Our lifestyle CV – for a bit of background
- We are homeowners (paid off last year!)
- We holiday abroad around 3-4 times a year (mainly extended weekends or weeklong)
- We eat out on average twice a week (mostly under £20 a pop for the 3 of us)
- Our biggest expense (childcare) has been slashed as of September, due to government help which will therefore see my savings rate hopefully increase (from that below)
- We’re a primarily vegetarian household
- We’re non-car owners
My financial status – understanding my numbers
- I’m responsible for my own pennies (Mr F has a good hold of his finances, phew!)
- I generally contribute 50% to household costs (we don’t count every penny)
- I’m a basic rate income tax payer (as is Mr F)
- I have no debt (neither does Mr F)
- This list of bullet points makes us sound more similar than we are, that’s for sure 🙂
My most immediate financial goals
- To get to £100k net worth by the end of the year (bit of an arbitrary but we’ll see!)
- To max out my ISA (£1000 left to invest, but see next bullet point)
- Since September, I have a new goal to invest in a property within the next year or so
This is as of the beginning of August 2019. Links to monthly updates below.
|Cash at 2-year+ fixed rates||£28,200|
|ISA tracker funds||£13,000|
|Current savings rate: 50.63%*|
| Work pension (including lump sum)**||£178,710***|
|TOTAL ASSETS (excluding work pension)||£235,700|
|Total assets including pension||£414,400|
|***Theoretical years to FI: 6-7 years***|
*Savings rate = Amount saved/invested each month (including work pension) divided by take-home pay (plus work pension). The amount saved does not include my employer’s contribution to pension. Edit: I’ve since updated my definition (and calculation) of the savings rate.
**Work pension is mainly comprised of a final salary (i.e. defined benefit) pension, and as such, the calculation is based not on a concrete ‘value’ but on the (cautious) assumption I’ll live 20 years from the date of retirement (modelled on a retirement date of 57 years). I contributed 14 years to this scheme before it ended.
***Edited 18/9/19: Pension recalculated based on arrival of 2019 statement… £254,056 – wow. It isn’t that much of an increase per year but I’ve calculated on a 20 year basis. This brings my total assets (based on August start figures) to £489,736 – Must actually check this is all correct even if/when I leave my job!