At the end of every month, I sit down and go over my accounts. Tracking my income, expenses, and savings is a key part of my journey to financial independence and early retirement (FIRE).
March was a bit of a rubbish month with COVID-19 dispersing all over the world. London is no exception and we are under a nationwide lockdown as I am writing this savings report. Due to this, I am forced to work from home and will be furloughed in April.
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Monthly savings report: March 2020
As described in my savings report for last month, my goal for March was to join the gym. I was successful with that and even went to my first class. However, then the gym shut due to COVID-19…
My total after-tax income this month was £2,838. This is comprised of the salary from my full-time job, matched betting and blogging income as well as interest.
This month was Monethalia’s best month and I made £276 from blogging. Thank you, everyone who clicked through my links! Blogging is a great side hustle and if you are interested in starting, you can use my step-by-step guide.
I made some money from matched betting during Cheltenham but after that I paused due to sports events being cancelled.
This month I signed-up to Freetrade. Freetrade is a free app that allows its users to invest in the stock market. But the key point is that you can refer friends and get a free mystery share worth up to £200. So I signed up, confirmed that I am not a US-tax resident and deposited £1.
My free share was worth £3, which equaled a 300% interest rate. You can get a free share too if you sign-up for free using my link.
My total expenses this month were £957. My grocery costs were absolutely over the top! This is because everyone was stockpiling leaving the shelves of Morrisons and Sainsbury’s empty. Meaning I had to do my grocery shopping at the M&S Foodhall and Whole Foods.
I also never really stocked groceries at home. I would just replace something if it was empty. Because I have nobody who can look after me if I have to self-isolate or get ill, I needed to make sure I have enough food in the house for at least two weeks.
- Rent: My rent (bills included) plus internet/phone bill
- Groceries: Practically everything I buy in a supermarket
- Transport: Everything I need to get from one place to another
- Personal: Clothes, hair cuts, make-up, etc.
- Fun: Eating out and social expenses
- Other: Everything that does not fit elsewhere
Financial independence fund
My FIRE fund has shrunk this month due to COVID-19 wrecking havoc on the stock market. It does not affect me too much since I was not planning to sell funds but it still makes my monthly savings report look bad.
My ISA is already full for this year so I am leaving this month’s savings in my current account until next month.
Apart from my index tracker, I still have £1,000 invested with Ratesetter for 14.9% interest (due to their sign-up bonus). If you are interested in opening an account with Ratesetter, you will receive a similar rate (because you get a £100 bonus for a £1000 investment) with my link.
Goals for April 2020
At the moment, a lot of blogging courses are available for free or at a reduced price, so I will aim to complete a few of them in April. If I am stuck at home and unable to work, I may as well make the best of it!
In April, I will need to move my money around a bit and I will need to have a think of what to do:
- I will be receiving my Ratesetter sign-up bonus of £100
- The promotional interest period of my current account runs out
- My second current account halves its interest rates (in May)
- The ISA allowance renews
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