2021 Q1 Update

This won’t be fancy or comprehensive, because Q1 was quite a mess! It should be much easier to share numbers for Q2 and beyond.

I want to start getting into the mindset of posting quarterly updates on my progress, so at the very least I ought to start with a net worth figure.

2021 Q1 net worth: £12,585

This figure will get broken down in more detail in future posts, when it’s more interesting.

Currently included: cash, ISAs, and the estimated car value as well as the bank loan for it. (I’m being a little pessimistic on the car’s depreciating value. But because I got it at 3 years old, its forecasted value vs the outstanding loan still balance out.)

My financial health is way better on both the biz and personal sides than it was a year ago.

The biggest thing this quarter was my switch to Starling. I originally intended to use it as a separate “out of sight, out of mind” savings accounts because I noticed their Saving Spaces graphs were similar to Moneybox’s, which have worked brilliantly for me. Then I got pissed off at my old high street bank and just impulsively moved over and so far I’m glad I did. Switching direct debits myself was a PITA, but worth it.

This switch has made tracking my spending so much easier, and cut time from my weekly budgeting and transaction reconciliation session.

Upcoming in the second quarter:

—A few more expenses and lifestyle stuff like camping trips! I’ll also get to drive south to see friends. I’m very excited.

—I’m going to do more batch freezer cooking to help food costs down.

—Filling up my 2021-2022 LISA allowance. Didn’t quite get there before the tax year began, but I’m most of the way! Then I’ll start putting the extra house deposit savings into premium bonds.

—Keeping the car loan overpayment at current level. I was initially going to increase payments, but the relative amount I can save up by sticking to 1.5x payments will make a big difference for buying my first house in a year.

—Continuing to save toward my initial goal of 3 months’ spending in my emergency fund.

—Working my butt off. The opportunity I started pursuing late last year is paying off, and now I just have to stick to the plan.

I expect fairly steady upward progress. It’s pretty neat to finally know and track this. Interested to see if it helps my financial discipline this year!

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