Well, I can hardly believe it, but we have already seen the first quarter of 2015 go by! Amazing isn’t it? We are on this journey to slowly increase our wealth in order to have more freedom and hopefully retire early, but time is just flying by at such a rate, that I wonder if it will still go this fast when we are ‘retired’. Will we be as busy as ever, or will life slow down? I guess we will have to wait and see, but in the meantime, here’s the first of our Quarterly Review posts which we are planning should be a regular feature of There’s Value.
As stated in our financial goals for 2015, we wanted to:
- To earn at least £125 in dividend income
- To save more per month and put into dividend shares (target to beat £165 p.m. i.e. ca. £2000 p.a.)
- To save £250+ per month for travel and holiday expenses
- To save money for Christmas by July (£375)
So, how are we doing against these goals?
1. I am happy to say that we are on track for this goal. We have received about £40 in dividends so far, which means we are basically slightly ahead for receiving at least £125 in dividend income this year. The current figure looks likely to be at least £150, but that doesn’t include (hopeful) continued and vastly increased future investments. This may seem like a low figure to some of you, but as we only properly started putting money back into dividend and value shares in 2014, we expect this to increase a lot over the next several years. This goal also applies just to one of our NISAs, as we have other investments in our other NISA, so this figure also does not include our P2P lending, or work or private pensions, which are of significantly larger value, and thus generate a lot more in terms of overall returns.
2. I am also happy to say that we are on track for this goal too. So far, we have beaten our contributions targets to our NISA accounts during the Q1 of 2015. This does not include the £1000 we got from the sale of Standard Life shares (received when it de-mutualised), which we put into the IPO of John Laing Group. Incidentally, John Laing have just recently announced their final results for 2014, and they were good!
3. Again, we are on track with this goal. I would say we’re ahead actually, as we’ve saved an average of £300 per month towards our travel and holiday expenses. One thing to note, is that this travel fund also includes things like vocational courses e.g. M’s manuscript training course. I have absolutely no idea why we include this as travel and holiday, but I guess these sorts of things are usually away from home and they are a leisure activity, so they kind of got lumped in with travel.
4. We are slightly behind on the Christmas savings, as we are currently on track to have £300 put aside by the end of June. However, if we count money saved during July, rather than up until 30th June, then we will have accomplished this goal by then. I guess being a bit vague about ‘by July’ means that we can swing this one 😉
We are also making progress on a variety of the more general goals that we also included on our goals page. M is practising German everyday, and has bought a sewing machine. We are also saving money towards buying a piano, and we are going to visit the Baltic sea in June. Our woodworking and allotment hobbies are obviously more or a fairweather kind of thing, so we have only recently started back doing things in those areas. Overall, we are really pleased with our progress so far on these goals. The only thing to note is that some of the longer term goals do need to be clarified (it’s something we’ve been working on for a while). We should probably apply the SMART principle to them and break them down into chunks of what we want to achieve, and by when.
How are you doing on your goals for 2015 so far? Let me know, leave a comment below.
photo credit: bplanet:freedigitalphotos.net