it is because of the incredible growth my investments have seen in the past 12 months!

So, I’m not gonna complain about a slight pullback.

The only other difference here is we have combine two of our savings pots into one for our emergency fund as they were pretty much both for the same thing. This gives our compounding more power!


Equity & Assets

We’re at a point in our mortgage where the principle is going down painfully slow!

It’s honestly gonna take a couple of years to get over this hump as we have some other priorities to focus on.

Once those are in place however, our income should be increasing quite considerably. This is what will then be used to bring our mortgage down quite rapidly!


They don’t look like they’ve gone down much this month, but they did a bit!

We paid off just over £2,600 in debt in February.

Happy with that. Could be better though!

Here’s where all of this really comes into play though….


Net worth

The real measure of our financial circumstances…

Despite the stock market correction making a big dent in our portfolio growth, our net worth is still increasing 🙏

Although, only just this month!

But progress is progress!

The next few months will be unreal due to the number of incredible buying opportunities there have been in the markets over the last couple of weeks.

I’ve put a lot of time into stock research and found a sizeable list of companies I think will bounce back BIG once this correction eases its grip.

If you want to see this list, I update it several times per week and post this in my Private Stock Group. Click here if you want to check it out.

Side Hustle Income

This month was pretty dismal in comparison to the previous month due to the point I mentioned at the start of this post about how Amazon have put our selling account under review 😭

The ironic thing is, they did this because we were selling ‘too much’ and our sales volume wasn’t ‘supported by customer feedback’.

So essentially, they saw this brand new selling account suddenly turning over £10K from nothing and got suspicious.

I get it.

But the annoying thing is, we can’t force our customers to leave us feedback and we can’t sell anymore products to get that feedback because our account is under review.

Frustrating, to say the least.

Because of this, I diverted a lot of my time away from flipping products in February whilst trying to solve this issue and boost my affiliate/product sales.

Hence the chart you see below:

However, we’re one week away from our review end-date.

Which, hopefully means we can get back to selling!

This current month has already been better than February as I’ve put a lot of time into local and ebay flips to try to replace the money we were making from Amazon before.

We’ll see how well this works in next month’s update.

Which reminds me – if you enjoy these posts and find them valuable, please subscribe below so you don’t miss an update in the future!

To get a copy of my Spreadsheet and the 7 Simple Steps to Financial Freedom ebook, so you can take ownership of your finances and secure a brighter financial future for yourself and you family, click the image below for 20% off 👇

To join my Private Stock Group and join forces with other investors from around the world, all helping one another build wealth in the markets, click the image below for 20% off your monthly membership:

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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