No Motivation May

It’s almost time to do my June figures, so I really better get my May ones out there. Better late than never as they say. Money first of all and then we’ll have a look at how I did with my goals.

As usual I’ve got last month’s figures in brackets for comparison. I’ve got my Defined Benefits Pension in there based on twenty years worth of money if I start drawing it at 60. I used to track how I was doing with my net worth minus the house equity. This was to see where I was in my quest to become mortgage neutral. Now that I’ve well and truly achieved that I don’t feel the need to track that any more. Instead what I’ve decided to do is see how I’m doing with my mortgage balance compared to my AVC balance. The reason for this is that I made a decision to mostly stop overpaying my mortgage. Instead I used that extra money to put more into my AVC fund. So hopefully I’ll start to see my AVC fund increase in value and more slowly my mortgage balance come down until they meet at some point and I have enough in my AVC fund to clear my mortgage when I retire. That’s the plan anyway.

Debts

Mortgage £92,869.64 (£93,361.71)

Assets

Cash £35,002.04 (£35,708.53)

Defined Benefits Pension £130,653.60 (£130,653.60)

AVC’s £13,131.25 (£12,464.24)

Shares £66,329.57 (£61,194.27)

House £250,000 (£250,000)

Total £495,116.46 (£490,020.64)

Net Worth including house equity

£495,116.46 – £92,869.64 = £402,246.82 (£396,658.93)

AVC Fund vs Mortgage Balance

£13,131.25 – £92,869.64 = -£79,738.39 (-£81,839.75)

A nice bump in the work share price has made my figures look really nice. Of course it’s subsequently dropped again, so June is not going to look quite so good, but that’s just the way it goes. I probably should have sold some of those when the price was up and stuck the money into my Vanguard account, but I get excited with the price going up and think this is the beginning of the great recovery. It never is! I did use some dividends that got paid to invest more in my Vanguard ISA, and I topped it up with some of my cash too to meet the minimum pay in amounts on two of the funds I invest in. I’ll just keep doing things like that to try and increase the amount in my index trackers. I definitely still need to diversify more, but I am at least going in the right direction. I’m still holding a stupid amount in cash, but it helps me sleep at night, so I’m not too worried about making any massive changes to that.

It’s nice to get my net worth over the £400k mark, but really it’s a bit of an arbitrary figure. I’m not selling my house any time soon and I’m not drawing my pension for quite some time yet. Still nice to hit it though. Hopefully it won’t be a million years until I get to the half million point. That really will be something to celebrate.

There’s still miles to go with my mortgage, but I’m glad I’ve stuck with my plan of putting the amount I was overpaying into my AVC fund instead. With a base rate mortgage there’s no point paying it off too quickly, and hopefully this way I can make the most of saving more with the tax advantages that come from paying into AVC’s. It also means that I duck under a salary cut off point for my son applying for student loans and bursaries.

There’s not much else to say about the figures really. The plan is working, albeit very slowly. If I’m perfectly honest I’m getting a bit bored of thinking about FIRE just now. I’ve got everything set up doing what it needs to do. I just need time to pass now so I can get my finances to where I want them to be. Of course I don’t want that time to pass too fast as then I’ll be wishing my life away.

I’m trying to make things happen at work by making the most of opportunities that come up, putting myself forward for things and started the long process of getting enough experience for the next job that I want to go for. That’s likely to take a while, but I’ve definitely made a good start. I think that’s probably the biggest thing I can do to help me reach FIRE, is get a better paid job. The next step up probably won’t come with much of a bump in pay, and in fact initially it might come with no increase at all, but in the long run it’s definitely going to be a good move.

So enough about my money, let’s look at my goals. I’m going to preface this by saying I have absolutely no motivation whatsoever at the moment. I feel like I’m wading through treacle somewhat. I’m eating rubbish, running as slow as a slow thing and generally not wanting to do more than is absolutely necessary. I think that’s ok though. Well, maybe it’s not, but it is what it is. We can’t be 100% going for it all the time. I’m enjoying being able to see people a bit more, and have had a trip south of the border to see family and gets some lovely long walks in. Goals are on the back burner, but no doubt I’ll get back on it at some point.

So here’s a reminder of my goals for May.

• Finish couch to 5k. PASS All done and I’m now running normally. Well you know, slowly and not as far as I’d like, but without needing to stop and walk, and crucially still injury free.

  • Cross train twice a week. PASS A mixture of walking and cycling twice a week. Mainly walking with friends, which has been really nice.
  • Start a new Spanish series. PASS Technically a pass. I have started a new series, but I’ve only watched one episode. Zero motivation for Spanish just now.

Weigh under ten and a half stone on 1st June. FAIL On 1st June I weighed 10 stone 10.2 lb. To be honest I’m amazed it wasn’t more. I’m still a stone lighter than I was at the height of lockdown, but also ten pounds heavier than I was at Christmas.

As I’m doing this review so late in the month I don’t really see the point in setting myself any goals. It’s summer, the sun has been shining a bit and quite frankly I’ve not felt like working at much. No doubt I’ll get my motivation back at some point, but for now there’s not much point flogging a dead horse. I’ll just chill out, survive work and enjoy having my son home for the university holidays.

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