Net worth update: August 2017

Net worth update (1)

I continue to be a light-weight blogger at the moment, but there have been some HUGE changes in our family recently which means some of the blogging and financial planning have had to take a back seat temporarily. This does not mean I have forgotten our debt pay-off plans but it does mean that the pay-off will probably be slower than expected. The big change? I am pregnant…and babies take up a lot of room…and we are having to sort out house out to be able to fit one more person in it! This means we are doing home improvements to shuffle things around and spending money on the house that we would have been putting to debt. I am very excited to be having one more child and a sibling for our son after our fertility struggles, but the money we have been spending recently is giving me slight anxiety. Here are the monthly figures…

Our net worth increased by £102 (or 0.14%) from the previous month. This is very low for us, but in August I paid £2,030 in MBA tuition fees, accounting for the majority of the cash decrease. We made a £425 over-payment to unsecured loan 1 and added £862 towards our emergency fund.  Our emergency fund goal of reaching a balance of £5,000 by the end of 2017 is currently on track, but knowing about the costs we have coming out before the end of the year, I am not sure we will make the full £5,000.

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Here is how we did against our mini-goals:

  • Increase our net worth each month, by any amount
    • Achieved. Our net worth went up by £102.
  • Make £50 per month from side income (e.g. matched betting, freelancing, etc.)
    • Achieved. August was a great month for matched betting. I profited £355.96 mainly from a couple really good casino and football offers. There was no other side income this month.
  • Spend £400 or less on groceries and toiletries each month (previously we spent £500 per month)
    • Not achieve. We spent £495.02 on our groceries and toiletries. This goal has been hard for us to achieve and we need to work harder on it. We have been so busy and doing lots of small trips to the grocery store instead of properly planning ahead and getting everything in one weekly shop.
  • Make an over-payment to unsecured debt each month, whatever amount
    • Achieved. Overpaid £425 into our largest personal loan.

I am happy with our progress again this month, but with a baby stuff on the horizon I may have to amend our mini-goals so that they are in line with our new plans. Although our debt pay-off plan is probably going to be delayed, I know for certain that whatever happens we will not be taking on any more debt. In the past we would have taken out debt to do home improvements, but we will not do that anymore. Our debt may be with us a little longer than we had hoped but it will never ever go up, I can promise that.