A great month to finish the year, a significant increase in this month, however a good bit of this was due an accounting error, an omission of a cash account. It also included as last month another £1,000 of my cash used for home improvements. This month’s net worth,
Actions from last month
- Reduce the amount of personal expenditure categorised as ‘Misc’.
- Reduced it down to 22%.
- Review the ROI numbers after the initial cellar conversion quote and consider getting at least 2 more quotes over the next month. After which agree a plan to save the money and a timescale for the conversion.
- Not yet received my quote but got a finger in the air amount was on the high side – but even so it was over 5% ROI. Have set up a squirrel pot to save a monthly amount and am planning on undertaking the work within the next 12 months. I will be getting a couple more quotes and doing a detailed budget in January.
- Confirm that my cellar conversion plans fit into the ‘Rent a room’ scheme.
- Yes it does, I found a useful website that explained it https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim4030.
- Research Match Betting.
- Still not done. In my head this is this is time consuming and difficult. I need to look at a way to carve out some time and break it down into manageable chunks.
Personal Expenditure this month
Carried on monitoring my personal expenditure during December. December is obviously an expensive month but I have been squirreling away money monthly for Xmas presents so my general expenses isn’t much more than usual, in fact its a bit less!
- Family Christmas meet up
- Junkyard Golf with work colleagues
- Works Xmas meal at a lovely restaurant in Manchester
- Family birthday celebrations
- Stereo MCs at Manchester Academy
- The musical Gypsy at the Royal Exchange
- General Xmas and New Year celebrations with family and friends
Action for next month – most of these are taken from MCR FIRE Meet up in November
- Research Investment Trusts, what are they, how do they compare to funds and identify if they could provide more stability in providing a reliable income from investments when I FIRE.
- Research contributing to a pension when taking a pension, confirm how it works, if there are any restrictions and how it could fit into my FIRE strategy.
- Research the fund tips and decide if I would like to invest!
- Think about the next FIRE meet up in the new year and see if a more structured session would be of interest – in fact D, Weenie and I have already been having an email exchange about the next steps.
- Set up a mailing list so that anyone who attends the meet ups, whether they are a friend of a friend, use Facebook, Twitter or read blogs are aware of future events.
- Additional quotes and a more detailed budget for the cellar conversion.