Since my June update I have failed miserably in getting any posts or updates out. This is down to a number of factors.
I think I had my first writer’s block, as many of the topics I was thinking about writing a post on appeared in my inbox as new posts by other bloggers, as if they were reading my mind…! or the topic had already been covered before in a far better way than I thought I could express it, anyway.
The main reason though is that we have been spending more family time at the caravan due to the great weather we have had. It’s funny as the kids initially hate leaving their laptops and Xbox when we go to the caravan, but, after an initial couple of hours of decompression (and sulking), they are out on their bikes exploring, playing football/badminton/manhunt, and generally being kids like we were in the 70’s/80’s. We are definitely GenX, not Xennial, Ms ZiYou.
MONTHLY UPDATE AND GOALS
Net Worth Update July 18 – £413,030.00
Assets – £713,030.00
Main Home £400,000.00
Rental Properties £200,000.00
Pension SIPP £113,030
Liabilities – £300,000.00
Main Home Mortgage £100,000.00
Loans, Debts and credit cards £200,000.00
Net worth has gone down slightly since the last update due to the SIPP that has gone down by a couple of hundred quid. One good thing is that the dividends received seem to be increasing.
Dividends to date this tax year Apr to Aug 18/19 £621.38 (average/month of £124.28). The total for 17/18 tax year was £1083.68 (av/m £90.31)
I am in the process of simplifying the holdings in my SIPP as there are various funds and shares in there from pre-FI discovery.
We are still living week to week cashflow wise, and, as discussed in my last update, I was looking to sell one of my recently vacated rental properties to reduce debt and improve our cash flow.
Well, we accepted an offer on the property but after a couple of weeks the buyer suddenly pulled out, giving a lame excuse. The estate agent then told me that he had originally thought that they were timewasters – oh thanks.
Luckily, last week another offer has been made and accepted, so hopefully, this one will progress to completion. However, I am not raising my expectations too high, just in case!
Other Monthly/weekly goals
I probably was a bit ambitious in setting too many goals in last month’s update, so below is a brief outline of a couple of things achieved this month.
Saved on car insurance down from £283 to £154, plus cashback on top bringing it down to around £100, a saving of £180 ish. The optimum time to get renewal quotes for car insurance is 21 days before expiry according to MSE. Never auto-renew!
Haggled down FU#3’s mobile contract from £22/m (1gb data) to £12/m (4gb data) for a 12-month contract. We used this process as a learning exercise for the little Fu’s, as we rung the provider on speakerphone and let them listen in to us haggling a new contract. We told the provider we had looked elsewhere and could get 4gb for £12. At first, the provider said he could only offer us 99p discount (!) off our £22/m, but we said “Fine, give us our PAC code and we’ll be off then…as we said before, we can definitely get it for £12/m.” They replied, “Oh hang on. I’ll speak to my manager.” After a few seconds on hold, he came back on the line and said they would be able to match the offer after all. The kids loved it and learnt a good financial lesson.
eBay – we made £200 selling unwanted things this month. Still lots more to sell!
Matched betting – Pretty poor this month and still up and down on this, but have been inspired by thefirestarter’s posts on each way sniping, so I’m looking to increase this in August. With Premier League matches restarting after the summer break this week hopefully there’ll be some good deals at the bookies, too, as there was for the World Cup.
Probably the biggest win of the month was when our 15 yr. old daughter, Fu#2, exclaimed she wanted to become FI after we showed her the power of compound interest as explained in The Escape Artist’s post here. We were discussing what she should do with her Saturday job earnings and that she should invest a part of all future earnings, especially as she’s working some extra hours this summer. Mrs FU was very jealous when she produced a huge wad of cash to put into her bank account so it seems she’s pretty good at saving anyway. Jobs are great for children to have so that they can learn about money, getting along with people and the world of work in general – again, explained in TEA’s recent post here. Watch this space for an exciting future project in this area that me and Mrs Fu have been discussing with the homeschooled Little FUs #5 and #6.
That’s about it for this update, but I have been thinking about some new topics to write about, and that exciting new potential project that I will give more info on in September.